Bitcoin Prices & Bitcoin Miners – Miners Care Very Little About Bitcoin Pricing
In June 2017, when Bitcoin prices were hovering around the $2200 mark, Bitmain very quietly formed a corporation in Washington State. The objective? Expand Bitcoin mining operations beyond China. They knew then as we all now know that Bitcoin mining is one of the most profitable business ventures on the planet. That’s why Bitcoin prices & Bitcoin miners have a very casual relationship.
A Bitcoin miner cares about Bitcoin prices only to the degree that the higher the price, the higher the profit. As a Bitcoin miner since last summer myself I know this to be true. When Bitcoin plunged to $6,000 recently my modest Bitcoin operation still generated daily profits. Of course profit was higher in December when the Bitcoin price tickled the $20,000 mark but money was made before, during and after. That’s why Bitcoin Prices and Bitcoin Miners make for an easy affinity.
When Bitmain expanded their operations beyond China to the United States, Iceland, Switzerland with Canada their next likely location, they did so when Bitcoin was a fraction of the price it is right now. While cryptocoin investors panic over the current Bitcoin price of $8832, Bitmain was very quietly expanding their Bitcoin mining operations into a multinational venture. Bitmain doesn’t care about the current Bitcoin price; they clearly see the bigger picture of the relationship between Bitcoin prices & Bitcoin miners.
“Bitcoin investors will be the richest people on earth. Anyone who understands Bitcoin cannot deny this. But what does that say about Bitcoin miners? We occupy the top rung of profitability. Soon, mining will be immorally profitable.” – John McAfee
John McAfee is considered by some to be a scoundrel, by others a business genius and by others still a mathematical prodigy. Having created the world’s first antivirus product which blossomed into a business worth many millions, John McAfee is definitely NOT a fool. John McAfee worked for NASA (so yes, he IS as smart as a rocket scientist), he holds a degree in mathematics and was later awarded a Doctor of Science degree in recognition of his academic contributions.
So when John McAfee, suspected scoundrel, recognized scientist and mathematical genius says that Bitcoin mining will be immorally profitable you can take that to the bank. Before I made my first ASIC Bitcoin mining purchase I relied on my accounting degree to help me run the numbers and, yes, they work. They not only work, they are beautiful. That’s why Bitcoin Prices & Bitcoin Miners will be involved in a very long love affair of technology and wealth. Bitmain was clearly on to something years ago and they are obviously doubling down year after year with Bitcoin mining operations spanning three continents. Oh here’s a closing thought; Bitmain co-founder Jihan Wu and John McAfee are friends…