Genesis Mining was founded in the end of 2013. They met the founder of their world-class company cryptocurrency by using the same platform for buying and selling Bitcoin.
Hello and welcome to a new episode of Crypto Tips. So I know that mining is another one of those abstract concepts that plague the cryptocurrency world and I certainly don't understand the nitty gritty details of what it takes to write the code and design the specialized computers that work the magic to ultimately unlock a bitcoin. But allow me to describe to you the idea behind mining. First and foremost, mining bitcoin or any other cryptocurrency requires you to have access to a computer and much like mining gold requires heavy machinery to extract the gold from the mountain.
Mining bitcoin also requires a lot of work except it's done by the computer and it does this by solving complex mathematical equations and that is what ultimately unlocks a bitcoin. Back in 2009 when bitcoin was just a cute little baby you could use your laptop or your desktop to mine I think around 200 bitcoin in only a few days. Also bitcoin was only probably spent about eight cents a coin back then but nowadays because there's been such an increase of people mining and that's led the difficulty level to increase substantially. If you were to use that same method with your laptop or desktop it would take you 98 years to get one stinkin bitcoin.
This means that if you want to seriously get into mining and have your own rig setup you'll need to get your hands on an incredibly powerful, seriously impressive piece of computing the cost of such a computer and the amount of power you need to run it 24 or 7 means that you'd have to set it up in an area where electricity is very cheap or connected to a renewable energy source if you wanted to see any profit and even then it would probably take quite some time to see a return on your investment. Because a one-man rig is pretty much impossible to accomplish nowadays there are now mining pools that you can join. These pools allow for many miners to join their efforts and combine their computing power to accomplish mining bitcoin. I should note that bitcoin is one of the most difficult cryptocurrencies to mine and there are other coins that don't require as much hash power to mine.
If you don't have the time, the space, the money, or maybe not the brain capacity to set up a mining rig of your own which of course is no judgment I don't either. There are other ways for you to get involved with mining. There are companies that have what are called cloud mining contracts and one of these companies you may have heard before it's called Genesis Mining and I only suggest it because I've personally had positive experiences with this company but of course beware there are many companies out there who would be more than happy to take your investment and give you nothing in return. Also one tip to keep in mind when you are purchasing a contract be sure that the contract is long enough, last long enough so that you will see a return on your investment so be sure that the contract doesn't end before you're still in the red.
Also one thing to keep in mind with mining is that you're not going to get these huge paydays. It's think you really need to think a bit more as just a secondary stream of or more trickle of income and yeah that's about it for mining. That's it for crypto tips. If you like what you see here give this video a like share it with your friends so they can get a taste of what's going on in the crypto world and go forget to subscribe to crypto tips to get your weekly fix of all things crypto.