Crypto's Slow Motion Gold Rush
Cryptocurrency Mining is a Slower Gold Rush
Crypto's Slow Motion Gold Rush: Cryptocurrency mining has often been compared to a new wave digital gold rush, but in terms of accessibility for the average person, it’s not always easy to get a mining setup up and running. China’s recent ban on both crypto mining and trading, along with their government’s subsequent crackdown on mining operations has led to exponentially increased profits for existing miners around the world, but for new miners, supply chain issues for precious parts including housing for chips, power cables, and transformers, coupled with a worldwide shortage on semiconductors have made entering the space a challenge.
But these challenges haven’t prevented new mining operations from popping up all over the world. Before, during, and after the China crypto ban, there has been a mass exodus underway of miners forced to relocate to more crypto-friendly countries such as Kazakhstan, Russia, Canada, and the United States - which is now the global leader in Bitcoin mining with approximately 35% of the world’s mining. Domestically, states like Texas, Wyoming, Montana, Ohio, North Dakota, and Florida have been favored by crypto miners due to their tax incentives, low electricity costs, and inexpensive costs of living.
Crypto mining is a slow process, and despite the fact that it’s more difficult to do and get rewarded for than it was in its early years, it always seems to bounce back in one way or another. Bitcoin in particular is a prime example of the resilience present in the crypto space both within digital assets themselves as well as their ardent communities of traders, “hodlers”, and miners. Bitcoin’s hashrate (a measurement of the total computational power being used to process transactions and mine new coins) took a massive hit once the China ban kicked in, as it effectively wiped out more than half of the world’s miners in one fell swoop. Miraculously, it only took about seven months from the time mining had been outlawed for the hashrate to completely recover from the aftermath of the ban.
Today there are various cryptocurrencies available to mine and numerous different products and services that can be utilized to start mining and receive rewards. What’s important to keep in mind is that as with anything, good things take time. These days, it’s near impossible to become an overnight millionaire with crypto. While mining is a great way to receive a stream of passive income, just remember to be patient! Every little bit adds up.
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Cloud Rush USA is a Southern California based cryptocurrency mining facilitator specializing in Filecoin mining plans. The views and opinions expressed on this Site are solely those of the author(s) and do not necessarily reflect the views of Cloud Rush USA or its employees. The content provided on this Site is for informational purposes only and should not be construed as investment, financial, or other advice.
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