There are even larger success stories: Marco Streng, co-founder and CEO of Genesis Mining, a large cloud mining company whose farms are located across several countries, claims that he essentially started his business out of a dorm room back in 2013. He declined to specify which university he went to, however, saying that it’s “the same anywhere in the world.” Big Miners are Squeezing Out Dorm Room Rigs. Profits elude fledgling bitcoin miners, while institutional bitcoin miners continue to rake it in. Mega bitcoin miners like Bitmain and Bitfury are threatening to squeeze the smaller players out of the picture, according to a Bloomberg report. As a result, expect to see some consolidation in the bitcoin mining space and a possible paradigm shift ... “You leave [the mining rig] running in your dorm room for four years, you walk out of college with a big chunk of change. Mining difficulty for a lot of coins is very high right now – which means it costs more for electricity and internet than the profit you can produce from mining those coins. If you don’t have to pay for those costs, then you are in a really good spot for making money ... Bitcoin-Maske How Students Mine Cryptocurrency in Their Dorm Rooms Letzten Monat, Berichte aufgetaucht on crypto mining research conducted by tech conglomerate Cisco with the following headline : “College kids are using campus electricity to mine crypto.” Mike Banic, VP of marketing at cybersecurity firm Vectra, noted how the electric costs of dorm-mining tend to add up: I think there are a lot of universities that don’t know this is happening. I don’t think that they would want it to happen either, considering it costs $4,700 to mine one bitcoin. The room you keep the whole Bitcoin Gold mining operation would also be a furnace. Even if you built all that, there are people with huge mining farms and much more computing power. You compete against them when you start Bitcoin Gold mining. You have to have amazing luck to stand a chance. There is a solution, though. Miners all over the world ... He set up a Bitcoin mining operation in his dorm room that ended when the electricity bill arrived. Marco Streng is the CEO of Genesis Mining, one of the largest Bitcoin cloud-mining companies.
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