Eng Taing is a real estate investor who loves making money. So much so that he’s now getting into crypto. Aside from putting his money into the housing market, he’s now established a new crypto mining firm consisting of about 261 machines.
Eng Taing Has Set Up a Successful BTC Mining Firm
In a recent article, Taing says that while crypto isn’t necessarily his first love, he sees the industry has a lot of potential. Thus, he wants to be in on the wealth secrets that the digital currency arena will offer. In an interview, he stated:
I just like making money. I invest in a lot of things. I have a lot of apartment buildings. I have senior living homes. I have GPU mines. I just like to look at where I can get some good arbitrage advantage, and I thought bitcoin mining presented that both from just, ‘Hey, I could get more bitcoin by having miners than buying bitcoin, especially at the scale that I can get into it,’ but also that, ‘I am a big believer in bitcoin’s future.’
Thus far, the mining operation appears to be moving in the right direction. At the time of writing, Taing says his machines extract about 2.8 bitcoin units each month. This is about $111,000 per the current price of the world’s number one digital currency by market cap. His machines are hosted through a company called Compass, which is based in both Nebraska and Canada.
Whit Gibbs is the CEO of Compass. In a statement, he mentioned the sole purpose of his company and the machines they offer miners:
It will effectively give small miners a substantial share of bitcoin’s network hash rate, which has always been our goal. We want to get five percent of the network being controlled by retail miners, and then move that up to ten percent and 15 percent in the coming years.
Compass is not biased towards specific miners. Right now, it appears their machines and energy sources are open to customers of all shapes and sizes. Some of these customers are relatively new to the mining world and are just setting up their first operations. At the same time, the company’s machines are also used by Twitter billionaire Jack Dorsey.
Having Control in the Industry
Jon McClellan – a customer of Compass – hosts a bitcoin mining rig in Oklahoma. He commented:
I wanted to do my part to secure the bitcoin network… I have my own hash rate under my own power. I knew that if I buy a miner, I’ll be literally buying bitcoin every day, every minute, every second, every hour, regardless of what’s going on in my life budget-wise.
Machines from Compass also come in a wide variety of prices, which is probably why the customers of the company range so dramatically. Machines will sell from anywhere between $4,500 and $25,000.