You will hear news about mining and how profitable it is, or nations are banning or embracing mining, but don't be deceived and try to use your brain to discover what is good for you and what is not suitable for you and your pocket.
Over in Iran, a company executive got fired or resigned after authorities discovered that mining rigs inside the trading company. It is illegal to mine cryptocurrencies without the proper paperwork or license inside Iran. So much so that you can be fired from your work if you get caught with mining equipment. I am sure that regular citizens can't mine cryptos without the risk of confiscating their equipment from the government.
A government that wants to confiscate mining equipment can do it by monitoring the power consumption of the targeted citizen. If my electric consumption was on a level last month, but this month it doubled, it could only mean I am plugging more things into the outlet. Since mining rigs require a lot of juice, the utility company can detect spikes in usage and send their goons to your door, which could happen in any country.
The government of Iran won't accept that the solution to the mining problem could be to invest more in infrastructure and green sources of electricity. They would instead get busy seizing citizens' equipment than fix theirs in fracture and the US. The infrastructure is ancient. If the dollar loses value, people will try to mine cryptos if they hold value by that time. You can bet that the US government will instead ban mining than fix the aging electrical infrastructures.
In the case of El Salvador, the government is investing $480 million to build geoelectrical plans and to buy mining equipment. Still, the country also has about 10% of the population without access to electricity, coming from rural areas of the country. It is an investment in the long run, but the citizens there ask the government not to forget about the population. The government can't please everyone simultaneously, and protests are already being organized in that country. Some are even claiming that Washington is financing those protests to make the government look bad. The government of the US doesn't like that El Salvador has adopted Bitcoin, a direct competitor to the US dollar.
And you will hear that two kids have started their cryptocurrency mining firm. They haven't started from zero; they had to get a loan to get into mining. It is good to see the young interested in the mining industry, but the news doesn't tell you about the cost of getting into the game, and mining isn't for everyone. That family got a loan, so you know, is not poor people. It is rich people betting on mining.
Mining cryptocurrencies is a dead industry if you don't have large enough pockets because you will need a lot of money to buy equipment and burn juice that may or may not be profitable in a couple of years. Investing in mining is speculation with extra steps. If it were up to me, I would buy the asset I wish to mine instead of buying mining equipment. That's only my opinion and also because I don't have $480 million to turn on electricity or mining equipment or a wealthy father to give me a loan nor a sugar mama that could provide me with money either.
Now the rich getting interested in mining is a good thing overall because it means the whole space is getting mature enough that the rich want to invest in it.
Tehran Stock Exchange Head Resigns Over Mining Rigs Found at Organization's Office
Salvadoran President Shares Video of Volcano-Powered Bitcoin Mining Facility
14- and 9-Year-Old Brother and Sister Duo Rake in $30K a Month Mining Crypto With Renewable Energy
