Spondoolies Partner With Genesis Mining

Spondoolies supplies the hardware. Genesis operates servers from its Iceland data center, where the cold climate cuts cooling costs. When a customer signs up, Spondoolies sends equipment to Genesis's facility. While the hardware travels and gets installed, Genesis mines with its own rigs so the customer starts generating revenue from day one. The two companies split the profits.

Cloud mining faces a central challenge: scaling demands heavy capital. Guy Corem, founder of Spondoolies Tech, said both companies designed this partnership to trim power consumption and hold prices down. Both companies benefit from the arrangement, and customers avoid the burden of managing their own hardware.

Genesis chose Iceland because the cold climate cuts cooling costs. Spondoolies ran its own facility in Israel before this deal. The partnership made sense because Genesis had lower operating costs.

The service went live this week. Customers can purchase contracts from $23.50, with pricing at $0.42 per GH. Customers can upgrade contracts over time. Genesis charges a $0.0019 per GH service fee while the customer remains profitable. Customers can open accounts on Spondoolies' cloud mining site to begin.