What Is The Future of Bitcoin Mining?

By on May 4, 2014

I recently watched an excellent panel discussion on Bitcoin Mining that I’d like to share with you. This was filmed a little over 1 month ago at the CoinSummit conference.

The video provides tremendous insight into the current state of Bitcoin mining and trends that we will see emerge in the not-so-distant future.

Leading the panel discussion on ‘What’s next for Bitcoin mining?‘ is Tuur Demeester of Macrotrends.

Panelists

  • Jez San, Bitcoin mining investor
  • Naveed Sherwani of HighBitcoin is an expert on chip design and server architecture
  • Emmanuel Abiodun, founder of CloudHashing.com

What’s next for bitcoin mining? CoinSummit 2014

coinsummitHighlights

  • Over 90% of Bitcoin mining companies were started in 2014
  • We are in the 1st Generation of ASIC mining
  • Mining is moving more towards cloud infrastructure and remote hosting where energy is cheap
  • The next generation of mining hardware needs to have upgradable components
  • ROI on mining hardware will be extended to a more reasonable period of 9 months – 12 months
  • The quest for lowest power units and lowest cost per GH/s has just begun
  • May be up to 20 years before the last Bitcoin is mined because difficulty is self-regulating
  • USB miners and low cost ASIC units are not profitable for average home users

Thanks to Devu of BixBite for the link to the video.

About Mark Fulton

Mark is a web developer and online marketer by day and Bitcoin miner 24/7. As a lifelong entrepreneur and early adopter, Mark naturally gravitated towards Bitcoin and other crypto-currencies and sees a bright future ahead for the industry.

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