Why and how to mine bitcoin (BTC) and cryptocurrency in general? Welcome to the first mining column
Welcome to the new weekly column from TheCoinTribune!
Mining cryptocurrency, mining bitcoin, mining farms, mining pools… Regardless of the area of the crypto and blockchain world you’re interested in, there are 100s of ways to obtain information about these topics.
However, from the experts, who refine their art whilst a noisy mining rig* hums in the background, to the pure neophytes, who have only recently discovered the both complex but fascinating subject of cryptocurrency, both will agree: each individual must have some basic understanding of the sector. Why? Simple, it creates a culture of respect and trust.
*No idea what a rig is? This is the column for you!
Is mining bitcoin and cryptocurrency profitable?
There’s no two ways about it: mining is reputed to be a lucrative activity and it is perhaps even the reason why you’re here.
Spoiler alert: this is only partially true. Yes, mining cryptocurrencies can be profitable. However, like all things there are a series of pros and cons to carefully weigh up and as always, your personal circumstances and goals will be the deciding factor.
Not to mention that particularly in this sector, which finds itself at a technology vs finance crossroads, time spent training and learning will ultimately be your best investment! Furthermore, you will quickly realise that everything will often be a question of firepower, productive partnerships and good strategy.
The Mining Column will, by covering the essential news of the industry’s major players, make it its duty to bring you all the important information so that you can become an enlightened crypto-mining apprentice.
And because this field is full of scams, robbing you without remorse, we will take the time to dissect the offers, services and promises, especially those that are the most enticing. This way, like the diligent miner you are, you can sort the lumps of coals from the diamonds in the rough!
Engaging in cryptocurrency mining: an act of emancipation
On a deeper level, it is important to understand the issues behind the very concept of ‘cryptocurrency mining’. This is especially important as the concept, seemingly simple, often in reality is very complex.
However, it is paramount to identify a core value from the outset, best defined by one word: empowerment. If mining cryptocurrency is simply perceived as a primary act of seeking profit, it is necessary to weigh up to what point this purely computerised action upsets currency codes and even Rousseau’s Social Contract.
Thanks to the way which blockchain technology operates, anyone has the opportunity to mine. This immediately means the individual no longer is at the mercy of the financial powers that be but instead is free to participate actively in an open financial ecosystem.
The manner in which the necessary infrastructure has to be secured to function becomes an act that is equally communal as it is selfish.
Profits are measured by the value added to the whole network’s resilience and solidity. The blockchain, beyond the disruptive technology it represents, succeeds in the tour de force of inciting virtue and good practices. In turn, this feat – which also involves the actions of many other subtle mechanisms – is primarily embodied by the act of mining.
So by becoming a miner you are not just a wise investor: you embody the hero whose sustained efforts, consistency and belligerent work upholds the solidity of this ‘financial city’. Not only that, these will also be the cryptocurrencies with which you will be rewarded for your exploits!
Mining cryptocurrencies: a European effort
“It is essential to promote all the initiatives that make it possible to ‘mine European’.”
In the years to come, having a solid and diversified industry structured around blockchain mining activities is essential for Europe to retain its digital sovereignty as well as its global economic influence during an inevitable process of tokenisation.
We are beginning to discern the few emerging champions in the sector, who we will have the opportunity to talk about throughout this Mining Column. It’s positive that there are reasons to cheer, but it is essential to value all the initiatives that make it possible to ‘mine European’.
For this reason, together with a quality service/product, TheCoinTribune will always choose to promote European industry players who contribute to the real economy, rather than some wealthy individuals who only make themselves richer and pay virtually no tax in some sunny tax haven.
Values aside, it’s time to mention that the Mining Column will get started this weekend with an article by Guillaume Chanut. Guillaume will guide you on the exciting adventures through the complex, yet fascinating, world of bitcoin mining.
What if you want something specifically mentioned in this column? Whether it’s a company, project or person in the industry that you believe deserves our full attention, contact us and let us know. We are all about participation!
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Crypto-enthousiaste de la deuxième heure, rien n’a plus d’importance à mes yeux que d’accompagner l’adoption globale et la démocratisation des trésors que nous propose la blockchain.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.