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August 23, 2018

MyBroadband sums up Coindirect’s views on Cryptocurrency

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MyBroadband hosted Coindirect’s co-founder and Chief Product Officer, Stephen Young, in its exclusive forum. Here, members of the forum could ask anything and everything related to cryptocurrency, cryptocurrency exchanges, blockchain technology and investments. Stephen Young – “a financial veteran who has built products in the financial market for 20 years and recently moved into the cryptocurrency market” – answered a total of 58 questions.

What are your thoughts on cryptocurrency mining; both in being a miner or joining a mining company please?

Mining has become big business and there are significant advantages to economies of scale. This is one of the reasons we are seeing so much miner centralisation. If you want to take mining seriously you would need some serious network administration and data centre management skills. You also need access to very cheap electricity as the cost of power is the biggest expense for miners.

Read the summary of the MyBroadband forum interview on MyBroadband news.