Lens1000
VIP Contributor
The business of mining is a very lucrative business in the cryptocurrency space. Don't Forget that mining is a very important integral of cryptocurrency market price determination.
The impact of mining on the price of cryptocurrency or on the development of the cryptocurrency was seen last year when China issued a stiff rules on the mining of bitcoin. All the miners in China were chased out and as a result of the fact that China was the bellwether of bitcoin mining , it affected the whole cryptocurrency space and the price of bitcoin crashed immediately.
This is to Show the power of crypto mining. Since then , we have seen too many companies springing up to venture into mining activities. we also see government of the country or States government involved in cryptocurrency mining by providing enabling environment for the crypto miners . Example is seen in the United States of America when the mayor of Miami invited the miners that were chased out of China,offering them an enabling environment. And the current one was seen with skybridge capital in conjunction with some other partners to create an industrial- scale miner . The company hae raised $7 millions so far for the project.
The impact of mining on the price of cryptocurrency or on the development of the cryptocurrency was seen last year when China issued a stiff rules on the mining of bitcoin. All the miners in China were chased out and as a result of the fact that China was the bellwether of bitcoin mining , it affected the whole cryptocurrency space and the price of bitcoin crashed immediately.
This is to Show the power of crypto mining. Since then , we have seen too many companies springing up to venture into mining activities. we also see government of the country or States government involved in cryptocurrency mining by providing enabling environment for the crypto miners . Example is seen in the United States of America when the mayor of Miami invited the miners that were chased out of China,offering them an enabling environment. And the current one was seen with skybridge capital in conjunction with some other partners to create an industrial- scale miner . The company hae raised $7 millions so far for the project.