Mining Crypto is growing in Popularity Globally
Crypto mining, especially Bitcoin mining, is turning into a global phenomenon. Today, BTC mining has reached all corners of the globe, including the Arctic. The rise of crypto mining globally has presented both challenges and opportunities globally.
Opportunities and Challenges in Crypto Mining
One of the challenges that have resulted from the global surge in crypto mining is a global chip shortage that hit all parts of the world. However, the early adopters of Bitcoin have been doing quite well. For instance, if one invested $100 in BTC in January 2009, the value of their investment would have grown to over $45 million in April 2021.chase
During the over ten years since the launch of BTC, there has been growing mainstream acceptance of digital currencies. The surge in the popularity of BTC has also led to a surge in the interest in BT mining. Today, there are various methods via which miners can participate in crypto mining.
How to Participate in Crypto Mining
For instance, users have the option to buy fractional mining power. Besides that, users have the option to buy a mining rig and take part in a mining pool. Today, BTC mining is dominated by large mining pools. These mining pools allow even miners with just a few mining rigs to make a profit.
Another method for participating in crypto mining is by purchasing stock in crypto mining firms. Today, there are numerous crypto mining firms listed on various leading stock exchanges globally. With the recent rise in crypto prices, most of these stocks have risen significantly. It is an especially safe investment option for institutional investors. Buying stock in crypto mining firms allows investors to gain exposure in crypto mining. At the same time, they minimize the risk that comes with handling crypto directly including legal issues and safe custody.
One of the biggest publicly-listed firms in the crypto mining sector is Riot Blockchain. The company owns thousands of mining rigs. It also runs one of the biggest mining firms in the world. Its shares have seen a major price boost in the past few months as the prices of BTC and other crypto coins have continued to rise. Today, Riot owns over 11K Antminers from Bitmain.
Another leading firm in the crypto mining world is Canaan. The company’s focus is on the design and production of mining hardware. It has been operating at capacity for several months. Canaan currently has preorders for over 100K BTC mining rigs, which is its full capacity using its current manufacturing facilities.
HIVE Blockchain Technologies Ltd is another publicly-listed firm. It recently bought 6400 mining rigs from Canaan. The company had a vision of growing its total hash power to 1000 PH/s by the end of 2021. With the orders secured, the company now plans to achieve a total capacity of 2000 PH/s by the end of 2021.
