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Sazmining Podcast – An Interview with Sergii Gerasymovych

From the outside, bitcoin and cryptocurrency might seem like magic money that appears out of thin air. But in reality, there’s a lot that goes into mining bitcoin, and it doesn’t come cheap. Sergii Gerasymovych of EZ Blockchain talks us through the backstage of cryptomining and the myths that surround it alongside Sazmining’s William Szamosszegi.
October 01, 2020
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Where does bitcoin come from?

Early in the history of bitcoin and crypto farming, cryptomining from home (without too much of an initial investment) was both feasible and profitable. As the market has developed, however, the requirements have changed. A substantial investment is now necessary, and the infrastructure required to run profitable mining has rendered that investment pretty hefty. 

Costs have gone up since crypto began to get traction, too, but that climb doesn’t have to be indefinite. In fact, Sergii Gerasymovych believes that the cost of mining will plateau in the near future. What’s more, advances in technology and mining capacity have all but guaranteed that increased production costs won’t climb anymore. 

What myths surround cryptomining?

Learning that mining requires a significant investment can come as a shock to people who are just learning about the subject. To mitigate costs and make the most of these investments, the equipment and infrastructure is where a miner is best to focus.

Thinking that crypto comes out of thin air—or that no infrastructure is necessary—is one of the most prominent myths around cryptocurrency. 

Among those who do understand what infrastructure is required, there’s also the myth that cryptomining consumes so much energy that it’s harmful for the environment. 

While it’s always a good idea to keep responsible energy consumption in mind, this is already an integral part of EZ Blockchain’s approach to mining. 

Specifically, to get around unnecessarily-high energy costs, EZ Blockchain uncovered a cost solution that simultaneously serves as a more sustainable energy consumption process while also providing the energy the company needs for its mining activities. 

Mining takes up energy, but energy can be sourced efficiently. Specifically, as Sergii puts it in this episode of Sazmining, power plants are on 24/7 but the energy isn’t being used 24/7. Most households are pretty much only burning energy from about 4 to 7 p.m. once they’ve come home from work and flipped on the TV. This means that excess energy is being produced and wasted during the greater part of the day. By utilizing some of this excess energy, cryptomining can be sustained while also cutting down on the amount of wasted energy produced by plants. 

 

Learn more about the myths that surround cryptomining and about how responsible mining energy sourcing can have both environmental and economic benefits by listening to the full Sazmining podcast episode hosted by William Szamosszegi - here.

Tags
  • Bitcoin,
  • Crypto,
  • Cryptomining,
Authors:
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Sergii Gerasymovich
EZ Blockchain
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