Eugene Mutai, a Kenyan cryptocurrency miner, recently described “the entire [cryptocurrency] ecosystem” as possibly comprising “the biggest wealth-distribution system ever” in an interview with local media. The young Kenyan climbed his way out of poverty to become an esteemed technology consultant and programmer, and is now using cryptocurrency as a vehicle to enter global financial markets.
Also Read: Regulation Round-Up: Central Banks in Kenya, Swaziland & Australia Have Their Say
A Kenyan Miner Has Described Cryptocurrency as A “Wealth Distribution System”
Mr. Mutai describes cryptocurrency as a global economic equalizer capable of circumventing the barriers that prevent ordinary citizens from accessing financial markets. The 28-year-old states that now, thanks to cryptocurrency, “big players can’t deny anyone from participating in the financial system.”
Mr. Mutai has relinquished a significant portion of his home to his cryptocurrency mining hardware, including an armada of fans required to cool his rig. However, just one year ago, Eugene had not even heard of bitcoin or cryptocurrency.
The Young Kenyan Has Risen From Poverty to Enter Kenya’s Middle Class
Mr. Mutai was highly interested in technology, and after borrowing a friend’s Nokia Symbian S40 – a non-smartphone that was able to download apps – taught himself the basics of HTML and CSS coding during the time he could find away from agricultural labor.
At the time, Mr. Mutai was living in his mother’s home village, barely making enough money to survive. He and his mother had moved from the city during Eugene’s last year of high school, after his mother had lost her job and his twin brother had passed away. Determined to improve his quality of life, Eugene made the decision to move to Nairobi to live with his uncle who owned a desktop computer and wi-fi connection.
Mr. Mutai spent several months relentlessly researching how to code, so much so that his uncle took the computer away from Eugene out of concern for his wellbeing at one stage. Using his newly acquired skills, Mr. Mutai was able to land a job as a programmer, before becoming a consultant for local technology incubator iHub, and the Nairobi County government.
Mr. Mutai now works for Andela, a company that trains developers and engineers throughout Africa. Despite Eugene’s inspirational story of having climbed from poverty to enter Kenya’s middle class, without having a formal education above high school, Mr. Mutai now has his eyes set on using cryptocurrencies as a vehicle for further wealth augmentation.
Eugene Mutai Both Mines and Invests in Cryptocurrencies
Mr. Mutai runs six 1080 TI graphics cards. He wants to increase his mining operation by plugging in two additional GPUs, however, he will need to upgrade the power supply to his house in order to facilitate such. Eugene states that he is predominantly mining Zcash and LBRY credits presently. His monthly power bill is approximately $200 USD, far higher than that of the average Nairobi dwelling.
Mr. Mutai has also started making investments into initial coin offerings [ICOs]. Eugene describes the experience as making him “feel like a small VC [venture capitalist].” The young investor states that he “do[es] a lot of research”, however, recognizes that ICOs can comprise highly risky investments. “They say no-risk, no-return, and I’m willing to take the risk,” says Mr. Mutai.
Do you think that cryptocurrencies comprise a global equalizer? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.