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If you want to protect your wealth I'm not sure investing huge capital sums in mining machines, dependent on huge energy consumption to work, in a country with
by Traster 5y ago
If you want to protect your wealth I'm not sure investing huge capital sums in mining machines, dependent on huge energy consumption to work, in a country with an energy crisis. That seems absurdly high risk to me. I can sort of buy the idea of moving your money to crypto as a way to get your money out of the country whilst evading your government's capital controls. But doing that by starting a crypto mining business is such a weird way.
- 40four 5y agoYeah, I didn’t really like the article very much. I don’t really agree with the miners here in this case. But it’s also highly variable depending on what you’re mining. Not everything is as energy intensive as Bitcoin. I’m not an expert, but it seems like most newer coins we designed in a way to limit power consumption. But my point has nothing to do with mining. Imagine you have $1000 to your name, and for whatever reason your local currency is tanking & the value of your money is racing towards zero. You would be wise to convert some of it into something more stable, as a pure value store. It’s a fast & relatively cheap way to defend against volatile market conditions.