Unless You are Mowgli, You Should Know What Crypto Mining is

Crypto investment opportunities are presented on a daily basis, but how many offer crypto mining platform that average Joe could understand.

Photo: Marco Verch / Flickr

Photo: Marco Verch / Flickr

You would have had to live in the middle of tropical rainforest and with no access to internet and media not to get at least some sort of exposure to cryptocurrencies. Despite existing for a number of years now, it was only last year that the mainstream media was able to catch up with the hype, in part because of the booming returns that some coins posted by the end of 2017, not to forgetting the fact that the biggest one of all, Bitcoin, rose from a mere $800 to nearly $20,000.  

While the growing acceptance of Bitcoin as a new method of exchange should be positive for Bitcoin in general, it comes with a double-edged sword. The fact of the matter is that the growing mining difficulty for creating new blockchains requires ever-more powerful computers and many of the big server farms need air conditioning to keep from overheating. There are more than 16.8 million bitcoin tokens in circulation, leaving fewer than 4.1 million left to be mined, putting even more pressure on miners especially given the volatility in digital markets this year.

According to analysis by BNEF, the computers needed to create and sustain Bitcoin require as much electricity every day as 30 nuclear power reactors running at full capacity! Back in the early days of Bitcoin, anyone with a personal computer could mine 200 bitcoins in a mere 3 or 4 days, now using the same processing power it would take over 100 years to mine just 1 bitcoin.

The reality is that unless the volatility in crypto markets mysteriously disappears and Bitcoin goes on another unrelenting bull-run, a number of mining operations will have difficulty in continuing to exist. The analysis by Elite Fixtures paints a dire picture, especially if one is to consider that 24 countries out of 115 reviewed had mining costs for a single bitcoin that topped $10,000, while the bill in South Korea rose to a staggering $26,000 per token.  

It is because of this that mining pool gathered investor appeal, as it allows various miners to join forces and resources towards the mining of a block. The pay-outs are proportioned depending on each user’s contribution and results in more frequent and consistent revenue stream, albeit smaller if run in solo mode with a huge mining operation.

The pool mining platform provided by Oasis Mining enables its users to take advantage of a wide range of mining related services, including the ability to sell the hashpower of their hardware to a growing community of miners, and also access to the latest and greatest in mining software and hardware.

The company’s farm is located in an area with a stable electricity supply with new mining hardware run in full capacity. The team claims to have structured industry bearing pre-sales prices along with a transparent pricing structure and immediate withdrawals. Mining starts on the April 1, 2018, and they have an exchange forthcoming (initial trading pairs: BTC/BCH, BTC/ETH).

Share This article

We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. Views expressed in the comments do not represent those of Coinspeaker Ltd.