It is another profitable industry that pays to operate mainly outside Europe. Expensive energy and increasingly strict regulations are the reasons why the old continent is not the best destination for Bitcoin mining. Czech businessmen nevertheless found their own way to make money from it. When the gold rush is raging, you can profit with picks and shovels.
The Bitcoin mining business is experiencing extraordinary days. As a result of the experiments of some programmers with the possibilities of the Bitcoin network, mining has unexpectedly paid off in recent days. It is now easier to create alternative virtual coins on bitcoin technology, but this is crowding it out and making bitcoin payments through the core layer more expensive. But that doesn’t bother the miners. On the contrary.
During Saturday alone, they mined bitcoins for themselves with a total value exceeding two and a half billion crowns. They can take this partly as a reward for not being afraid of Saturday’s halving and continuing their activities, which recently, for example, well-known investor Cathie Woodová she compared to the operation of the world’s supercomputer. “Bitcoin is secured by a network that is orders of magnitude larger than all the Amazon, Google, and Microsoft cloud servers built in the last 15 to 20 years.”
Virtually anyone who has a suitable computer can participate in the mining of cryptocurrency and the associated participation in confirming transactions. But not everyone will make money from it. Even less so after the so-called halving, which is one of the most significant events in the Bitcoin world. It means a reduction in the base reward that virtual currency miners can earn.
What mining of cryptocurrencies other than Bitcoin looks like in practice:
Alternative cryptocurrencies are mined via graphics cards, while Bitcoin is mined via special computers. But the principle is the same. • E15
On Saturday, it fell from 900 to 450 bitcoins per day after four years. At current cryptocurrency prices, this means halving an imaginary financial pie worth roughly 1.5 billion crowns. But this figure does not include the variable amount of transaction fees, which also go to the virtual wallets of miners.
Thanks to the overcrowding of the Bitcoin network, where the fee for instant payment confirmation is in the order of tens of dollars when using the base layer, the imaginary mining of the cryptocurrency therefore continues to pay off. All the more so when a number of entrepreneurs would profit from bitcoin mining even without the brutal increase in the price of transactions. And it doesn’t just apply to giant American companies like Marathon Digital, whose shares are traded on the stock exchange.
Czech footprint in Texas
“With more efficient machines powered by electricity at a price of 7.5 cents (1.8 crowns) per kilowatt-hour, we would be in a moderate profit even after the halving,” businessman John Vanhara, a native of the Czech Republic doing business in the United States and mining bitcoins, calculated in advance with the impact of the halving through his company Veribi.
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