Wednesday, May 25, 2022
No Result
View All Result
CONTACT
First Crypto News
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
No Result
View All Result
First Crypto News
No Result
View All Result

Crypto Mining Platform: Mine Multiple Coins

by firstcryptonews
September 1, 2020
in Press Release
multimine

Mining is a lucrative venture in the blockchain, it accounts for the majority of the transactions done in the blockchain if not all of it. What started as a new idea birthed by a person or group of persons under the identity of Satoshi Nakomoto has grown to be the force it is today. Total market cap value of the Bitcoin is near $400bn although not up to the global market capitalization of the forex or gold market which stands at over 1 trillion USD, it’s been speculated by various sources to rise to this point in the nearest future.

Today, due to the craze and excitement over DeFi, of the feature of staking a coin and gaining immense monetary value and rebate, we’ve seen quite the rush by new users, enthusiasts and newbies into the blockchain ecosystem fueling the hype and skyrocketing price of new coins, a record 3 BTC for 1 YFI coin!

Everyone wants to take part in the DeFi market, the hype is real. And a whole lot of people are interested in mining cryptocurrencies and Bitcoin equally. CryptoMining is the ability afforded by some selected members of the blockchain community which solves complex mathematical problems to arrive at a consensus, a situation known as the Proof of Work {POW} concept.

Often times, it’s commonplace to find mining of only one single coin and not multiple at a time, this pose as problem in many ways as follows;

  • Value: What if the value of the mined coin drops significantly, what becomes of the enormous effort put into mining it in the first place.
  • Variety: Where is the choice of coins and its varieties, allowing for multiple benefits from different coins.
  • Cost effectiveness: The cost of mining one coin when channeled appropriately can mine way more than one.

Mining is by no means a cheap venture. The reader is expected to be aware of the cost implication of running his own Mining rig. The cost which comes in various forms from energy consumption to heat production and high demand for human time and attention lest nothing worthwhile will be accomplished. In fact we’ve got data centers that engage in shared power that helps investors, enthusiasts and generally anyone with interest in mining to take part in its operation no matter the cost.

It is in this stead that we’ve seen to the rise of cloud mining in various forms. We’ve got the faucets, the mobile Miners app all of which are time wasteful mechanisms and could go as far as damaging users’ devices due to the amount of dangerous malwares that are oftentimes characteristics of such `cloud mining” applications and softwares.

There is a need for an even much more effective solution to this lingering problem of cloud mining. A solution that will solve the following problems associated with mining cryptocurrencies especially as a beginner:

  • Entry: Barrier of entry is a big factor in blockchain as an entity, how much more mining, barriers ranges from technicalities to set up to actual solving of the mathematical problem that would lead to transaction confirmation. You see, it’s a solid information that by no means is mining cryptocurrencies and Bitcoin a walk in the park.
  • Cost: The cost of purchasing mining hardware is huge, it’s not a cheap venture in any angle, setting up a data center, buying ASIC and GPU gadgets will drain a low income earner who wishes to take part in the mining industry.
  • Energy consumption: The amount of energy required to take part in mining is so enormous that countries opt in for the easy way out for individuals not to mine in the country, they choose to ban outrightly instead of regulating, this saves energy from depleting and reaching more end users.
  • Heat: Heat generated by data centers and mining rigs is so enormous that these mining facilities are oftentimes situated away from residential areas. Brejcha one fine cryptocurrency proponents, co-owner of crypto trading platform NakomotoX uses the excessive heat caused by mining to grow tomatoes popularly called cryptomatoes

There exist certain companies that seek to solve all of these problems listed, while some have been quite progressive and have gone to establish themselves in the industry, others are big on their Whitepaper and empty on actual accomplishment. Amongst existing solutions, Multimine seems to have a lot of positive ratings as seen on their Facebook wall.

Further research into the company shows that they have been in existence since 2014 and handled by a team of experts who are well grounded in the crypto space, an essential ingredient very much needed in the industry. A unique  attribute of the Multimine organization is the fact that the Multimine solution can be used to mine more than 1 cryptocurrencies as support for multiple coins exist in the system built.

For example they provide support for SHA-256, X11, EtHash, CryptoNight, Scrypt and more algorithms. There exist companies that offer cloud mining services but only few offer cloud mining services with multiple coin support.

The ecosystem is still at its infancy and more innovations are expected and welcome.

Related Posts

Want to stay ahead of crypto trends? Watch out! SolanaLite is unquestionably the blockbuster of this year!

Want to stay ahead of crypto trends? Watch out! SolanaLite is unquestionably the blockbuster of this year!

by firstcryptonews
May 24, 2022
0

Many exciting new crypto projects are gaining momentum – which one could provide profitable investment opportunities in 2022. If you're...

Platon Life Global Digital Ecosystem Summit 2022

Platon Life Global Digital Ecosystem Summit 2022

by firstcryptonews
May 23, 2022
0

Prague's Slavonic House witnessed a prestigious international conference on digitalization and cryptocurrencies. Platon Life Global Digital Ecosystem Summit 2022 welcomed...

CRYPTO TOKENS WITH STRONG FUNDAMENTALS TO INVEST IN 2022

CRYPTO TOKENS WITH STRONG FUNDAMENTALS TO INVEST IN 2022

by firstcryptonews
May 20, 2022
0

With a such huge array of cryptocurrencies or crypto tokens available to invest in this day and age, it can...

FOX: CharityDao promotes web3.0 philanthropy around the world

FOX: CharityDao promotes web3.0 philanthropy around the world

by firstcryptonews
May 20, 2022
0

A decentralized charity organization named CharityDAO, has carried out philanthropic activities actively in many countries around the world, including South...

Digital Wallet MetaPocket To Accept Luna For $100 In Its Ecosystem

Digital Wallet MetaPocket To Accept Luna For $100 In Its Ecosystem

by firstcryptonews
May 19, 2022
0

Unless you’ve been living under a rock, you must have heard of the LUNA and UST crash just last week....

CRYPTOCURRENCY ACCEPTED AT PRIVATE AUCTION FOR LONG ISLAND MANSION

CRYPTOCURRENCY ACCEPTED AT PRIVATE AUCTION FOR LONG ISLAND MANSION

by firstcryptonews
May 18, 2022
0

199 Woodside Drive, Hewlett Bay Park NY being Offered at $6,195,000.00 New York, NY – Paramount Realty USA, New York’s...

Next Post
cfx quantum

CFX Quantum is achieving heights, having most advanced technologies in their “wallet”

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

arowana

Arowana Cryptocurrency Project Continues to Develop NFT Marketplace

4 months ago
Why Is Using NFTs With K-Dramas the Next Big Thing in the NFTs Universe?

Why Is Using NFTs With K-Dramas the Next Big Thing in the NFTs Universe?

3 weeks ago
IBCIG: A New All-In-One Crypto Platform For All Your IDO, PreSale and Market Updates

IBCIG: A New All-In-One Crypto Platform For All Your IDO, PreSale and Market Updates

5 months ago
Sleep Future Launches World’s First Sleep Wellness Sleep-To-Earn Ecosystem Build On Blockchain.

Sleep Future Launches World’s First Sleep Wellness Sleep-To-Earn Ecosystem Build On Blockchain.

2 months ago
U.S President Donald Trump Announces Additional Tariffs, Adds Fuel To Bitcoin Rally

U.S President Donald Trump Announces Additional Tariffs, Adds Fuel To Bitcoin Rally

3 years ago
Crystal Ball Token

How to Stay Safe from BSC Scams with Crystal Ball

12 months ago

First Crypto News

First Crypto News

First Crypto News is the Fastest Crypto News Portal. We Bring the Best and We Bring it Fast.

Bitcoin

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

June 21, 2021

Recent News

DX Cup – Soccer Metaverse

DX Cup – Soccer Metaverse

March 31, 2022

Press Release

Want to stay ahead of crypto trends? Watch out! SolanaLite is unquestionably the blockbuster of this year!

Want to stay ahead of crypto trends? Watch out! SolanaLite is unquestionably the blockbuster of this year!

May 24, 2022

© 2020 First Crypto News

No Result
View All Result
  • Home
  • World
  • Science
  • Tech

© 2020 First Crypto News