Insights From Addy Ai: Mining 101
This year has seen a large number of people enter the cryptocurrency market and many of them are eager to learn how it works. The main thing people are seeking is how to make money, to profit. A few ways that you can profit are by buying and selling, doing exchange arbitrage, or mining. Mining might not be as profitable as it used to be, at least for Bitcoin, but there are still many people who have tried to go down this route.
According to data pulled from Reddit and analyzed by Tenpoint7’s own Addy AI, mining has been a hot topic.
The growing interest that can be seen on mainstream news in blockchain and cryptocurrencies has spurred a lot of people to get into this relatively new space (compared to much older markets). As with most humans, we all seek to gain the highest reward while putting in the least amount of effort. Whether or not mining is a way to achieve that, many have jumped into this endeavor.
Ranking number one in the search terms was “Tax questions on mining income.” This is a clear indication that people have either made decent profits and want to research what they owe, or are contemplating getting into mining and tax burden is one of the few determining factors. Who knows, it could even be financial and/or governmental agencies who are seeking to find out if there is adequate information regarding crypto-profits and taxation?
Coming in at second was “Struggles with AMD GPU’s.” There are many ways to mine, either by buying mining hardware, specifically designed to mine cryptocurrencies, or purchasing a cloud mining contract, which is where you rent out a certain amount of mining power on someone else hardware and they take care of the setup, electricity, etc.
The third spot was taken by “Realistic outlook mining revenue.” This shows that before people are even willing to embark on the venture of mining crypto’s they want to at least make sure that it is worth the computing power, time, mental power and electricity. This is a smart move. It always pays to do your homework before starting down an unknown and risky path.
“Power issues with mining rigs” came in at a fourth place. If you are in the crypto-space and have been around for some time I’m sure you’ve heard of the issues that come with mining and the amount of electricity that it requires plus the heat that these miners radiate. Many have turned to online mining contracts to avoid much of the hassle that comes with setting up the mining rigs. The only problem here is the fact that many of these “operations” aren’t transparent, and therefore raise many red flags as to how their setup really works.
Miners & Locations
The topic that came in fifth was “ASIC Miners/Locations.” ASIC stands for Application-Specific Integrated Circuit which is an integrated circuit (IC) customized for a particular use, rather than intended for general-purpose use. Specific hardware is needed to mine cryptocurrency and the ASIC is one of the most widely used other than GPU. People are most likely searching this to see where the largest number of miners are located.
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