We often forget about cryptocurrency, mining and mining is on the decline right now, and i want to go over a little bit about what cryptocurrency mining is why people are stopping mining at this point and what that means for the future of cryptocurrency in general, not just Ethereum not just bitcoin, not just shiba inu coin but crypto as a whole. So if it sounds like something, youre interested in lets get started. Music whats up everybody, im clay im here to make 2022 the best year ever. If you click that subscribe button make sure to subscribe to the channel, join us become a bro. We are here every single day and we are growing our portfolios together. You look if youre brand new to investing you dont know how or where to buy stocks and crypto. You got a link in the description below for weeble. It is super simple to set up your account. Any deposit is gon na. Get you guys six free stocks, one dollar crypto trade, its five dollars and free crypto, and if you want fifty dollars in bitcoin, youve got a link down there for voyager youre gon na get 50 in bitcoin for making 100 trade, and you can actually earn 13 Plus percent interest, just by holding your crypto on their platform, you dont have to stake it. You dont have to lock it anything like that, but guys bitcoin ethereum, this cryptocurrency mining is its a lot simpler than a lot of people.

Try to make it out to be were not going to go into some whole huge discussion about what blockchains are and validations and all of those. But essentially you run a computer. Whether youve got you know like the computer. You have upstairs in your house or or a laptop laptops, probably not gon, na work anymore. They used to. But you know, youve got a computer of some sort or you have a specialized computer, theres, basically graphics cards, which you see and thats. What allows your screen to work on your computer or computers that are specifically built to mine bitcoin? Those are called asic miners. Well, regardless, you know, you have those two different types and some are more efficient than others. These asic miners are very efficient, but they only have a one purpose use. You can only use them to mine that cryptocurrency and that is it. Whereas graphics cards, you know you can you can actually build a computer out of it and you know whatever you want to do on a computer right. So what they do? You run these computers and they go through and they spit out different codes and in one or when one of them finally hits and cracks. The code is able to validate the transactions on the blockchain. So essentially, what you have is a validation process thats out there and constantly running these miners are going through so many different codes and able to i i mean verify all of the transactions that take place.

So why is it concerning to see that mining is dropping or mining is falling well, in order to be profitable? The coin price needs to stay at attractive levels. What happens is these cryptocurrency miners, these computers? They take a lot of electricity if youve got one plugged into your, you know just youre, upstairs youre running it 24 hours a day, seven days a week. You can increase your electric bill by you, know 100 plus dollars a month, and it might not sound like a lot if youre, you know into it and youre, making a profit if youre spending 100 a month in electricity but youre bringing in three four five hundred Dollars a month in ethereum, three, four five hundred dollars a month in bitcoin. Clearly it is lucrative and you can continue on doing that. But as the price drops by fifty percent – oh now, its costing you a hundred but youre only making 200, it drops by another 50, now youre breaking even drops by another 50, all of a sudden youre losing 50 of your money. You are paying a hundred dollars to run your miner and you are receiving 50 a month in bitcoin. It doesnt make sense, because if you want to go out there and you want to buy bitcoin its going to cost you 50 bucks. If you want to mine bitcoin its going to cost you a hundred dollars for that 50 in bitcoin, so once you see that be broken to the downside, when it is no longer profitable, what happens? Is people stop mining and, and that is exactly what we have going on right now.

You can go out there and verify on different sources that electricity consumption due to mining bitcoin has fallen roughly 25 little over 25 percent in the last month, and electricity consumption due to mining ethereum has fallen by 49 in the last month. Now this is a drastic decline and it means that there are less companies out there that are mining bitcoin, at least for a profit. Now this is very hard to see for them and – and you know, as the price continues to fall and unless people its its an endless cycle right its very interesting because a lot of people theyre pointing to the decline in mining and its, i mean its a Proven decline, the electricity consumption is coming down, less people are mining, bitcoin, less people are mining ethereum right now, because they have inefficient equipment or they have inefficient electricity consumption. So these guys that have gone out there and built solar farms. Wind farms, you know, generate their own electricity, clean energy, cheap energy in order to mine bitcoin. Of course, they can continue to do so. As the as the coin price comes down, if youre sitting there and youre running a miner from five years ago and its bringing in a couple pennies a day and its gon na charge, you a couple dollars a day. You know youre youre its, not lucrative at that point and youre most likely going to stop now heres the thing a lot of people are pointing to this.

As the potential death of bitcoin and ethereum ethereums, going to zero uh bitcoins gon na go to zero. There will be no more miners, mining, bitcoin and ethereum, and you know we clump these two together, you can clearly mine, so many other coins, its not just bitcoin and ethereum, but they are the two largest so thats. Why were talking about those two right now? But if youve got nobody mining, if youve got nobody validating transactions on the bitcoin blockchain bitcoin is it? Is it worth anything ethereum if nobodys providing that validation on the ethereum blockchain? All of these erc20 alt coins that are out there all of the the ethereum blockchain is it still safe? Is it still secure, so many questions are being thrown out there right now to i guess, test and defy the future of cryptocurrency and and install doubts in your mind that crypto has a future but heres what we do know. Okay, bitcoin was once actually worthless. You could not sell it, you could not do it, you, you could mine these bitcoins, but you could sell them for nothing. But listen to that statement. I just made you could mine these bitcoins people were still running their computers. People were still running these miners. People were mining bitcoin because they believed in its future and they believed in what bitcoin would do now. Ethereum same story. You could mine ethereum, but it was not always tradable. It did not always have the value that it does, and people were still willing to mine.

Ethereum as the price was worthless and as they were, no, they were not lucrative lets just put it that way. It was a worthless coin, they were mining and they were running their electricity bills up doing so, but they continue to do so because they believed in it and what it could do in the future. So anybody thats going to tell you its you know: mining inefficiencies are going to drive ethereum to zero its going to drive bitcoin to zero its like they have so quick for quickly forgotten, where we were a couple of years ago, when these coins really had no Value but people mined them anyway, and that is exactly why the future of bitcoin and the future of ethereum will absolutely be safe. Hey. We could go through some hard times. Yes, if mining dies down, if bitcoin prices die down, this cycle is going to its going to be drug out in a very long manner that nobodys gon na want to hold through. Unless you really believe man, unless you really believe that cryptocurrency has a future, people will fall off and they will not see the other side of this. All of that money that you invested is going to go. Who, though, to those who are able to accumulate during this downturn and its as simple as this man, are we going to be the ones that accumulate during this downturn, and i dont care if its 15 20 years from now, when we see that cryptocurrency finally does Have a future after all of these old guys that are making decisions in in politics and in banks and so on, when they are long gone and the young guys that are out there are making decisions and saying you know what cryptocurrency is actually much more efficient Than the current status of the dollar, i think we should move over to cryptocurrency.

We should move over to digital assets. We should give these cryptocurrencies a chance. If you were the one accumulating, you will be the one to come out on top. If you were the one selling and giving up and folding in then clearly the ones that are buying off of you are going to be the ones that are are coming out on top afterwards. I wonder what you guys think, though, about i usually just do videos on specific coins, but mining in general is a very general topic. Let me know your thoughts down there. If you guys want more videos on cryptocurrency mining or just you know, stick to the all coins and so on. Let us know down there. If this button still red make sure to click it subscribe to the channel, join us become a bro. We are here every single day and we are growing our portfolios together: clay bro, 883 on twitter and instagram.