Over the past four years, Dave Carlson has earned over 50,000 bitcoins.
For those keeping score, 50,000 bitcoins are worth about $120 million at today’s prices.
“And it would have been a lot more if I had started six months earlier,” Dave said.
Dave got his start in the tech field as a software engineer and programmer. But he left the relative comfort of his job at Microsoft to get into bitcoin.
You see, Dave—and thousands like him—are earning bitcoin without actually buying it.
They use a technique called “mining.” It can be a lucrative endeavor, but it’s complex. Most bitcoin miners are programmers who use sophisticated and expensive equipment.
But Dave is working on a project that will let the little guy get into the cryptocurrency mining game.
Readers have been writing me for months looking for an opportunity to get into mining. So when I heard about Dave’s project, my ears perked up.
I recently met Dave at the Consensus 2017 blockchain conference in New York City. And when he told me about the project, I knew this would be the one.
In a moment, I’ll tell you about Dave’s new project… and how you can get involved. But first, you should understand why bitcoin mining is so important.
Mining for Digital Gold
Bitcoin mining is the process of adding transaction records to bitcoin’s public ledger. (It’s also called “proof of work.”)
When a transaction is added to the ledger, it’s called a block. Each new block is added to the previous block. Hence the name “blockchain.”
I won’t get into all the complicated technical details. But here’s a quick breakdown…
Miners use special software to solve math problems. The first team to solve the math problem gets to process the next bitcoin block.
The reward for processing a block is currently 12.5 bitcoins—or roughly $30,000. The bitcoin network processes 144 blocks every day.
So that’s about $4.32 million available per day for miners.
The reward is an incentive for miners to keep the system secure by constantly validating transactions.
To sum up, bitcoin mining serves two functions: to secure transactions on the network and as a method to issue new bitcoins.
Mining Keeps Bitcoin’s Network Secure
These days, you can’t go a few hours without hearing about the next big hack.
But bitcoin has been around since 2009… And its network has never been hacked.
The reason for this is bitcoin mining.
Imagine trying to run up a mountain. Now imagine that mountain is made of sand… and each step of the way, new sand is added to the pile.
You could never get to the top.
That’s what trying to hack the bitcoin network would be like.
The bitcoin network is like a mountain of sand. And it continues to grow. So trying to hack the bitcoin blockchain would take a monumental effort.
It would take at least $1.5 billion in equipment and at least nine months of time to even try to hack it.
And during that time, you’ll need to pay for electricity. Based on current rates, that’s another $750 million.
Bitcoin is the most secure blockchain on the planet. It’s the blockchain you can trust.
And anyone who’s been around the block a few times knows you can’t put a price on trust.
Until now, bitcoin mining has been the exclusive domain of programmers and developers. But that’s changing…
The Giga Watt Project
Dave’s project is called Giga Watt. It’s the world’s first full-service mining solution provider.
The Giga Watt team provides turnkey mining services or custom packages for miners. And anyone can take part.
Think of Dave as a bitcoin mining landlord. His team handles the construction of the facility. They buy the equipment. And they even do maintenance and support.
Dave put the Giga Watt facility in Wenatchee, Washington. That means it can take advantage of the cheap hydroelectric power provided by the Columbia River.
Washington prevents state utilities from selling power above cost. And any rate changes must be approved by state regulators.
That’s one of the reasons it has the lowest electricity costs in the nation.
As Dave says, it’s Giga Watt’s special sauce.
Consider this. A mining facility with a comparable setup cost would take 11 months to get its investment back. With Giga Watt, it’s just five to six months.
The best part is that anyone can take part in Giga Watt. And you can do so with the Giga Watt token (WTT).
How to Become a Giga Watt Miner
You can do two things with the Giga Watt token.
First, you can become a miner yourself.
Each token represents the right to use the Giga Watt processing center’s capacity rent-free for 50 years. And it accommodates 1 Giga Watt token worth of mining equipment power consumption.
Or you can rent out your tokens to generate annual income.
Either way, it’s an opportunity to profit from bitcoin mining.
I’ve spent months looking for a bitcoin mining opportunity for our subscribers. This is it.
Giga Watt’s initial coin offering (ICO) for the WTT token starts June 2. You can learn more about Giga Watt here.
You can also sign up to be notified of the token launch here. And if you’re going to take part, don’t forget to get your bitcoin ready.
Analyst, The Palm Beach Letter
P.S. If you’ve started mining for cryptocurrencies (or plan to start mining), we’d love to hear how you’ve done so far. Share your stories with us right here.
Is This the Beginning of the End for Stocks?
Kik is a free instant messenger application that you can use on mobile devices. The Canada-based startup has already raised $120 million in venture capital funding.
Like many other startups, Kik plans to go public soon. That may sound ho-hum. But Kik’s public launch could be a game changer.
Unlike most traditional startups, Kik won’t offer an initial public offering (IPO) and list itself on a stock exchange.
Instead, it’s launching an initial coin offering (ICO). That means investors will be able to buy into the company with digital “tokens.”
Teeka says we will look back on this day as the starting point of a massive trend. Startups will sidestep exchanges like the Nasdaq and New York Stock Exchange and instead list themselves on cryptocurrency exchanges.
You can hear Teeka’s take right here.
Chicago’s Ponzi Scheme: The Chicago Teachers’ Pension Fund (CTPF) paid out $1.5 billion last fiscal year, but it only earned $7.8 million on its investments, according to the Illinois Department of Insurance. The fund is supposed to pay for the current retirements of some 28,000 former teachers and administrators… plus provide future benefits to another 29,000 active ones. But it’s running out of money… and time.
At $10.1 billion, CTPF is less than half the size it needs to be to earn enough investment returns to pay its obligations. Instead, Chicago taxpayers and current employees have been propping up the fund. That sounds like a Ponzi scheme to us. And such a scheme would be illegal in the private sector. We’ve been warning about this pension crisis for months now. If you’re looking for ways to protect your retirement, you can read our special report right here (must be a Palm Beach Letter subscriber to access).
What Would You Buy for $1,000?: Tech stocks are the hot trend today. Amazon and Alphabet/Google were both trading near $1,000, and cryptocurrency darling bitcoin traded over $2,200. If you had $1,000 to spend on the next tech trend, what would it be? Amazon, Alphabet, bitcoin, or something else? Share your thoughts with us right here.
Don’t Let Trump Scare You From This Opportunity: Canada legalized medical marijuana back in 2001. And soon, it’ll be legalizing recreational weed, too. Mexico is also debating legalizing marijuana. And in the U.S., 29 states along with Washington, D.C., have already legalized medical marijuana. Not only that, eight states and D.C., have legalized recreational marijuana. The perception of marijuana is changing.
Of course, skeptics will tell you that the Trump administration hates marijuana. And they have a point. But it would make absolutely no sense for Trump to shut it down. That’s why you should consider looking at these pot stocks…