At the Bitcoin event in Amsterdam we spoke with Benjamin Gagnon, Director of Mining at Bitfarms. He has taken a fascinating journey through the crypto world and offers unique insights into why he believes Bitcoin is superior to other cryptocurrencies.
From ‘Shitcoins’ to Bitcoin
Gagnon, who grew up in Hong Kong, has excelled in the Bitcoin mining industry since 2015. However, his journey began in 2010 when he discovered Bitcoin and cryptography at the Kelley School of Business. Early in his career in the crypto space, Gagnon admitted that he was down the “rabbit hole of shit.” “I’ve seen a lot of scams,” he said. But as he continued his journey, he realized where his loyalties lay. “Bitcoin is simple, predictable and highly commercialized. “So I don’t have to play random games, Bitcoin is safer.”
Predictable nature of Bitcoin mining
For someone deeply involved in mining, the rules and predictability of the game are crucial. Gagnon emphasizes this point by highlighting the differences between Bitcoin and other cryptocurrencies such as Ethereum. “From a mining perspective, Bitcoin is certainly simpler. With Ethereum or other projects, they can change the rules at any time. “With Bitcoin you know the rules and you know exactly when something is going to happen.”
He further mentions the advantages of Bitcoin mining hardware over Ethereum. “If I buy a miner, I know I can still use it in four or five years. If I buy a GPU for Ethereum, they might stop making it,” refers, among other things, to Ethereum’s transition from Proof of Work to Proof of Stake.
University degree
Gagnon’s insights provide deep insight into the current state of the crypto world. While some are still on the fence between different cryptocurrencies, Gagnon is confident that Bitcoin remains king.
Source: BTC Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
