Cryptocurrency Mining

Cryptocurrency Mining

Anyone who doubts that the cryptocurrency market has real significance, need look no further than local crypto operation Bitmart. Founded late in 2014, the company has grown explosively over the past four years, adding innovative new services and offerings for its customers as it goes, placing it at the top of the pile of the local cryptocurrency market.

In addition to the three dedicated crypto mining facilities it currently operates, Bitmart also provides mining parts and fully built up machines to SA cryptopreneurs. The company can literally provide any crypto mining kit you could possibly need, ranging from small GPU-based rigs which double as work/gaming machines to huge, enterprise-grade racks packed chock-full of cards. It is also the official supplier for various ASICs (Bitmain, Canaan Avalon, Asinity Gen) as well as hardware wallet vendors (Ledger, Keepkey, Trezor).

The Shepherd service strives to ensure that even customers who are looking into the risky proposition of acquiring second-hand mining equipment can do so assured that it is working as it should.

How it started

Jacques Serfontein, CEO of this burgeoning corporation, picks up the story; “We were one of the early adopters in South Africa. In 2014, in the course of running a successful Web Development business, we started picking up these huge spikes in the search results for Bitcoin. So we set up our first farm using Antminer S4 and S5s, and very shortly thereafter we were upgrading to S7s. But once we launched our website , things really started heating up and we actually started servicing a flood of interested international customers before other South Africans caught on to the wave. It went really well, some of our customers saw ROI in a month and a half!”

“That was when things really exploded!” continues Serfontein. “So we went into retail, opened up our shop here in Nelspruit, and were forging partnerships left and right with suppliers of leading mining hardware and software. Our latest addition to our product portfolio is our Forex trading fund built on crypto assets, and our trade signals services which provides crypto traders with daily signals to help them make profits in this volatile space. We have a full-time technical analyst who makes absolutely certain about the fundamentals of every trade to ensure we are providing our clients with the best possible information.”

Not even the founders of Bitmart could have anticipated the levels of interest in cryptocurrency over the past few years. “It’s insane, when you have an online shop and you don’t have to advertise, don’t have to market your offerings at all. My sales people just sit and field calls, taking orders. There’s no cold calling, no hunting around for customers. Compared to other investments, well let’s just say I’ve had customers come in here with properties that they are renting out, who have ejected their tenants and replaced them with mining farms!” he explains.

How it works

In addition to being able to configure your own mining rig to precisely the specs you require on the fully-featured web site, smaller customers can purchase affordable Moonlander USB miners which will plug in to any system with a spare USB slot and deliver 5 MH/s hashing power straight away. It may be a relatively small number considering that current GPUs hash at around 30, but you can purchase 5 of these sticks for the same price as a GPU and run them on any machine without any further hardware investment needed.
As for concerns regarding regulation, Bitmart like many other crypto operations across the globe welcome the introduction of guidelines and clear taxation rules on their industry.

“Regulation is a very good thing. First off, it forges the alliance between government and the crypto industry, which gives it more life in the market. As soon as SARS recognises the crypto market, it can start to be incorporated into the economy as a whole. Our trade signals service delivered profits of 270% and then 320% over just the past two months! There’s no other way of turning that kind of profit in any other market that I know of today.”

Whether the crypto industry continues to boom or bust, there’s little doubt that it has dredged the scenic town of Mbombela, capital of Mpumalanga, from being one almost forgotten in the annals of gold mining history, into a leading force in the new era of digital mining operations.

Bitmart tips for beginners

Power cost is the governing factor, so first determine what you will be paying for power. Anything more than R1.50 /kWh will start to erode your profits.
Diversify. If you can afford it, purchase more than one machine and specialise each on different coins, that way you cover your bases – if one of the coins you are mining collapses in value, it’s likely that one of the others will have risen. And in this market, value increases can be sudden and stratospheric.
Internet stability is also essential. Your connection doesn’t have to be the fastest, or the fattest pipe, but any downtime is lost profit.

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