Crypto Tricks don’t Work Anymore – Regulators DominatingDecember 27, 2018
The sustained crash in cryptocurrency value has forced several businesses to make the required adjustments in their business processes — the chief of all being laying off staff.
To build a long-term sustainable and scalable business, it becomes essential to focus on stuff that is core to the actual business process. Cryptocurrency companies are laying off staff from their ancillary business process.
Business adjustments are happening by laying off the entire headcount or partial headcounts in some departments. Of note, about 23 staff were laid off from the Israel operations of Bitmain when it was shut down.
Those considering a lucrative business in cryptocurrency might not check in to Bitcoin mining. People still make money; however, it is not found to be something as profitable as it used to be.
Competition is getting high for mining. Therefore, mining has become a not-so-profitable hobby anymore. Regulation is pushing several companies towards a shutdown or downsizing.
Regulators are stepping into the crypto industry, and crypto tricks do not work anymore. While layoffs are happening at one end of the gate, hiring top talent is happening on the other end. Changes are happening in significant ways.
Bitmain will be shedding more numbers out of its 3100 people. The firm reported only 1000 members in their IPO prospectus. This means they have more numbers of employees than what they stated in their IPO prospectus in September.
Those who are willing to survive in the cryptocurrency industry are having to do enough to adapt themselves to the changing ways and trending norms.
While Bitmain is shutting down and laying off in their branch offices, they continue to advance their technology using efficient hardware. This, in turn, will save miners a lot of energy and the mining process can become faster.
While the profits are not as lucrative as the beginning years of mining, there is still some passive income in this area if one knows what and where to look at. One should avoid the scam-filled miner platforms. With efficient hardware coming to the market, things should get quick and better.
Those who are looking to get out of the mining industry are entirely putting their mined Bitcoins on loan sites like YouHodler as collateral. Repayment is called for like in any regular loan company.
If you’re looking to supplement your Bitcoin mining income to get out of the game entirely, there are other ways to make your money to work for you in the crypto space.
Making money in the crypto industry is not restricted to just mining. Investing and adapting to regulation is essential to maximize the earning potential in this industry.