Crypto Mining Tips

The MPWR Crypto Mining Summit 2019 conference is approaching quickly, and with only a few weeks to go, we thought it would be great to get some pre-summit interview questions out so you can get a preview of our selection of expert speakers. For this blog post, we sent out three simple questions to our speakers and are posting their answers below! Check back again soon for updates.

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Amber D. Scott

Founder & Chief AML Ninja

Outlier Solutions

TWITTER @OutlierCanada

LINKEDIN https://www.linkedin.com/in/amberdscott/

WEB https://www.outliercanada.com/

Who are your go-to sources for blockchain/crypto news and why?

@aantonop because I've learned as much from him about being an ethical person as I have about bitcoin (and that's saying something).

@peterktodd because he's brilliant and funny.

@starkness, @JackMallers & @Excellion because they're always working on building really great stuff.

What are your predictions for bitcoin/crypto mining this year?

A crisis will be declared at least once. It won't be a real crisis. Bitcoin won't really be dead.

What advice would you give novice crypto mining enthusiasts?

Never stop learning.

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Wes Fulford

CEO

Bitfarms Technologies

TWITTER @Bitfarms_io @WesFulford @SoniaTercas

INSTAGRAM @bitfarms

FACEBOOK https://www.facebook.com/bitfarms/

WEB https://www.bitfarms.io/

Who are your go-to sources for blockchain/crypto news and why?

There are several great sources of information for crypto and blockchain. Some websites I frequently use are: blockchain.combitcoinwisdom.comcoinwarz.com 

For news: coindesk.comcryptoslate.comcointelegraph.com

Social media is a great source for breaking news, especially Twitter.

I also receive information through email newsletters, an example being diar.co

What are your predictions for bitcoin/crypto mining this year?

I believe that bitcoin prices will be up to close the year at ~ US$ 6000. In terms of mining I believe that the network hash rates for bitcoin will stay stable with a slow and steady increase in difficulty. The crypto mining market has transitioned in the last year from individual miners to larger industrial sized players like Bitfarms. I think this trend will continue in 2019 and beyond.

What advice would you give novice crypto mining enthusiasts?

I think crypto mining novices can take advantage of free tools like the CoinWarz mining profitability calculators to make hardware buying decisions and also when deciding what crypto they should mine.

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Alex Hillman

CEO and Co-Founder

CryptoKings

FACEBOOK https://business.facebook.com/SirCryptoKing/

YOUTUBE https://www.youtube.com/user/MotorcyclesVancouver/

TWITTER @SpillyGuy

INSTAGRAM @good_guy_biker

TWITCH https://www.twitch.tv/goodgamesguys

STEEMIT https://steemit.com/@thelancloset

WEB http://www.thelancloset.com/

Who are your go-to sources for blockchain/crypto news and why?

Self study and fielding wide opinions for best macro approaches

What are your predictions for bitcoin/crypto mining this year?

Largest impact will be large institutional money and STO offerings hitting the Ethereum token network

What advice would you give novice crypto mining enthusiasts?

Security is number 1

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Dina Matterson

Business Development Manager

BC Hydro

LINKEDIN https://ca.linkedin.com/in/dina-matterson-79002514/

Who are your go-to sources for blockchain/crypto news and why?

Google alerts for "blockchain" and "bitcoin"

What are your predictions for bitcoin/crypto mining this year?

According to the people I'm working with in the space, the price will rebound to late 2017 levels this year.

What advice would you give novice crypto mining enthusiasts?

Working for BC Hydro, if you're looking for a location, talk to us early so we can help you site your operations. Where you locate impacts your costs.

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Christopher Bendiksen

Head of Research

CoinShares

TWITTER @C_Bendiksen @Coinsharesco

MEDIUM @cbendiksen

WEB https://coinshares.co.uk/

Who are your go-to sources for blockchain/crypto news and why?

Twitter and Medium, because I have found no high-quality conventional sources

What are your predictions for bitcoin/crypto mining this year?

I think 2019 will be a year of tough competition as the race to the lowest global electricity prices and overall opex continues. If Bitcoin prices remain tepid, more high-cost miners will go under, especially if we see a resurgence in hashrate with the rainy season in South West China. Those who bought end-of-the-cycle hardware at high cost during peak crypto prices will be particularly vulnerable to capex wipeout, even if they remain cashflow positive. On the other hand, well-capitalised miners are seeing incredible opportunities to acquire second hand hardware at fire-sale prices—a fantastic opportunity for those with low electricity cost, excess power capacity, and cash on hand. When the dust finally settles, the remaining industry participants will be the strongest, most professional group of miners Bitcoin has ever seen. It will be an exciting year for sure.

What advice would you give novice crypto mining enthusiasts?

If you’re playing around: Have fun. Learn a lot. Stay curious. If you’re trying to make money: Do your research. Know your competitors. Don’t be naïve.

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Ben Gagnon

CTO

LuTech

LINKEDIN https://www.linkedin.com/in/bengagnonhk

Who are your go-to sources for blockchain/crypto news and why?

My favourite sources are the BitMex blog, @maxkeiser, @saifedean, and zerohedge.com

What are your predictions for bitcoin/crypto mining this year?

I expect there to be industrial adoption of cryptocurrency mining by energy producers as a more profitable and cost effective alternative to energy storage systems or their local energy market.

What advice would you give novice crypto mining enthusiasts?

For enthusiasts/hobbyists I would focus on 1) algorithmically mining altcoins and converting those into their coin(s) of choice. 2) In Canada, replace portable space heaters with miners like the A9 as a way to cost effectively mine. For new mining facilities: take the time to make sure your setup is as efficient as possible. The most efficient miners are the ones who will be the most profitable during bull markets and the ones who will remain profitable during bear markets. 

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Antony Zegers

TWITTER @AntonyZegers

MEDIUM https://medium.com/@Mengerian/

Who are your go-to sources for blockchain/crypto news and why?

Twitter - this is where I get much of my news, it seems like where everyone puts information. It allows me to follow people who have information I want to keep track of.

coinspice.io - As far as news sites go, this is a pretty good one. The people there are dialed in and have a good understanding of the larger context and history. It also has a lot of Bitcoin Cash content, which is what I'm interested in.

What are your predictions for bitcoin/crypto mining this year?

Similar to the broader market, it will be a year of consolidation and building. It probably won't seem very exciting. Weaker players will leave the market, and most market participants will be in survival mode.

What advice would you give novice crypto mining enthusiasts?

The short-term time horizon may be difficult right now. This is the time to be strategic about long-term plans. The number one priority is surviving this bear market, The second priority is to position yourself for longer term growth, but be prepared that it may take two or three years. If you are new to Crypto mining, it is probably a good time to experiment and learn new things.

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Colin Sullivan

CEO

MintGreen Blockchain Innovation Corp

LINKEDIN https://ca.linkedin.com/in/colinsully27/

INSTAGRAM https://www.instagram.com/mintgreen.co/

Who are your go-to sources for blockchain/crypto news and why?

There aren't any news sources I feel comfortable endorsing. Being well networked is important, but reading the Satoshi whitepaper is what I recommend to all new comers. Get your info from the source whenever possible.

What are your predictions for bitcoin/crypto mining this year?

I think we'll continue to see significant innovation with 7nm and 10nm process and revitalization of the GPU mining market due to the new the Mimblewimble Coins (GRIN/BEAM). It's definitely a buyers market for equipment.

What advice would you give novice crypto mining enthusiasts?

Don't calculate ROI base on spot price, create a target price and consider where we are in a market cycle to decide whether that price is higher or lower.

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Spencer Daemore

CTO

CryptoKings

YOUTUBE https://www.youtube.com/channel/UC6QW9RSOSMqd0QOPBEL9x7g

FACEBOOK https://www.facebook.com/spence.d.3

Who are your go-to sources for blockchain/crypto news and why?

I always try to corroborate information from multiple sources:

bitcointalk.org - Good first source, easy way to find new coins

Developer Twitter accounts - Get info directly

coindesk.com - Good for general blockchain/crypto news

cointelegraph.com - Same as coindesk

Discord - Lots of great communities around, FPGA Mining discord is a great resource.

What are your predictions for bitcoin/crypto mining this year?

FPGAs will slowly but surely become the mining hardware of choice, becoming more profitable and easier to use. GPU mining will be relegated to hobbyist and pure speculation mining of emerging projects.

What advice would you give novice crypto mining enthusiasts?

Learn, learn, learn. Take everything you hear with a grain of salt. Look at who is providing information and think what is their motive. Validate information from multiple sources. Put security protocols into place before you need them!

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John Cooper

COO and Co-Founder

Abelian Enterprise Blockchain Services

Who are your go-to sources for blockchain/crypto news and why?

CoinDesk and Cointelegraph since they tend to have very insightful and concise articles regarding blockchain and crypto-market developments.

What are your predictions for bitcoin/crypto mining this year?

I'm expecting the bitcoin/crypto market to begin consolidating toward the middle or end of this year based on what I've read so far, but we'll see what happens.

What advice would you give novice crypto mining enthusiasts?

Research, Research, Research. If you're interested in crypto-mining and just getting started, learning is the best investment you can make in this space. This has become a very competitive market in recent years and even big companies are feeling the pain from the market downturn in the last year. Unless you're just looking to become a hobbyist, it's best to know as much as you can about crypto-mining before you start investing your own hard earned money.

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Ed Holloway

Managing Director and Founder

Mine Capital

TWITTER @edholloway

Who are your go-to sources for blockchain/crypto news and why?

Bitcoin.com Daily News, and Inside Bitcoin - both provide a great daily overview of activity in the Cryptocurrency & Blockchain space

Off the Chain Newsletter (paid) - great, in depth thoughts on on crypto, blockchain and tokenization of assets.  Deep analysis on financial markets.

What are your predictions for bitcoin/crypto mining this year?

I’m convinced the market will trend better, however I don’t believe it will be at the pace any of us are hoping for.

What advice would you give novice crypto mining enthusiasts?

Start slow and small - the current period is a great time to learn, but not profit

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Cameron Naghdi

VP Security

CryptoKings

Who are your go-to sources for blockchain/crypto news and why?

I use a number of sources depending on what I want to research.

What are your predictions for bitcoin/crypto mining this year?

Slow uptick over the year. I expect another decent dip too.

What advice would you give novice crypto mining enthusiasts?

Start small, hold coin and scale over time.

Peter KostapComment