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RE: The Economics of Bitcoin Mining
Thank you for taking the time to research and write about this. Too often, many people look at mining as an extremely lucrative way of making additional income. Even I was under the impression that you could make a lot money from mining. However there is so much more to understand and look at, though I guess if you are tech person it is a lot easier to understand. Learning more about crypto and blockchain everyday.
Hey @khimgoh! Thanks for your reply. I‘m happy to hear that you liked my post. Indeed, mining is more complex and less profitable than most people think. I believe that a lot of shady cloud mining services took advantage of the fact that people consider mining super profitable and promoted that idea even further since it serves their business. I absolutely agree that it helps to have a background in tech/computer science when getting into crypto. I think another advantage would be if you’re already familiar with trading and finances. I’m lucky enough to have a degree in computer science and it helped me quite a lot and sort of gave me a head start. I can only imagine how people with no background in computer science or finance/trading must feel when getting into crypto.
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