Marco Andreas Streng is the chief executive officer and cofounder of Genesis Group, a

cryptocurrency A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It i ...

business based in Iceland that is one of the largest

bitcoin Bitcoin ( abbreviation: BTC; sign: ₿) is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distr ...

and ether mining operations. In 2016 he founded the Logos Fund, the first regulated fund for bitcoin and

mining in the world.

Early life and education

Marco Streng was raised in the German state of Bavaria. He studied mathematics at the

Ludwig Maximilian University of Munich The Ludwig Maximilian University of Munich (simply University of Munich or LMU; german: Ludwig-Maximilians-Universität München) is a public research university in Munich, Germany. It is Germany's sixth-oldest university in continuous operatio ...

but left before graduating. His interest in cryptocurrencies and

blockchain A blockchain is a type of distributed ledger technology (DLT) that consists of growing lists of records, called ''blocks'', that are securely linked together using cryptography. Each block contains a cryptographic hash of the previous block, a ...

technology developed while he was at university when he set up a mining operation in his student accommodation that was copied by other students. The operation ended when the electricity bill arrived.Iceland is a bitcoin miner's haven, but not everyone is happy.
Egill Bjarnason, aljazeera.com, 15 April 2019. Retrieved 17 December 2019.

Career

In 2013, Streng co-founded Genesis Group with Marco Krohn, a cryptocurrency business of which he is the chief executive officer. In 2014 he co-founded Genesis Mining, a cryptocurrency mining business that is based on a former U.S. military site in Iceland because of the low energy and premises costs in that country. The cold climate also helps with the cooling of the tens of thousands of computers used in the mining operation. In 2017, Genesis was described by CNBC as "the world’s largest cloud-based blockchain and cryptocurrency mining company",How a cloud computing company is helping people mine for bitcoin.
Sameepa Shetty, CNBC, 15 December 2017. Retrieved 17 December 2019. and it was also one of the earliest large miners of the ether coin, carrying out mining activities for itself as well as renting out mining capacity to third parties. In 2016, Streng founded the Logos Fund, registered with the U.S.

Securities and Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...

, that was described by Reuters as the first regulated fund for bitcoin and cryptocurrency mining in the world. He is the vice-chairman and co-founder of Hive Blockchain Technologies Limited, and the joint founder with the British technology investor

Christopher Harborne Christopher Charles Sherriff Harborne (born December 1962) is a British businessman and technology investor based in Thailand. A University of Cambridge and INSEAD graduate, his donations have enabled the founding of INSEAD San Francisco and the ...

of Singular AI Consulting Limited."Man in the Eye: Christopher Harborne", ''

Private Eye ''Private Eye'' is a British fortnightly satire, satirical and current affairs (news format), current affairs news magazine, founded in 1961. It is published in London and has been edited by Ian Hislop since 1986. The publication is widely r ...

'', No. 1511, 13 December 2019, p. 10.

Selected publications

"Blockchain - The Case for Market Adoption of the Distributed Ledger"
in

Claudia Linnhoff-Popien Claudia Linnhoff-Popien is a German computer scientist. Professional career Linnhoff-Popien finished her graduate studies in mathematics with focus informatics 1989 at Leipzig University. That followed a teaching and research work at Technical ...

''et al.'' (Eds.) (2018) ''Digital Marketplaces Unleashed''. Berlin: Springer. pp. 65–70.

References

{{DEFAULTSORT:Streng, Marco Living people 1989 births German chief executives 21st-century German businesspeople Businesspeople from Bavaria People associated with cryptocurrency German company founders