Moneyweb Crypto
Bitcoin mining: Local miner explains how it's done
Jul 19, 2023
Discussion on challenges and potential of Bitcoin mining in South Africa, including the use of solar power. Exploration of the shift from Web 2 to Web 3 and the role of AI in education. Personal insights on Bitcoin mining setup using solar power and grid electricity. Evolution of altcoins and women's involvement in Bitcoin mining and investing. Tips on starting Bitcoin mining and avoiding scams.
35:21
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Quick takeaways
- Bitcoin mining in South Africa faces challenges due to high electricity costs, some miners use solar power.
- Hash rate dictates how quickly miners can validate transactions, while solar power offers a sustainable mining solution.
Deep dives
Bitcoin Mining and Electricity Costs in South Africa
Bitcoin mining in South Africa faces challenges due to high electricity costs. Some miners rely on alternative power sources like solar energy. Entrepreneurs like Desiree Thomas have ventured into Bitcoin mining amidst market fluctuations, opting for mining rigs that consume electricity to validate transactions on the blockchain.
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