CoIntellect at BitcoinExpo 2015, COO: ‘Cloud Hashing is the Foundation of the Cryptocurrency Industry’

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CoIntellect

January 24 was the first day of BitcoinExpo 2015 in London. The mining sponsor of this free-to-attend event is CoIntellect, a cloud hashing (mining) service provider, which has seen its own share of the spotlight in 2014.

CoinTelegraph had a chance to catch up with the COO of CoIntellect, Helder Rodrigues, to address the issues, as well as the current climate of the cloud mining industry and what we can expect to see from CoIntellect at the expo and in 2015.

Helder Rodrigues (right) with very happy CoIntellect Expert contract user at BTCExpo in LondonHelder Rodrigues (right) with very happy CoIntellect Expert contract user at BTCExpo in London

CoinTelegraph: What do you expect to see and achieve at BitcoinExpo 2015? Do you believe these free conferences are better in terms of introducing beginners to cryptocurrency?

Helder Rodrigues: Our main goal is to become more approachable and personable for our customers in the cryptocurrency industry, to give a face to the company in order to improve confidence in our business.  We are also excited to meet fellow members of the crypto community who share the same enthusiasm about the crypto industry in general. We hope to build bridges, make connections, exchange knowledge and improve networks within.

We believe that these events are very important. Like we mentioned in our speech in Brussels, we need to hold more conferences and expos like these, to improve awareness and disseminate information about the latest developments in the industry. We believe that cryptocurrency is the way of the future as it can benefit the global economy especially in places where there is no easy access to banks.

CT: Can you give us a sneak peak regarding your big announcement at the event?

HR: We are going to give out a few debit cards to CoIntellect users so they can take advantage of our new partnership with First Swiss cards and CryptoPay. As announced on our news section today, this will enable them to withdraw their earnings straight to this card in less than a minute.

CT: Your homepage says that cloud hashing is the future of mining, could you expand on why you think so?

HR: We believe that cloud hashing is the foundation of the cryptocurrency industry as it is the primary step in the process. Before any exchange can be made, coins need to be produced. So someone will always be needed to do the mining. And cloud hashing has proven to be and will always be vastly more advantageous than solo mining. Joining a collective pool ensures higher efficiency mining at lower costs.

CT: The lowering of the BTC price has cause some cloud mining companies like CEX.io to suspend operations. How do you ensure your customers that your mining operations remain profitable and in operation?

HR: Even though we have always been clear that we do not guarantee mining profitability due to the volatility of the business, we are always looking out for the best interests of our users and the company in the long run. That is why we have decided to undertake preventative measures such as a withdrawal fee that may inconvenience some users in the short term. However, we believe that this is the best course of action to ensure that we continue to be able to honor our commitments to users who invested their funds and trust in us.

CT: You have received a lot of criticism late last year for reneging on payouts. How have you addressed (resolved) these issues?

HR: We first want to clarify that we have never reneged on payments. There were just some issues with delayed transactions due to the long holiday period where the volume of requests was more than we ever anticipated. Dogecoin is our primary method of withdrawal, with Paypal and Cryptopay as supplementary methods.  As such, we have limits on these two methods that were unfortunately very quickly surpassed, which then resulted into unavoidable backlog. Please note that this is our first time to experience the holiday volume, but we will take the necessary steps to prevent the same situation in the years to come.

CT: You also help develop Dogecoin as well as crypto startups. What ventures has CoIntellect helped fund so far and what are you most excited about for 2015?

HR: The startup we are backing up is a similar project to Codius, however in our case we call it "Codium"—COintellect DIstributed Universal Mining protocol. It's an attempt to develop an analogue of distributed secure internet. We will be making a presentation of Codium in Q3 2015. There is a group of VC investors from Poland who support this project as well and consider to put some funding into this once we reach the one million users mark. Another project we have recently started to fund is a smart-contracts platform. We have a group of three devs with great knowledge of the Ethereum concept. These are our picks at the moment for 2015 and we intend to expand much beyond the mining sector as we see new ideas coming into market, which are very likely to be the "next big thing" in the crypto economy and new age banking.

CoIntellect logoCoIntellect logo

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