The world of Cryptocurrency and Blockchain technology is now a multi-billion pound industry and is the fastest-growing in the world, with a market cap larger than Coca-Cola and more cryptocurrencies being created every day, but what’s the best way to earn money in the space?
Bitcoin isn’t the only money maker in Crypto
You can spend a bunch of money on an unknown crypto token and hope it explodes into a Bitcoin-like frenzy OR you can take your destiny into your own hands and power the system that runs these digital tokens.
Whilst Bitcoin may be wanting to revolutionise the way we use money, giving you back control and taking away the grubby fingers of the government, it’s the blockchain technology that people are really excited about.
Blockchain technology is the internet of the modern-day, in the sense that it is the underlying technology that many businesses use. In the case of the internet, it’s the underlying technology of all of the websites that we use every day.
In a similar way, the blockchain is the underlying technology that powers all of these cryptocurrencies, each one being a different business and having a different purpose.
And in the same way that the internet needs computational power to run the likes of Google and Facebook, the blockchain needs computational power to authorise transactions on the network.
This is where cryptocurrency mining comes in
The role of miners is to secure the network and to process every transaction. Miners achieve this by solving a computational problem that allows them to chain together blocks of transactions or data. Hence the name blockchain.
The biggest positive of the blockchain is that it is completely decentralised. This means that instead of all your data being stored by one entity or server, therefore being prone to cyber attacks and data theft, that data is spread out across all the computers on the network. With the only way of stealing that data being to hack every single computer
Think of it like a stamp of approval from every computer that is verifying a transaction. A transaction is made and each and every computer on the network stamps the blockchain to say that transaction has been carried out. So even if one of those computers was hacked and that information changed, it would need to be changed on every stamp of the blockchain for it to be official. Therefore making it safe and unchangeable.
Get paid to power the blockchain
All these verified transactions need computational power to keep the network running.
The process of mining is to undertake huge number crunching and mathematical algorithms that power all of the transactions happening on the network.
This process is vital for introducing new coins into the existing circulating supply and is one of the elements that allow cryptocurrencies to work as a peer-to-peer decentralised network, without needing any central authority like banks or governments.
So ok, the blockchain is the real secret sauce and it needs a lot of power to run it, so how does that involve making money?
Well, since it takes a lot of computational power to run the network, only specialised machines will do the job, and they cost a bit of money.
So, as a thank you for spending a bit of money on a mining rig and volunteering your power to run this amazing technology, you get paid in cryptocurrency.
There are now hundreds of mineable coins out there with all of them offering different amounts to help power their project and run the blockchain.
But why not Bitcoin? I hear you ask.
Well, why mine $5 a day of Bitcoin when you can mine $20 a day of another coin and all these coins are interchangeable?
Plus, Bitcoin mining machines ONLY mine for Bitcoin, they’re extremely loud and use A LOT of electricity.
You still want Bitcoin though, I hear you say?
Well, just take all of the alternative coins that you mine and swap them for Bitcoin! Simple!
This really is the future, and we’ve not even scratched the surface of how these mining machines can transform the renewable energy and property sectors.
Imagine, if you’re a farmer, using all your unused renewable energy, that you’re getting close to nothing for in feed-in tariffs and using it to power the blockchain! Something that governments and big businesses are already adopting.
And imagine, if you’re a property investor, using dead space in a property and filling it with GPU mining rigs. Hugely increasing the returns on that property and even using the heat that the machines put out to heat the property and lower energy bills!
There’s a ton of advantages with these things and we really believe that these ‘money making machines’ can solve a bunch of problems that businesses have.
So let’s get mining!
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