Georgian miners advise on crypto-currencies

access_time2018-02-21 13:59:13

 Recently, crypto-currencies, 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 the miners.


 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 other.


"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 the miners.


 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 experts say.


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.


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. 

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