Mining. Bitcoin Mining. Ethereum Mining.
Mining business / industry
The Cryptocurrency mining business / industry / service is one of the amazing opportunities in the recent times. Though only a limited people / companies have ventured early in to this, there is substantial activity going on right now. Not any more for fun or hobby, but a professional business service and a capital intensive industry with its own value chain. And the mining value chain covers not only miners but also computer hardware manufacturing sector, cloud computing services and remote hosting services. There were small miners or individuals with mining rigs at home to large miners with huge mining farms. It is worthwhile to look at the below information:
- The cumulative revenue of mining in US $ started at 0.2 million US Dollar in the year 2010 has grown to US $ 2073 in 2016.
- There is both self mining and mining pools. Though mining activity is geographically spread to many countries, China and US are the two countries dominating.
- More than 50% or half of the mining pools are based out of China
- Internet connectivity, cool environment and cost of electricity are the three major factors affecting or influencing mining
- Regulatory rules and controls are not yet firm towards mining. Mining is declared illegal in some countries; in most countries no firm laws related to mining or taxing the mining revenue.
- Mining specific hardware is being manufactured by computer hardware manufacturers like Asus. Also cloud mining services are getting attraction. Hash power is one of the main metric related to mining. Another one is difficulty level.
Any one can buy, sell and trade Bitcoin. But mining needs to be limited to the ones who have some technical back-ground. And the miners are requested to collect as much information as possible to counter the challenges and maximize mining profitability!
/Malick, Chain Scripts, Chennai, India.
‘I have no special talent. I am only passionately curious’. -Albert Einstein