Global Mining Boom as Transaction Confirmations Continue to Soar

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Global Mining Boom as Transaction Confirmations Continue to Soar

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According to Blockchain.info analytics figures, cryptocurrency mining comprises 114 nations globally which offered the market a profitability of USD 4.1 billion by the end of 2017.

Add to that, profits acquired from the sale of mining machines, which is approximated to reach some USD 3 to 4 billion, and mining appears to have all the makings of a thriving cryptocurrency industry.

At this time of crypto doom and gloom, seemingly much enjoyed by the popular press, cryptocurrency mining forges ahead with more companies each month adapting old industrial plants and transplanting them with new tech geared for what is now referred to as the Fourth Industrial Revolution (4IR) and the digital age.

Former Ethereum co-founder and CEO Charles Hoskinson calls the current wave of negative news the “cryptocurrency is going to die broken record media” and suggests that what is missing is the fact that after the next wave of regulation, Wall Street will be on board with mass capital in the tens and trillions of dollars looking to enter the space. This, he claims, will create a bright future.

Mining is also capable of creating of Hoskinson’s bright future, with miners receiving a staggering USD 20 million a day in transaction confirmations, and at Bitcoin’s height of potency, GPUs were selling out before they had even arrived on the shelves, with producers AMD and Nvidia making massive profits.

Today much of the focus for mining is about creating new spaces, such as converting a massive Intel chip plant in Colorado, to updating a smelting factory in New York. Mine spaces now stretch across the planet, with machines adapted from converted baths in private homes to Bitmain’s most powerful processors. From Iceland to Venezuela, the industry is becoming a powerhouse driving a cryptocurrency industry in waiting.

It appears miners are now driving profits for the world’s largest chipmaker, responsible for half of the world chip market; Taiwan’s Semiconductor Manufacturing Company (TSMC) reported increased revenues again earlier this year, according to Quartz.

Mining farms today are substantial technological structures with specialist staff, replacing the individuals and smaller fanatical outfits which were a hallmark of cryptocurrency mining’s beginnings in 2014. Today, due to massive scale mining operations, expenses are kept low, processes are efficient, and mining is becoming geared for the future.

 

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