Bitcoin is mined using custom-built computing systems or energy sources and miners earn Bitcoin in exchange for validating bitcoin transactions by solving a “hash” on the blockchain. These transactions provide security for the bitcoin network, which compensates miners through payment in bitcoin.
Even if Bitcoin is down today, it is still the best time to mine Bitcoin, to stay ahead of the curve. Nic Campesi, the owner and founder of Liquihash, mentioned that he wouldn’t be surprised if Bitcoin drops further, but if you look at successful Bitcoin miners who were able to build up a formidable amount of hash rate, they’re all doing it at times when it looks the bleakest.
It’s a win-win situation for you especially if you have an excess energy source. You can mine Bitcoin, acting kind of like a call option. But when the price of Bitcoin recovers and the next cycle occurs, your investment could be ten times return on investment (ROI).
Bitcoin halving is when the reward for Bitcoin mining is cut in half. Halving takes place every four years. The halving policy was written into Bitcoin’s mining algorithm to counteract inflation by maintaining scarcity. In theory, the reduction in the pace of Bitcoin issuance means that the price will increase if demand remains the same.
More Bitcoin Mining Facilities are coming to West Texas, simply because it’s the best place in the world to mine Bitcoin. One factor is Energy. Texas leads the nation in natural gas production, holding around 23% of the nation’s natural gas reserves. It is also an excellent place for solar and wind. It is one of the cheapest places to mine Bitcoin and it has a great regulatory environment. Nic Campesi believes that in the future, the only way to mine Bitcoin will be with excess energy and it will happen sooner than later.
It’s estimated that Bitcoin consumes electricity at an annualized rate of 127 terawatt-hours (TWh). Despite so much energy Bitcoin mining consumes, it is safe for miners to use excess energy from a plant to utilize your energy source to power a Bitcoin mine.
DON’T WASTE A GOOD ENERGY SOURCE
If you have access to an excess energy source such as a natural gas well or even a hydro plant, don’t waste it. Chat with Liquihash today to start turning that excess energy into bitcoin.