What is cryptocurrency and why do people invest in it?
Cryptocurrencies are simply virtual currencies that exist online. Just like real-world (fiat) currencies, they can be used to buy things, trade and can be cashed out to SGD, USD etc. Cryptocurrencies are not issued by any central authority, that being said, it limits authorities from interference or manipulation.
The main reason why millions worldwide believe in it is due to its social and technical innovation and application. They believe this new model can revolutionize how people share value and do business transactions online.
Similar to stocks, cryptocurrencies prices can fluctuate greatly due to external factors like trending news or political climate changes. Since they are still new, prices are highly volatile. Some adhere to that as a normal market correction for new assets, and believe in ‘HODL’ – holding the crypto for long term to reap the most benefits.
If you believe decentralised currencies are the future, the best time to invest is now! It’s a fuss-free, rewarding way to gain substantial ROI for the long term. As the industry is relatively new and we all know, in investing, the early bird catches the worm!
What is cryptocurrency mining and mining rig?
Mining is the term used to describe the process of extracting cryptocurrency from a blockchain network by solving complex mathematical problems. An amount of coins is awarded to the first person/pool of people that completes the task of solving the complex algorithm. Rest assured that the GPUs of the mining rig are capable of solving the complexities by itself.
A setup with suitable and optimized hardware and software is needed to complete this process. This setup is called a rig which is basically similar to that of a computer CPU, however having multiple GPUs and fans for efficiency and effectiveness for mining. Due to the complexities of the calculations, a powerful setup is needed.
So, you want to earn big. How can mining help you?
- Advantage of mining over buying coins
The primary benefit of mining is that you are more protected against the volatility of cryptocurrency prices. Regardless of how much the market fluctuates, you’ll still be getting coins. In fact, the more people quit mining due to fear, the lower the difficulty! Think of it like rental property. You own the assets which generates coins for you.
- Singapore is a conducive place for mining and trading cryptocurrency
Crypto mining and trading is perfectly legal here. It has been reported that Deputy Prime Minister Tharman Shanmugaratnam said, “There is as yet no strong case to ban trading of the digital coins in the city-state.” In fact, due to this, Singapore is seen as a positive environment for the cryptocurrency industry. Especially when other countries have banned it, traders and miners flock here, making it a crypto hub in the region.
Electricity cost is higher in Singapore compared to many countries, which may be perceived as disadvantageous for mining, however lest we forget that Singapore offers excellence in terms of security, support and most importantly stability. This assures us an exclusive uptime for our internet connectivity and uptime for our mining rigs which may not be the fortunate case for others in other countries. That being said, our rigs are less likely/no possibility to be stolen from a secure data centre, giving miners a priceless peace of mind.
- Zero experience with hardware and tech needed!
What if you’ve got no knowledge with hardware and tech? We got your back homie! We optimize our rigs to be plug-and-play without prior tech knowledge! All the hardware and tech work can be taken care of by our specialized rig engineers. We also have an enthusiastic online community which you can join for support, technical questions and friendly discussions about all things crypto-related. That’s not all! You can call or text us anytime to solve your tech queries.
How to start mining?
Two simple steps! Buy your rig, get it plugged into a power outlet and watch the crypto come in! Leave all the technical and logistical things like setting up, maintenance and technical stuff to us. Take note! Before you start, it’s best to learn more. We’re more than happy to share more for free with no obligation. Join our recurring, educational MasterClasses by filling in the form below.
Our free MasterClasses where we share all you want to know about mining and show you our farm showroom!