I’ve been researching Bitcoin mining over the past couple of weeks as we’ve been building The Bitcoin Manual site and it’s one part of the whole Bitcoin experience that I’d left largely untapped. However, fortune favours the brave and so I thought I’d take the plunge and do my tiny bit to support the Bitcoin network.
The basic premise of Bitcoin mining is that powerful computers called ASICS process all Bitcoin transactions that have been verified by nodes. Although this requires a lot of computing power, the majority of that power being supplied by renewable energy and this movement to renewable energy for mining will continue. It’s all about innovation in this space!
“Mined” Your Own Business
For a long time, it’s not been possible for normal people like us schmucks at TBM to get involved with mining due to the whole infrastructure set up and costs that are involved but there are companies out there now that allow anyone to dive in.
We have had some interesting discussions around mining in the Bitcoin Pioneer* Telegram group over the last month and one of the companies mentioned was Cyberian Mine.
Jason Deane pointed me in the direction of Cyberian Mine due to their very “cool” model of allowing you to buy an ASIC and them doing all the leg work of setting it up, maintenance and repair if needed.
The German-Russian company has been around since 2018 and makes use of green energy hydropower stations in Siberia to power the ASICs, which are kept cool thanks to Siberia’s “nipply” cold temperatures.
Effectively, you are buying the “rights to services and computing power” that your ASIC generates, not the machine itself due to regulations but you can sell this right whenever you want to other customers in the marketplace. There is more information on their website and FAQ section so have a browse.
What’s Mined Is Yours
By all means, have a look around the website, follow them on Twitter and do your own due diligence before jumping in. There are upfront costs to buy the miner but the site shows what your earnings would be and from what I’ve seen, it will take you 11-16 months at time of writing to make your money back but you’re stacking sats so could easily be sooner.
I decided to get myself a new miner after doing some research, reading the site, seeing their social media, hearing others I know in the Bitcoin space mention them and within the same day, the miner was put online! Going to see how this one plays out folks and will keep you updated!
To register for a Cyberian Mine account head over here (referral code gives you a bonus on sign-up).
Nicky the Green
*Side note about the Bitcoin Pioneer program – if you’re in the UK and want to “try BTC before you buy”, read this article and make the most of the special promotional code!