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Bitcoin miners

Short Bytes: Over the years, Bitcoin has become a multi-billion-dollar industry but requires a lot of time and patience. However, the seasoned individuals who have learned the ropes are using it to their advantage. According to a new report, Bitcoin miners are definitely raking in the money as they have accumulated more than $2 billion in revenue. Still, the market for cryptocurrency remains unregulated.

Cryptocurrency has been around for a while and though it remains unregulated, through a little perseverance, patience, and foresight, Bitcoin miners have been able to take advantage by generating a huge amount of revenue. According to an estimate from a new report compiled by Cambridge Centre for Alternative Finance, Bitcoin miners have collectively earned over $2 billion in revenue since 2008, and that number seems to be skyrocketing.

There were very interesting details highlighted in the report and those details have been given below. Turns out that there are a lot of active Bitcoin miners around the globe.

Also read: What Is Bitcoin? Is It Legal Money? What Could Happen To Bitcoins In 2017?

“The current number of unique active users of cryptocurrency wallets is estimated to be between 2.9 million and 5.8 million.

At least 1,876 people are working full- time in the cryptocurrency industry, and the actual total figure is likely well above two thousand when large mining organisations and other organisations that did not provide headcount figures are added.”

Previously, users began their cryptocurrency mining process on their home computers, but have shifted to bigger and more powerful server farms to mine Bitcoins at a higher rate thanks to their increased computing performance.

However, it goes without saying that Bitcoins is still an unregulated industry and there are some regions where the legality of this process falls into the gray area. As a conclusion, before you start your Bitcoin mining journey, you will have to do thorough research on your part to achieve that.

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Also read: Bitfinex Bitcoin Exchange Hacked, $72 Million In Bitcoin Stolen By Hackers