ViaBTC | “Burger In, Bitcoin Out” Campaign Successfully Concluded
To learn more about the current concerns among miners and to enhance the bond between ViaBTC and the miner community, ViaBTC hosted the “Burger In, Bitcoin Out” campaign on Twitter from April 21 to April 24. During the campaign, miners could win USDT to enjoy their burgers free by commenting on what concerns them the most about mining and by attaching a burger picture. 6 people with the best replies were selected. Each of them wins 50 USDT.
The campaign attracted many miners and crypto enthusiasts. Apart from the delicious burger pictures, we also collected 6 great comments that reflect the typical concerns among miners. These 6 lucky miners will get 50 USDT each as well as the official replies from ViaBTC.
Below are the winner Twitter handles for the ViaBTC “Burger In, Bitcoin Out” Vol. 1 campaign. Congratulations to all the winners.
6 Best Comments and ViaBTC’s Official Replies
- @criptofrog: The only thing that worries me is that Bitcoin mining will end up being something that only the rich can access. The average person can’t afford an ASIC. In the end, mining is centralized in a single social group.
ViaBTC reply: As the BTC consensus continues to increase, a growing number of users have started to mine cryptos. The increased mining difficulty means that miners must upgrade their mining equipment. From mining BTC with ordinary PCs in the early days to GPU miners to FPGA miners to today’s ASIC miners, the bar of mining has risen gradually.
Overall, there is always a balance between the cost of mining rigs and mining revenue, which is also subject to the BTC price. For example, when the BTC price plummets and the daily mining profit remains low, most mining rig manufacturers will sell their products at low prices. On the other hand, when the BTC price soars in favorable market conditions, mining rigs in stock will fall short of demand, and miners will have to buy mining rigs at a premium.
2. @TorbenP33476231: Miner prices. Running costs. The old gear still costs a lot (which makes mining less available for newcomers). What makes things worse is the uncertainty of when the transition to POS could be completed since the purchase of a mining rig is a big investment and miners all hope to break even in the long run.
ViaBTC reply: The mining cost (including the mining rig and operational expenses) is a critical consideration for all miners before mining. For ETH miners, the upgrade to ETH 2.0 is a major concern. In particular, Ethereum will shift from PoW to PoS during the upgrade. However, at the current stage, no one knows when the transition will be completed. Veteran ETH miners have already earned their payback; miners who plan to start mining ETH recently, on the other hand, should assess the payback period of existing mining rigs according to the estimated date of the merge released by Ethereum. If the cost can only be recovered long after the estimated date of the merge, it’s advised that you look into other cryptos.
3. @Xrp6564 — I’m very concerned about ETH and ETH 2.0 for mining. Can I withdraw cryptocurrencies other than ETH and BTC? Do they have value?
ViaBTC reply: BTC and ETH are undoubtedly the most long-standing cryptos in the market. However, as the crypto market starts to move towards the center of global finance, emerging categories such as De-Fi, Web 3, and NFT continue to flourish thanks to funding from conventional investors. Over the past year, Bitcoin and Ethereum hit new price records, and the total market cap of cryptocurrency peaked at nearly $3 trillion. At the same time, new public chains like Terra, Avalanche, and SOL, as well as NFT avatars such as CryptoPunks and BAYC, also thrived in their respective fields. Except for CryptoPunks, all these projects have issued their own tokens, and crypto enthusiasts who joined such projects in their early stages have made huge profits. These early adopters have identified many promising categories (*not financial advice).
4. @carre1btc — What I’m worried about is storing Bitcoin on the computer. If the computer is hacked, I’ll suffer losses because the stored bitcoins can be stolen.
ViaBTC reply: Hacking is quite usual in the crypto space. This April, the algorithmic stablecoin project Beanstalk DAO was hacked, resulting in the loss of $182 million. Axie Infinity, a project that went viral last year, suffered an attack that incurred a huge loss of $625 million, and even famous individual holders like Jay Chou also fell victim to a hack.
Faced with aggressive attacks, crypto institutions must enhance their security and auditing measures. Individual users like us should remember the following:
- Do not click on strange web links;
- Be careful with signature authorizations;
- Keep wallets that store a lot of assets offline.
5. @ali97288467 — The most worrying thing about mining is that all cryptocurrencies are affected by Bitcoin. The dominance of Bitcoin over other currencies must be eliminated.
ViaBTC reply: As the first cryptocurrency ever created, Bitcoin is one of the most successful blockchain applications and also an epoch-making milestone, which put itself in an almost unassailable position. Moreover, Bitcoin is often a bellwether of the crypto market.
However, the daily trading volume of some trending cryptos sometimes exceeds that of BTC, and Ethereum is also catching up in terms of market cap — it is worth more than 50% of Bitcoin. At the beginning of 2021, the total market cap of Bitcoin accounted for 71% of the entire crypto market, but now the figure only stands at less than 41%. Though it is difficult for any other crypto to become more influential than Bitcoin, its dominance has declined due to the rise of other cryptocurrencies.
6. @rudialfian777 — A miner must be competent and have the right tools.
The more miners join the network, the harder it will be to mine.
The more sophisticated the hardware used, the more likely it is to win.
However, the cost will climb as a result.
ViaBTC reply: It is true that mining has become increasingly difficult as the network hashrate rises. To earn more block rewards, miners must adopt mining rigs with a higher hashrate, which drives the mining cost up. Of course, the actual mining profit also depends on the electricity expense and the latest crypto price. You can always go to ViaBTC’s website and calculate the specific figures using our Profit Calculator under Tool.
How to Claim the Rewards
The $USDT reward will be distributed into your ViaBTC registered account directly. If you don’t have an account, register here: https://www.viabtc.net/signup. All rewards should be sent out within 14 business days after your ViaBTC registered email is collected. Please DM us on Twitter @ViaBTC to submit your information.
Disclaimer: ViaBTC reserves the right to disqualify any fraudulent, suspicious, bot flooding, front-running, unregistered entrants, select and define winner criteria at its own discretion without prior notice.
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