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If you have a Bitcoin miner, turn it on

Published 07/31/2021, 10:11 AM
Updated 08/02/2021, 12:40 PM
If you have a Bitcoin miner, turn it on

In the last few weeks, the Bitcoin (BTC) mining market has experienced a black swan event, leading to a lot of uncertainty and confusion surrounding the future of the market. This is why I felt it was right to give the public a quick update and explain why it's a fantastic time for Bitcoin mining in the United States.

Bitcoin miners are rewarded Bitcoin for securing the network and for each block they mine. As more miners participate, the difficulty rate increases and the reward for each individual miner’s security contribution decreases. And vice versa, when fewer miners are participating, the difficulty rate decreases and the reward for each miner’s contribution increases. Understanding this is key as to why this is an exciting time to get into mining.

William Szamosszegi is the CEO and founder of Sazmining Inc., a cryptocurrency mining developer and consulting firm, and host of Everything Crypto Mining: The Sazmining Podcast. He is bullish on Bitcoin's future as the dominant global digital reserve asset and believes Bitcoin is the solution for layer-one, sound money. William grew up in Maryland and studied psychology and management at Bucknell University. William spends his spare time working out, seeing friends and reading.

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