When you think of mining, coal and other minerals come to mind. Many people do not realize that Bitcoin (BTC) needs to be mined as well. This is a completely different process that requires supercomputers as opposed to digging equipment. Yet, both need employees to perform their tasks. Free BTC mining can also be a very lucrative proposition. A company start-up in the field is Core Scientific. According to news sources close to ArmyOfBitcoin.com, the company has raised more than $23 million to expand.
Core Scientific is based in Bellevue, Washington. It has set up cryptocurrency mining operations in North Carolina, Georgia, and Kentucky. It is looking to expand those operations to other states as well.
Bitcoin can be likened to a once of mined gold. The cost of a single BTC is around $20,000. Mining BTC comes in blocks of 6.25. This equals around $125,000 based on today’s market prices.
Core Scientific stands to make quite a bit of money for its mining efforts. It will also establish BTC mining in the US where this crypto first got its start.
Core Scientific is just one example of the future potential mining BTC can provide. This could return jobs to rural areas impacted by the loss of other industries.
With every success story aimed at conducting its business in a proper way, scams are also part of the plan. Cryptos have been boom or bust over the past few years. Fly-by-night companies get in the game for the short buck. As soon as a downturn in the market occurs, they tend to disappear.
Industry insiders are still mixed in their future outlook of BTC and cryptos in general. On the plus side, they mostly agree free BTC mining has staying power. The overall upside appears to be promising.
A crypto mine would fill large industrial warehouses with an almost endless bank of crypto mini servers.
Computers are pitted against one another in a race to solve complex math problems. By being the first to solve the problem, that particular miner adds a block to the blockchain. This is a tamperproof ledger that can record transactions for public record.
BTC miners continue to earn a ‘block reward.’ This is the equivalent of 6.25 BTC. This process can be completed every 10 minutes on a regular basis.
When blockchain technology first emerged, these transactions could be completed on a home computer. The start-up took place mainly in the US. The math problems increased in complexity. The mining computers become much bigger and far more sophisticated. Production then shifted to China.
That country’s free BTC miners had easy access to cheap electricity. Mongolia became a central hub for the production of computer chips. US companies such as Core Scientific believes there are now efficient ways to level the playing field.
When it comes to learning how to invest in BTC mining, you should know to stay away from cloud mining. If you are going to mine for Bitcoin, you may want to invest in a state-of-the-art machine like the Antminer T17+ 64TH/S Bitcoin T17+ 64th 3250W Antminer Bitcoin Miner Mining Machine Better Than Antminer S17. Keep in mind, there are a lot of other costs associated with BTC mining other than purchasing a machine.
• Source: The American heartland needs jobs. Could Bitcoin mining become its next savior? from Fortune.com On December 12, 2020.