Bitcoin Miners Face A Dilemma For Success – Bitcoin Magazine


This is an opinion editorial by Bob Burnett, the founder and CEO of Barefoot Mining.

It would be fair to say that I entered the world of bitcoin mining through the backdoor. Prior to 2017, I’d had limited exposure to Bitcoin. That changed when I was approached by an acquaintance who needed access to a large volume of Ethereum mining equipment. Since I’d spent the majority of my 30-year career in the personal computer industry, he was hoping I’d be able to leverage my network to get access to the scarce GPUs needed and to design an enterprise-class server to house them. My team and I were able to do this, which was the catalyst for the creation of Barefoot Mining, the company I now run. (Note to all Bitcoiners: We soon shifted our focus to Bitcoin-only and became the U.S. distributor for Bitfury.)

In 2017, “crypto” was hot. Therefore, finding investors to put capital into mining ventures was not very difficult and competition for energy sources to support the mining sites of the time was relatively low. So, access to mining equipment was the key enabler to enter the market. For Barefoot Mining, we had solved this difficult portion of the equation and because capital and energy were fairly easy to find, we were able to evolve to also running hosting and mining centers.

Source link Bitcoin Magazine


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