Eng Taing, 36 years old, born and raised in Thailand, currently lives and works in California, the West coast of the United States. He used to work at Apple as a data analyst and said he had approached the concept of Bitcoin quite early. In 2013, Taing started by buying Bitcoin to hold as a passive accumulator. But after realizing the potential of mining this digital currency, Taing started buying some miners to test.
Portrait of a young millionaire
However, because operating, installing and optimizing the excavator system takes a lot of time and research effort, in 2020, Eng Taing decided to hire a professional unit to do this on his behalf. . Currently, the 36-year-old millionaire owns a total of 261 Bitcoin miners, but all of the mining machines have been operated by Compass Mining, a company that supports the operation of Bitcoin miners for small individuals. Thus, although not really involved in operating the miner, Eng Taing still regularly collects 2.8BTC monthly, at the time of writing this article, the amount of Bitcoin mentioned above has brought home the millionaire. US 110,000 USD, equivalent to about 2.5 billion VND per month.
Unlike professional Bitcoin miners, Compass Mining is a company that provides mining operation services for retail investors. This form of cooperation brings a lot of benefits to both parties, investors will feel more secure about the operation and maintenance of machines because this is Compass’s job. Moreover, also working with other miners in the same “network” will increase the hashrate (simply understood as the mining speed) of the whole system. At the rest, Compass Mining will receive a percentage of the Bitcoins mined by the entire network, and also collect fees for maintenance and operation of the miners.
A Bitcoin mining system (artwork)
As for Taing, with 261 miners, the profit margin from Bitcoin mining is about 65-70% and as mentioned above, earning more than 100,000 USD per month.
The payment company Block (formerly Square) of Twitter founder Jack Dorsey is also trying to support individual users to mine Bitcoin. In a series of tweets in early 2022, Thomas Templeton, Block’s head of hardware, laid out a plan to create a full Bitcoin operations from purchase, setup, maintenance to mining.
“Bitcoin mining will be as easy as plugging a rig of buffalo plows into electricity,” Dorsey wrote on Twitter in early 2022.