Cryptocurrency seemed like just a phase to many people, but it has become part of life and is certainly growing in popularity. Although the terms used when discussing crypto can be confusing to anyone new to the industry, it’s an exciting prospect for those who see the possibilities it brings.
The way cryptocurrency is mined and powered is one of the reasons so many people support the idea of it. Blockchain, the open-source code behind Bitcoin (the most popular cryptocurrency), is also used by 6,000 other cryptocurrencies. It’s accessible to anyone with the right knowledge and offers opportunities for work and wealth to those willing to grab it.
With that said, many folks are curious about whether or not this digital currency is going to make its way to every part of the world, including Western New York. If you’ve wondered about that yourself, stick around because we’ll be discussing just that.
Not Crypto’s First Rodeo
Cryptocurrency has made its way to New York before, and although there was a rocky start, it seems like the currency has already nestled itself in the state. A few years ago, Plattsburgh saw Bitcoin miners gather in hopes of using the small city as the base of their operations. However, things didn’t go so well.
The city saw a huge spike in electricity prices after the miners used a lot of electricity to mine Bitcoin – a necessity for this kind of currency. The miners actually started to use up the energy quota, which caused the spike in electricity prices. Naturally, this resulted in an outcry from the city’s residents, which led to a moratorium on the commercial mining of cryptocurrency in 2018, which ended in 2019.
Still Going Strong
Despite this setback, cryptocurrency mining is still happening in New York, including cities like Rochester, Owego, and Massena. In 2021, a Bitcoin mining operation was opened near Niagara Falls, not deterred by the way cryptocurrency mining started in the state. A former aluminum plant was expanding to accommodate the mining operations, and a metal-recycling mogul started operations with computers ready to mine in shipping containers located next to a scrapyard.
Cryptocurrency miners don’t need fancy office spaces to start operating. These companies have shown that it can be done in old buildings that look unassuming outside. As long as there is enough power to run the machines necessary to mine the currency, operations can run as long as needed.
Is Typical Marketing Still Relevant?
Although cryptocurrency companies are pioneering the future, they still need to reach people the same way a traditional company does. That means they are using the same marketing strategies as well.
One of the strategies many new and upcoming companies use is marketing automation. This technology involves chatbots, emails, and phone calls and allows companies to reach their target audiences with more ease and less work. It’s only natural that companies ushering in the future would use technology that gives them more time for what they’re focused on and less for time-consuming tasks like marketing!
Fears Around Cryptocurrency
Although cryptocurrency mining has led to job creation and grown greatly as an industry, there are still many who don’t have a lot of confidence in its success. There are fears about the fact that crypto is kept on physical drives. If you keep in mind that 140,000 hard drives suffer data loss every week in the US, it’s understandable that there are skeptics.
Another problem people have is that, because of the high use of electricity, cryptocurrency companies are a threat to the environment. If restrictions aren’t put on these companies, these fears may become a real problem, as the mining of cryptocurrency is believed to use as much electricity a year as all of Argentina.
Cryptocurrency’s Future
There may not be an exact way to determine how long cryptocurrency will be around, but there’s no doubt that right now, places like Rochester and similar villages are benefiting from the industry. Hopefully, the benefits will continue for a good while longer.
