Bitcoin mining is a bit like space travel to most people.
They know it exists and understand that it’s important; but they normally watch from a distance as it seems a very remote possibility that they’ll ever be involved!
But these days you don’t have to be a NASA scientist or even a Silicon Valley entrepreneur to be involved in crypto mining.
The secret is out; the door is open; and more people are counting the profits.
The evolution of crypto mining
Cryptocurrency “miners” are responsible for ensuring the authenticity of transactions and updating the blockchain ledger. For this complex job, they are rewarded with crypto currency.
But you don’t have to own any of this currency to make profits from it. Just like you don’t need to physically own gold ingots to trade in gold.
Crypto mining is no longer the exclusive domain of solo operators working banks of computers for long hours out of basements (and worrying about their electricity bills).
The realisation has hit. Going at it alone is difficult because of the steep learning curve. It’s tough to make decent profits on a small-scale.
To make serious money from crypto mining, it needs to be treated as a “volume” business; it requires the economies of scale of large operations working out of massive data centres.
But that creates a host of other issues regarding connectivity, power consumption, the environmental impact, transparency for investors, etc.
Overcoming these concerns have spurred another evolutionary development with crypto mining: the birth of new generation, high tech, purpose-built, crypto-centric data centres.
These state-of-the-art centres are making crypto mining more profitable, more responsible, and more accessible to everyone:
- Large scale achieves economies of scale—better for profits
- Reliable internet and electricity supplies—better for ‘up’ time
- Powered by hydro-electric power—better for the environment
- Purchased upfront—better for minimising investor risk
- User-friendly dashboards for investors—better for transparency
Lifting the lid off crypto mining
Large-scale mining operations in purpose-built data centers are few and far between at present. But they are shining the light for the future of the industry.
This is the way things are going.
For several good reasons, there is a window of opportunity for investors who decide to get in early:
- The annual compound growth rate of Bitcoin over the last 7 years is 196%.
- The world of cryptocurrency awaits the next big Bitcoin rally—remember that Bitcoins started out with a $1 value and in Dec 2017 hit almost $20,000.
- If this same trend continues, in three years, Bitcoins will cost around $90,000!
Mining Bitcoin has become a safer way to benefit from cryptocurrency than actually holding it.
Now that electricity costs can be controlled, reserves purchase upfront, and more efficient hardware purchased, mining operations that achieve economies of scale are well-positioned to dominate for years into the future.
These large-scale operations have replaced the many smaller companies that shut down in recent times, when it was tough to generate enough revenue to justify continuing with mining.
The door is now open.
The world of cryptocurrencies may have once seemed like “space travel”. But you can buy a ticket on the next rocket…
One small step for mankind…
Potential investors who want to understand more about the crypto mining opportunity can start with a simple step.
MintMine facility in Quebec will purchase its electricity for one year upfront with reserves to power it for at least three years. This means it can mine even when other operations stop because it’s unprofitable.
Find out more about this brand new, large-scale mining operation run by experienced crypto miners out of a fully owned, state-of-the-art, environmentally friendly data center.
Mintmine will be raising funds for their IEO later this year - date to be revealed soon.
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The post The Future of Crypto: Mining Just Got More Accessible and Responsible appeared first on Live Bitcoin News.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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