The Intricacies of Crypto Mining: An Interview with Vladimir

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@SergeenkovAndrey Sergeenkov

Cryptocurrency advocate and analyst, growth hacker

The cluster of block reward halving of three major crypto networks in the second quarter of 2020 has led some to speculate on the prospect of the crypto mining market.

Now more than ever, experts believe that miners must optimize their mining activities to ensure that they continue to rake in profits. For this to happen, every miner must re-evaluate his or her operations and identify ways to improve mining efficiency without incurring more cost.

This may require that they buy efficient rigs, adopt quality mining software, or join credible mining pools.

In light of this, I saw the need to interview an expert in this crypto sector to unravel the true state of the crypto mining market, how the community is bracing for the shrink in mining rewards and the aftermath of the coronavirus pandemic, and the average requirements to run a profitable crypto mining business.

Hence, I had an interesting conversation with Vladimir Shutemov, CEO of CoinFly. Below is an excerpt from the interview.

From my research, I discovered that you have led the CoinFly team since 2018. Can you tell us how much you have enjoyed leading this crypto startup?

We are miners ourselves, and knowing firsthand that miners use the most varied mix of different software, we got together with our partners, and decided to make an “all-in-one” product. And our aim is to cover absolutely all the needs of the modern miner, mining investor, manager, and even financial officer. To answer the question directly, I can say that when we started, we did not expect to dive so deep.

What about the challenges you have encountered? Has there been a time when you almost gave up, considering how the crypto winter of 2018 tested the resilience of emerging firms?

I was lucky with my partners; they believe in the project and we understood that when Ethereum was at 80 and bitcoin at 3800, and all the miners were shutting down and selling their ASICs, it…

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