DETAILED Exploration Of The #Bitcoin Mining Economy – (Chris Coney & Juan M. Villaverde) WCSS:009

Curated Content by Dan - Coin Cerberus

October 24, 2021


Earn FREE Crypto

While Learning About Crypto With Coinbase


You are invited to learn about Compound Crypto - and earn some along the way! Start today Earn opportunities are only available for a limited time to a small set of customers.


You are invited to learn about XLM - and earn some along the way! Start today Earn opportunities are only available for a limited time to a small set of customers.




For 7 Best DeFi Strategies To Make You Money click —
Chris (00:16):
Hi there, guys. This is Chris Coney speaking, and welcome to the latest edition of the Weiss Crypto Sunday Special. I have one of my favorite guests back again: Juan , So Juan, welcome back to the Sunday Special.
Juan (00:28):
Hey, Chris. Good to see you.
Chris (00:30):
Good to see you, sir. So the topic for today, Juan, is the Bitcoin mining economy. So we did one on energy consumption and so on, but today I want to talk about the Bitcoin mining. It is a little economy of its own, so I've written down what I think are the five major components of the Bitcoin economy. And then if you can just give us like a… How each one functions. There are the hardware manufacturers, so those are the… They're like electronics. They manufacture the electronics, the ASIC devices that actually do the Bitcoin mining. I call those the hardware manufacturers. Another actor in the Bitcoin mining economy is the energy producers that produce the electricity for those mining machines. You've then got the mining farms that these big companies with the big warehouses that stuff them full of these Bitcoin mining machines, buy the power, and then do the mining.
Chris (01:24):
The fourth one is Bitcoin mining pools, which are like syndicates you join to increase your chance of making money. Maybe you can expand on that. And then the third one is software vendors. I mean, this isn't probably well known or of any particular interest, but the Bitcoin mining farms have these software systems that they either develop themselves, or buy in to manage the whole facility. So they're probably the least important from an investor's point of view. But can you give us an overview of just what's the significance of each of those, and how they interact?
Juan (01:59):
The significance of each of those. Okay, good question, interesting. So I think there's a lot of overlap between them. For example, Bitmain famously is the hardware manufacturer for Bitcoin ASICs, the machines people use to mine Bitcoin. They're also very involved in mining themselves. They have these large farms, used to be located in China, I guess they're going to have to go elsewhere now, and they also have their pools. So now-
Chris (02:30):
[crosstalk 00:02:30] business.
Juan (02:32):
They do.
Chris (02:33):
[crosstalk 00:02:33].
Juan (02:34):
Sure. They're integrating all verticals. I think that's a technical term, isn't it? You go from hardware to mining.
Chris (02:42):
[crosstalk 00:02:42] every which way. They're selling the kit, they're using their own kit to mine, and then they're also operating a pool as well.
Juan (02:50):
I don't want to accuse them of anything either, but they used to… Back in the day when I tried to get into mining, they used to manufacture new hardware, use it themselves first until difficulty would adjust, and once it adjusted, then they would hit the market.
Chris (03:08):
[crosstalk 00:03:08]. So these Bitcoin mining machines, they're like computer processes in the sense that they're constantly innovating, constantly getting faster and consuming less power, which in the Bitcoin mining economy is absolutely critical, because it's capital-intensive to buy the kit and the facilities, but really, most of it's in the profit and loss. You buy power in, and you put it through your machine, and some Bitcoin comes out. So the less you can spend on power and the more CPU processing power you can get out of that power, the better. And the thing that sits in the middle of that is the… Well, there's a few of them. There's Avalanche, I think is one manufacturer, there's Bitmain, and there's a few others around the world. [crosstalk 00:03:52] whatever they're called.
Juan (03:54):
Yeah. I mean, that's one of the things I love about Proof-of-Work mining that other systems don't have, is that it's pretty open to competition. If any sufficiently capitalized party wants to get involved in this mining, then they can. Just looking at El Salvador. So that's pretty interesting. I like that open system, permissionless, they call it. I mean, if you have the resources to produce your own hardware, you can participate in mining. That's why people used to mine with their laptops. Anybody with a computer is able to do it.
Chris (04:28):
Right, so we'll go back to El Salvador. So which role do they play? I'd call those one of the energy producers, primarily-
Juan (04:36):
Energy producer, definitely. Yes. The Cryptoverse features reading the news from various sources. Each episode lasts approximately 15 minutes and includes my moral, ethical and philosophical interpretation of current events. If you’d like to be kept up to date on Bitcoin, cryptocurrencies and blockchains by someone who believes in the free market, equality of opportunity and the value of education then subscribe to The Cryptoverse today. Video Source

Crypto Currency Resources & Recommended Products

The following lists are tools and resources that I put together to help anyone that is interested in crypto get a head start. It can be quite daunting when you first get into cryptocurrencies. There is some much information out there and some much uncertainty.

Disclaimer This new crypto movement is an economic revolution. While it may be an exciting time to get started with crypto currencies, this digital gold rush has a plethora of bad information out there. The recommended products below are based on my own experience with my own personal use of these products.

Disclaimer: I am not a finical advisory. I do earn a small commission if you choose to purchase any of the recommended products below. Please make sure that you do your research before you purchase any Cryptocurrencies related products or services.


Crypto Currency Wallet & Coin Exchange

Coinbase is one of the worlds leading cryptocurrency wallets. It also gives people the option to purchase and trade digital currencies like that of Bitcoin, Bitcoin Cash, Ethereum Classic, Ethereum and Litecoin.

Coinbase popularity stems from its ease of entry and exit from the cryptocurrency world. It's pretty quick to get set up and start investing in digital currencies. Get $10 FREE Bitcoin {BTC} when you spend $100 with our referral link.

Click Here To Watch A Tutorial Guide On How To Use Coinbase

Make Money Online

 Cash Network & Affiliate Training

Trust me here… If you’re like many Internet marketers, you can’t help drooling when you peruse the famous (and quite addictive) ClickBank marketplace.

From just the front page of the
marketplace ClickBank’s clients will earn close to One Hundred Million Dollars this year! As you click from page to page, your eyes get wider and wider... your heart starts pounding...

… and your jaw drops to the floor when you start to see the incredible popularity, the gravity, all those product pitch pages…

Check out the video to learn more...

What you’re about to see is not a joke... It’s not a lousy ploy. This is truly a dream come true... I am about to give you something so exciting and SO valuable you may not be able to keep it to yourself.

BUT, I need you to please keep this a secret until you see what I’m talking about.

I cannot risk something like this getting out to the public. At least not this early… Follow the link below to finally realize what it feels like to have control. Feel your dreams come to life! 

Don’t believe me? See for yourself.  If you don’t act quickly, I’ll have to pass this along to someone else who is willing to create a better life for themselves.

I have a feeling you’re going to love this :)


Cryptocurrency Exchange

Binance is one of the worlds fastest growing cryptocurrency exchanges. Because of its trading volume and the number of altcoins it trades it will be one of the worlds biggest crypto exchanges in the world.

While Coinbase is still the easiest way to get into cryptocurrencies, Binance trades a lot more Altcoins compared to that of Coinbase. If you want to purchase Altcoins like Cardano ADA, Ripple XRP, Steller Lumens, TRON, Dash and Monero then Binance is your first port of call. 

In order to trade here, you must hold some cryptocurrencies first. So it's best to purchase some Ether or Litecoin from Coinbase and transfer it too Binance.

Click Here Watch A Tutorial Guide On How To Use Binance.



Cryptocurrency Hardware Wallets

One of the most popular Hardware Cryptocurrency wallets is that of

Ledger Nano S. The Ledger hardware wallet provides a secure offline solution for cryptocurrency traders to store their digital data. 

Commonly knowns private keys the Ledger hardware wallet gives users a multi cryptocurrency offline storage solution. Because of essential, these hardware wallets are similar to that of a USB key, it provides security by hosting the private keys offline making them difficult for hackers to access your cryptocurrencies.

It hosts some of the more common crypto coins but also some fewer know Altcoins Bitcoin Gold, Ark, Bitcoin, Bitcoin Cash, Digibyte, Dash Dogecoin and Ether.

Watch A Video Guide On How To Use The Ledger Nano S 


Digital Crypto Currency Wallet 

The Exodus Wallet is desktop cryptocurrency storage solution. It can be used with Mac and PC which has compatibility with a popular cryptocurrency exchange called Shapeshit. Which gives the user the ability to trade cryptocurrency with in the Exodus Wallet.  This feature alone makes the Exodus wallet a very popular choice with beginner crypto traders.

The interface is very intuitive making it very easy to understand and use for anyone that's starting out with investing in cryptocurrencies. The Exodus Wallet is one of the most popular lite wallets, even with a number of crypto storage assets, it doesn't require your system to download the complete blockchain.

While the Exodus Wallet is free to download and a very secure piece of software, please note that it does take between 1-3% fee with the exchange of cryptocurrencies. Click Here To Watch Walk Through Video On The Exodus Wallet.


Cryptocurrency Browser

The Brave Browser is just like most web browsers, it allows you to surf the web, find videos, websites and allows you to download content from the web. But with a few difference with it's set up compared to that of Google Chrome. It was set up by the same creators as that of Mozilla, basing their software on open source code similar to that of Google Chrome.

Brave has in built ad blocking technology to stop intrusive ads. It also integrates with the cryptocurrency Basic Attention Token {BAT} to pay users for their attention for displaying less intrusive ads.

Brave keeps 15% of the less intrusive ads, giving content publishers 55% per cent which is good for bloggers and vloggers, last but not lease even users of the Brave browser will receive 15% off the revenue. It also gives users the option to donate BAT to content creators or sites they love.

One of the striking features of the Brave Browsers is that it removes a ton of tracking pixels which cause websites to load slower. This gives you a much faster experience when visiting websites online


Altcoins, Buy Altcoins, Crypto, Cryptocurrencies

You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}