Updated: Feb 19, 2020
At our last TF Blockchain Vancouver Chapter event January 23rd, TF Blockchain Founder Jonathan G. Blanco interviewed, Kristy-Leigh Minehan, and discussed "Enterprise Bitcoin & Crypto Mining." Kristy-Leigh was also a featured speaker during our TF4 Conference in Seattle on November 14th where she joined a panel of speakers to discuss "Currency Mining at any Scale."
We live in a world characterized by profit-making and the drive for success, a phenomena which has exponentially filtered over into the crypto space. Originally invented by Satoshi (or the Satoshis, as some claim that the originators of bitcoin are more than one person) in 2009, as an abstract concept of digital money, which was not linked to any existing bank account. The world of blockchain, bitcoin, and other cryptocurrencies is now being milked by different private and corporate bodies, as well as arms and sections of different governments, for all possibilities of specialization and commercialization.
For an advancement in technology, which is not backed with long-term plans for growth and expansion, the crypto space has made significant improvement in size and technicalities. It is now focused on for its enterprising features, which are simply lying beneath a channel that already serves the earning function for some traders. Similarities in concept and complexities regarding crypto mining are being explored to optimize its potential.
However, awareness of, and participation in crypto mining has grown, and now, over a decade later, there are over 6000 cryptocurrencies (also known as altcoins, or alternatives to the bitcoin). This simply implies that the network of users has grown even further, and of course the energy requirement for mining has also increased exponentially. To meet with this increased demand of energy for mining to be profitable, the first wave of innovations for crypto mining occurred with an open source contribution network for the perfect coin mining hardware, which would be capable of delivering the energy required while cooling itself simultaneously to prevent a crash. An energy downtime or network interruption could be the downfall of several weeks’ worth of mining (malicious activity was tracked for security purposes and suspicions could result in loss of as high as 50% of all coins).
Canaan and Bitmain were the first, and then only, companies who took an interest in the mining hardware design, and invested towards the production of the first perfect mining machine which didn’t require a lot of human labor for productivity, and was also highly profitable. However, several companies have sprung up in the production of lighter, more affordable and more energy-efficient machines for crypto mining; although they may not be of high-capacity in productivity, they are functional. While a personal laptop was enough to mine bitcoin in 2009, today there are mining farms with high energy-generating hardware (cryptocurrency mining machine). These mining farms or plantations are like data centers which work continuously on delivering several hundreds of thousands of watts in form of energy to contribute to the security of the network by strengthening the firewall against the threats of attack from malicious actors.
During this podcast, Kristy-Leigh answers more questions on the evolution of crypto mining –including her response to Farbood Nivi, CEO and Co-founder of CoinMine, during his call-in by highlighting that it has already been industrialized as there are big data centers with optimized energy consumption, and auditors
are being employed to provide expert consultation on transactions. Kristy-Leigh also re-emphasized that there are several companies producing coin mining hardware and software on different scales, making it so that anyone can get started with crypto trading or mining.
Interested in crypto mining? Kristy-Leigh Minehan has a warning for you: it may not be as profitable as trading. Your best option would be to simply buy some cryptocurrency and start trading. However, you can pursue coin mining by getting a cloud mining contract or buying a coin minining machine.
Subsequent to her explanation on the evolution of crypto mining and the enterprise, Kristy-Leigh provides a breakdown on the current state of industrialization of mining and state relations. Her opinion on China’s stronghold of the hardware market for the production of mining machines and the potential for global increase in bitcoin mining is in line with the December 2019 news report from Coin Desk, which indicated that, according to research conducted by CoinShares Group, 65% of Bitcoin Hash Power Is in China –the highest rate since 2017.
This statistic is a paradox to the cryptocurrency situation in China; frontline leading manufacturers of mining hardware but crypto mining and trading was, until recently, banned nationally. There are still certain restrictions to the use of mining hardware and the International Business Times reported the confiscation of 7,000 machines due to power overuse in China.
While there has been significant development in the evolution of the enterprise of bitcoin, cryptocurrencies, and the mining of these coins, it is apparent that the next step would be application software to ease the process of transactions between cryptocurrency owners, as well as efficient and timely evaluation of the origin of a particular coin in transit. The question Kristy-Leigh, leaves us with at the end of her contribution is, “If you were going to design the future of money...what would that look like?”
Video From Kristy's panel at #TF4 on November 14, 2019
---------------------------------------------------------------------------------------------------------------------------#TF5 TF Blockchain Conference - Seattle - March 19, 2020 Join us in Seattle on March 19, 2020 as we host #TF5 TF Blockchain Conference, our 5th blockchain, bitcoin, and cryptocurrency conference. We'll have top speakers, influencers, investors, executives, and entrepreneurs discussing the latest in this innovative technology.
Confirmed top speakers are: Christian Hasker, Rahul Sood, Peter Taylor, Kristy-Leigh Minehan, Kurt Wedgwood, Ashley Harrell, Dr. Setrag Khoshaian, Farbood Nivi, Ric Shreves, Kate Mitselmakher, Steven McKie, Rizwan Patel, Paul Gambill, and Derrick Foote.
Early Bird tickets are available here: Early Bird Tickets