primarily bitcoins, have become an actual and debated topic, as it’s a rapid source of large revenues. However, very few people know
about this business.
Despite this, Georgia occupies
the third place in the world in bitcoin production after the USA and China, the blockchain technology is well developed in the country and many earn
considerable profits from it.
Georgian miners talk about how
the crypto-currency market functions.
They say that crypto-currency mining
is an interesting and complex business, but it is very risky and it does not
tolerate a superficial approach.
"The process should be
studied in detail that will take much time. At first, much is misunderstood, but
over time you can get a lot of experience
and a lot of knowledge," he says.
They believe that the
first thing to begin with is the purchase of the relevant equipment.
"On average, the program
for the crypto currency mining costs $
1500, the block - $ 100. The cost of mining is constantly growing, and now we
are mining bitcoins at home, paying for electricity from the money received
from the sale of the virtual currency. When the cost of bitcoin increased to a
record $ 21,000, you got the highest profit, which sometimes reached $ 50 per
day. Now, when the price has fallen, the profit has dropped to $ 10 "- say
According to them, in
the process of mining, information should be carefully checked, in particular, on the sale
of currency on the market, as there are a
lot of fake websites. The best means of
verification are social networks, where the miners share information with each
"There are also sites-extortionists
that purport to be wallets for crypto currency, but in fact they are just
scammers. Such a risk always exists, since transactions in the crypto-currency market are virtual - we trust our crypto
currency to people whom we do not know personally, but do not even see on the
net. Accordingly, we need to look for reliable and proven partners "- say
It is very important to
purchase high-quality equipment, since the speed of mining depends on the
capacity of the equipment.
"Today it is much harder
to enter the bitcoin market, despite much interest in Georgia. Mainly, this is
due to the complication of the mining process - today one year can be needed to
mine 1 bitcoin, whereas earlier it was
done within a week," Georgian
They are currently also mining
a ripple, which is much cheaper than bitcoin.
"Ripple is much cheaper
than bitcoin, but if produce it in large quantities, one can get a solid profit. For example, at the
first stage the production of one ripple cost 80 cents and we sold it for $ 2, so
the profit was good, " say the
Miners say that this business is very risky and it is not worth investing long-term
investments in it. In addition, there is always a security risk.
"Blockchain is a decentralized system where a special
emphasis is not made on its security and anonymity, it does not have a specific
manager, and no one can subordinate, but in cyberspace there cannot be 100%
security so the danger of losing money always exists" - they believe.