For over a decade, Bitcoin has been breaking boundaries and taking over markets all across the world. It is estimated that the value of the ‘OG’ cryptocurrency will grow more than 10x by the year 2030, hitting an estimated value of over $800,000 and it’s well on its way to achieving that prediction.
Bitcoin and crypto adoption is exploding all around the world. It’s not your normal ‘nerd hobby’ anymore. Institutional investors now see bitcoin as an essential asset for their portfolio which provides more potential return than typical fiat currency. Various data centers also focus on bitcoin with deep learning and high-performance computing systems as they too see the value that cryptocurrency provides.
Sourcing or creating Bitcoin and other cryptocurrencies is done through a method called mining. In its essence, Bitcoin mining is a process through which new Bitcoins are created and circulated in the market. Its major goal is to create a coin supply and support blockchain transactions. Mining is a complex and extremely costly process. It utilizes advanced software, algorithms, and multiplex of computational mathematical problems. This is incredibly difficult and for a long time, it was completed by less than trustworthy sources. Now, with institutional investors involved, legitimate companies are stepping in to try and take on the mining challenges. Their primary reasons for bitcoin mining are to make the crypto transactions legitimate, expand the cryptocurrency benefits, provide transparency and promote the use of decentralized blockchains.
Some of the exceptionally best Bitcoin mining companies are –
- HIVE Blockchain Technologies Ltd.
- Bitfarms Ltd.
- Canaan Inc.
- Hut 8 Mining Corp.
- Riot Blockchain Inc. (RIOT)
- Marathon Digital Holdings Inc. (MARA)
What makes these companies so great at what they do? Like all great businesses, these companies are headed by teams of industry-leading professionals that have dedicated their careers to improving the computing power and financial leverage that Bitcoin and other cryptocurrencies provide today.
Although we’ve seen a recent boom in Bitcoin adoption, cryptocurrency is still in its infancy. Many countries are still struggling to recognize its existence and potential, let alone make it a legal form of exchange. We still have a long way to go in the adoption of Bitcoin, but thanks to some of the pioneers listed above, we’re that much closer to global adoption.