The most popular process of earning cryptocurrency is known as mining. This process involves ‘miners’ verifying transactions of the particular cryptocurrency in a blockchain. In other cases, ‘miners’ create new blocks which contain a bundle of transactions. The process, however, is not simple due to the tough mathematical problems that miners solve as “proof of work.”
Eugene Mutai is a popular Kenyan cryptocurrency miner. Mutai describes internet-based currencies as revolutionary as they open up a financial/economic world to more than just financial experts. Mutai is a self-taught tech expert who saw the potential of cryptocurrency when most people in the country had no idea what it means. He decided went from doing farm jobs at the village to become a part of one of the most revolutionary concepts in this age.
Instead of mining the most popular coin, Bitcoin, Mutai opted for Ethereum, which was less difficult to mine. This was back in 2016. Today, Mutai says that it was a risk worth taking and that one must always remain aware of the risks of the online world. Just like there are authentic miners, there are hucksters who would do anything to get these cryptocurrencies.
Also, mining cryptocurrencies require some investment. The most necessary is a powerful computer that will ensure you make the most transactions at ease. The computer does most of the work and determines the Hashrate (how fast you can verify transactions) of a miner. While powerful computers are reliable, they require huge amounts of electricity. For Mutai, electricity costs are about 20% of his earnings. There is also the disadvantage of an unreliable power supply especially in Kenya and other developing nations. This disadvantage slows down the process and, in turn, affects the income.
On average, Mutai makes about $800 per month (Ksh 80,000), an amount he would never have made if he did not take the risk of investing in cryptocurrency. As a self-taught tech expert, Mutai constructed his powerful computer that he uses in his apartment in Nairobi. The journey into tech prepared Mutai for the cryptocurrency world that would require determination to learn without professional help.
Get in on crypto currency and stand to earn fortunes at the comfort of your home. A good suggestion for cryptos that are doing good in Kenya right now is Ubricoin. Get some Ubricoin and start trading cryptocurrency.
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Julie Kwatch. 2018. How to mine Cryptocurrency in Kenya – Make money with modern technologies. https://www.tuko.co.ke/266101-how-cryptocurrency-kenya-make-money-modern-technologies.html