Does Anyone Really Have a Better Crypto Mining Mousetrap?

By Tim Mandell and Crystal J. Milburn

“Build a better mousetrap, and the world will beat a path to your door.” - Ralph Waldo Emerson, American essayist, and philosopher 

In other words, have a better idea if you want to invent the next great thing. True, some miners are smarter at mining but is there really such a thing as having a better mousetrap? We understand and embrace that the cryptocurrency industry is just but an infant in comparison to others so, of course, there will be innovative technologies and new ways to do things. The real question is, are any of them truly better, and/or are they ready for prime time? 

Not unlike the computer industry, the chips are getting smaller, faster, and consume less energy. ASIC miners are  ever-evolving and becoming more efficient. Where being smarter than the average bear comes to show itself is usually centered around the following:

• Getting/Producing Cheaper/Cleaner Energy

  • Solar

  • Natural Gas - off-gassing or flaring from oil wells

  • Wind

  • Hydro

  • Methane from cow dung 

  • Methane from landfills

• Getting more hash rate out of machines (overclocking)

  • Immersion Cooling

  • Hydro Cooling Plates

• New Financial Wizardry

  • New Coins/Tokens/NFT’s

  • New Exchanges

  • New Funds

  • New Platforms

  • And so on, the sky’s the limit in this category

Quite honestly, the line “Have you thought of this [insert great idea]?” (which was my old line) is becoming a bit tiresome. This is further exacerbated by the fact that we are an industry that has a stigma of using shady tactics and some of those schemes exchanged nothing for people’s hard-earned money. It’s unfortunate and a battle the good guys fight daily. 

We certainly believe that some ideas/technologies have merit and we do spend time exploring them, but there is something to be said for keeping it simple. Plus, we’ve been mining crypto long enough that we know what to ask to get to the “no” quicker. Tough questions like how much and will people pay for it? Sexy sells but is it worth it in the end? 

It’s also easy to get into the education (mouse)trap; exploring, researching and being ‘active’ in the crypto market. For example, sharing your two cents (or 0.0000009 in Bitcoin (CRYPTO:BTC)) on the Bitcoin Garden Forum or searching Reddit for the latest in hashing. These activities make us feel better because at least we are doing something, right? But, if you’re not mining yet, can you be honest with yourself when you look in the mirror? Lest we not forget the opportunity cost of doing nothing even when you think you’re building a better mousetrap.

Our goals and messaging have been consistent; how to get you mining and keep you mining at a price point where everyone feels like they are getting a fair shake. In the meantime, we’ll continue to explore and vet all opportunities that make sense with your customer experience always being our pass/fail test.