Mining Bitcoins in the Cloud Catches On

September 11, 2014
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Bitcoin

Bitcoin

Josh Garza, the CEO of GAW Miners, first made a name for himself by building one of the top online retail stores for cryptocurrency mining equipment. Garza has pivoted that operation into the cloud by launching what he has dubbed hashlets. These hashlets are designed to create Bitcoins using a combination of ASIC (Application Specific Integrated Circuits) and cloud data center technology.

CloudWedge first reported on organizations wanting to use cloud to mint Bitcoins back in March 2014. The write up chronicled CloudHashing.com’s method of selling cloud contracts that “Reserves a certain amount of computational power for your own Bitcoin mining endeavors.” Garza and GAW Miners look to gain a piece of this market share by shifting his company from the online retail world. Instead of selling Bitcoin mining hardware, GAW Miners has pivoted into selling cloud mining contracts. According to Garza, the move was met with unprecedented success.

Garza tells DCKnowledge, “I saw that shipping hardware to people wasn’t going to last forever, so I worked on a plan to migrate our business to a cloud model.” Garza continues by mentioning that his eCommerce provider was knocked offline by the enormous amount of interest in cloud bitcoin mining contracts. In fact, Garza said, “We had to slow down because we were running out of data center capacity.”

Garza’s candid comments continue as he talks about how he got into the Bitcoin industry. “I got into mining as a hobby, as a lot of people do. I ran into some unsavory companies and lost money on a couple of deals. I just wanted to create an alternative so people could do business with confidence. And it kind of exploded.”

Garza recently shelled out over $1 million for the domain name BTC.com and GAW recently bought out ZenMiner for $8 million in order to expand his this growing Bitcoin cloud mining endeavors. At current rates, Garza’s hashlet products are expected to give Bitcoin speculators a return on their investment within 2 months.