The modern-day crypto miner is faced with a difficult conundrum. They spend lots of time, energy and most importantly, resources mining crypto in the hopes of selling it for a profit. Yet, with the market in the decline, their hard work is not paying off like it used to. But before you go closing up shop, there is an alternative solution. You can keep your crypto and also get cash as a miner a here’s how.
THE CRYPTO MINER CRISIS EXPLAINED
Years ago crypto mining was a lucrative business. The competition was minimal and the market kept rising with no end in sight. But times have changed. The price of crypto is going down but the operating costs for miners are still the same, if not more expensive than they used to be. As a result, many miners are struggling to keep the lights on (literally) and forced to find a new hobby or worse, go back to their 9-5 jobs. But perhaps these people could first benefit from a little history lesson.
CRYPTO MINERS ARE THE MODERN DAY FARMERS
Perhaps this sub-title is a stretch, but in many ways, crypto miners share a lot of similarities with modern-day farmers. Both groups work hard to develop a product and then sell it to the world for a profit. But throughout the course of history, farming has not always been a profitable occupation. Especially during the in-between times of harvests. So what did these farmers do to pay the bills? They got a loan.
Crypto miners can use this same, centuries-old technique to survive the current crypto winter we’re all in. By taking out a loan, they can receive money to pay their expenses, keep their operation afloat and use their crypto as collateral. When the loan is paid off, they get their crypto assets back without losing the value of their business.
CRYPTO MINERS AND LOANS GO HAND IN HAND
Crypto miners and crypto backed loan platforms are becoming an incredible match. Think of it as a symbiotic relationship as sorts. The best platform out there for miners is YouHodler, which offers industry beset loan-value ratio (80%) and by far, the most options for collateral. So if you’re a miner in a pinch, give up some of your cryptos as collateral to this platform, receive cash in minutes and keep your business afloat.