How to Mine Cryptocurrency and Make Money!

Ben Hortman, CEO of one of Utah’s largest cryptocurrency mining companies talks cryptocurrency and cloud mining

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How much do you (or the average parent in general) know about cryptocurrency? I would venture to guess not much. Although you have probably heard of Bitcoin by now (by far the most popular type of cryptocurrency available to purchase at the moment.)

Joining me today is Ben Hortman, CEO of one of Utah’s largest cloud mining companies.

Cloud mining is the process of utilizing remote data centers that allow normal consumers access to the power, heating and cooling, software, and all the tools necessary to mine cryptocurrency remotely.

Essentially, sophisticated machines are setup to get the optimum capacity out of the hardware and graphics cards they are built with, which in turn helps the entire blockchain ecosystem operate effectively through a series of checks and balances.

When is the best time to get into cryptocurrency?

As of today, many crypto currencies have been extremely volatile. So if someone were to simply purchase a coin, they would be susceptible to these value swings. With mining, the value of the coins may go up or down, but the amount of mining power someone can have access to wouldn’t change.

How much does it cost to mine a cryptocurrency?

Even though there are several 100 coins available to mine, Hortman suggests mining for Ethereum specifically right now. A $10,000 investment would purchase 250 megahash of mining power. This number can then be converted into .8 to 1 full Ethereum coin every month. This is just a basic example, using Ethereum only. Individual results will vary, and mining difficulty does go up or down depending on market conditions.

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How to Mine Cryptocurrency and Make Money!

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Kane Dane