The Story behind Crowd-Mining.io
It all started after the big boom of Bitcoin 😭😩. My business partner Domenic Haag and I (Patric Pfoertner), invested our profits from our Web-Agency called Wolf-Gate, into different Cloud-Based Mining Companies like Genesis Mining and Hashflare. And you guessed it, the big crisis happened and we quickly came to realize that a 1-year contract or even a 3 years contract would never pay back the initial investment. But Why? Not because the Bitcoin was crashing down to the 7000$ Mark, no, because the so-called „Difficulty“ or the Share on a bitcoin transaction you get as a Mining company was decreasing to little. Otherwise, mining would have been still very profitable 😒...
The steadiness of the difficulty led to the initial crisis because with the same mined Bitcoin, which was now valued at 5500$ a piece, it simply didn’t cover the energy bills. And like everybody else, we detected that our entire Bitcoin revenue was instantly taken away from us to cover those electricity bills. But it was not only us who lost their money. Friends and family who invested, because of our recommendation, lost theirs too.