{"id":189181,"date":"2021-10-05T19:00:12","date_gmt":"2021-10-05T13:30:12","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=189181"},"modified":"2021-10-05T16:49:23","modified_gmt":"2021-10-05T11:19:23","slug":"quicker-than-it-services-but-bitcoin-minings-growth-could-have-these-implications","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/quicker-than-it-services-but-bitcoin-minings-growth-could-have-these-implications\/","title":{"rendered":"Quicker than IT services, but Bitcoin mining&#8217;s growth could have these implications"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A couple of years ago, the idea of a new volcanic geothermal <a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\">Bitcoin<\/a> mining facility would make a good science fiction plot. As this dream becomes reality after the announcement by El Salvador, the world&#8217;s first country to legalize Bitcoin as legal tender, one can only imagine its growth trajectory.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin mining has been a sensitive subject in the crypto-verse owing to the environmental concerns surrounding the process. Just last month, <\/span><a href=\"https:\/\/www.bbc.com\/news\/technology-58572385\"><span style=\"font-weight: 400;\">reports <\/span><\/a><span style=\"font-weight: 400;\">highlighted how BTC miners were producing 30,700 tonnes of e-waste each year &#8211; Equivalent to 272g per transaction. On the contrary, an iPhone 13 weighs 173g.\u00a0<\/span><\/p>\n<h4><b>Mining growth to boom by 2027<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">This, however, has not deterred miners and mining pools. Notably, the global cryptocurrency mining machines market was valued at over $11 billion in 2019. It is projected to go close to $22 billion by 2027. This represents a CAGR growth of 11.56% from 2020 to 2027. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In comparison, it is worth noting that the largest IT services market is in North America which has a CAGR of 10.36%. This suggests that BTC mining is expected to grow at a much faster rate when compared to IT services. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the global cryptocurrency mining hardware market is expected to grow by over $2.80 billion between 2020-2024.\u00a0<\/span><\/p>\n<figure id=\"attachment_189182\" aria-describedby=\"caption-attachment-189182\" style=\"width: 812px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/10\/Cryptocurrency-Mining-Hardware-market-research-2024.png\"><img decoding=\"async\" class=\"wp-image-189182 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/10\/Cryptocurrency-Mining-Hardware-market-research-2024.png\" alt=\"\" width=\"812\" height=\"437\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/10\/Cryptocurrency-Mining-Hardware-market-research-2024.png 812w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/10\/Cryptocurrency-Mining-Hardware-market-research-2024-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/10\/Cryptocurrency-Mining-Hardware-market-research-2024-768x413.png 768w\" sizes=\"(max-width: 812px) 100vw, 812px\" \/><\/a><figcaption id=\"caption-attachment-189182\" class=\"wp-caption-text\"><a href=\"https:\/\/analysis.technavio.com\/cryptocurrency-mining-hardware-market-statistics-research#:~:text=The%20global%20cryptocurrency%20mining%20hardware,profitability%20of%20cryptocurrency%20mining%20ventures.\">Source: Technavio<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, with Bitcoin mining getting harder and less profitable, a lot of enthusiasts have set their sights on cloud mining &#8211; A relatively new phenomenon. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, over the last couple of years, cloud mining has emerged as a way to make steady passive income from the crypto-space.\u00a0<\/span><\/p>\n<h4><b>Cloud mining as passive income<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Much like other investments options, cryptocurrencies too offer investors a chance to earn passive income by staking, airdrops, and cloud mining, among others. Notably, general interest in cloud mining has grown over the last few years. Especially since the market saw more volatility and participants felt the need to park funds in more streamlined forms of income.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cloud mining gained mainstream traction as they are seen as being more cost-effective and provide an easier entry into the BTC mining sphere. Cloud mining companies perform maintenance and cutting entry costs for new members while using smart algorithms to choose more profitable strategies. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, it offers environmental benefits and sustainability by optimizing mining hardware and taking advantage of the local climate. Some of the top market players in the space include BitMain Technologies Ltd, Shamining, and MinerGate.\u00a0<\/span><\/p>\n<h4><b>An effective scam method too?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Since the space is still maturing, Cloud Mining scams have been the most effective way to steal new users\u2019 Bitcoin. There are a huge number of BTC cloud mining sites (most of which are scams) that lure new users into the space.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, the FTC\u2019s Consumer Sentinel report found that scammers have been cashing in on the buzz around cryptocurrencies and luring people into investment opportunities in record numbers. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">From October 2020 to March 2021, these cases skyrocketed, with nearly 7,000 people reporting losses of more than $80 million in such scams.<\/span><\/p>\n<figure id=\"attachment_189184\" aria-describedby=\"caption-attachment-189184\" style=\"width: 561px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/10\/cryptocurrency-may-2021.png\"><img decoding=\"async\" class=\"wp-image-189184 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/10\/cryptocurrency-may-2021.png\" alt=\"\" width=\"561\" height=\"624\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/10\/cryptocurrency-may-2021.png 561w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/10\/cryptocurrency-may-2021-270x300.png 270w\" sizes=\"(max-width: 561px) 100vw, 561px\" \/><\/a><figcaption id=\"caption-attachment-189184\" class=\"wp-caption-text\">Source: Federal Trade commission<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Thus, while the Cloud Mining space offers interesting and high returns, pinpointing the one that suits one\u2019s needs and offers a secure entry is of utmost importance. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nonetheless, the fast-paced growth of the sector does highlight the growth potential of the industry.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A couple of years ago, the idea of a new volcanic geothermal Bitcoin mining facility would make a good science fiction plot. As this dream becomes reality after the announcement by El Salvador, the world&#8217;s first country to legalize Bitcoin as legal tender, one can only imagine its growth trajectory.\u00a0 Bitcoin mining has been a<a href=\"https:\/\/ambcrypto.com\/quicker-than-it-services-but-bitcoin-minings-growth-could-have-these-implications\/\">Continue reading <span class=\"sr-only\">&#8220;Quicker than IT services, but Bitcoin mining&#8217;s growth could have these implications&#8221;<\/span><\/a><\/p>\n","protected":false},"author":42,"featured_media":189183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-189181","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Quicker than IT services, but Bitcoin mining&#039;s growth could have these implications - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bitcoin mining has been a sensitive subject in the crypto-verse owing to the environmental concerns surrounding the process...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/quicker-than-it-services-but-bitcoin-minings-growth-could-have-these-implications\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Quicker than IT services, but Bitcoin mining&#039;s growth could have these implications - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"A couple of years ago, the idea of a new volcanic geothermal Bitcoin mining facility would make a good science fiction plot. As this dream becomes reality\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/quicker-than-it-services-but-bitcoin-minings-growth-could-have-these-implications\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-05T13:30:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/10\/cryptocurrency-g75d66452b_1280.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"799\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Varuni Trivedi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/varuni_trivedi\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Varuni Trivedi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/quicker-than-it-services-but-bitcoin-minings-growth-could-have-these-implications\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/quicker-than-it-services-but-bitcoin-minings-growth-could-have-these-implications\\\/\"},\"author\":{\"name\":\"Varuni Trivedi\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/486396e8ec102486f5426f2c8db770f1\"},\"headline\":\"Quicker than IT services, but Bitcoin mining&#8217;s growth could have these implications\",\"datePublished\":\"2021-10-05T13:30:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/quicker-than-it-services-but-bitcoin-minings-growth-could-have-these-implications\\\/\"},\"wordCount\":556,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/quicker-than-it-services-but-bitcoin-minings-growth-could-have-these-implications\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/cryptocurrency-g75d66452b_1280.png\",\"articleSection\":[\"Bitcoin\",\"BTC Trading View\",\"News\",\"News 1\",\"Social\",\"Trading View\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/ambcrypto.com\\\/quicker-than-it-services-but-bitcoin-minings-growth-could-have-these-implications\\\/#respond\"]}],\"copyrightYear\":\"2021\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/quicker-than-it-services-but-bitcoin-minings-growth-could-have-these-implications\\\/\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/quicker-than-it-services-but-bitcoin-minings-growth-could-have-these-implications\\\/\",\"name\":\"Quicker than IT services, but Bitcoin mining's growth could have these implications - 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