GoMining 

gomining

Welcome to the Startups of the Year Winner Interview Series. Congratulations for being one of the top 3000 startups worldwide! The HackerNoon team is thrilled to know more about you! What follows is an interview with Mark Zalan, CEO of GoMining, winner of the HackerNoon Startups of the Year 2023 in the British Virgin Islands Misc, Oceania. What does it mean for you to win this title? We are pleased and gratified at the recognition of our contributions. We are constantly looking for community feedback to improve our products, and this kind of appreciation helps make our efforts worthwhile. Winning the Hackernoon community recognition is a significant indicator for us that our team is moving in the right direction. Since our product targets a fairly broad audience, the trust of the audience and feedback help us better understand user needs, and Hackernoon provides the perfect environment for addressing this task. What sets you apart from the competition? We are focused on making the superior economics of Bitcoin mining accessible to everyone.  In building products that allow our users to start mining Bitcoin within a matter of minutes and at a cost as low as $25, we are unique. The explosive customer demand we’ve seen over the past 2 years is a confirmation of that. Check out our What do you love about your team, and why are you the ones to solve this problem? \We are irreverent around challenging every assumption and traditional way of doing things.  Obviously, this can be a strength and a weakness, and if not done right, can lead to reinventing the wheel.  However, we’ve managed to maintain a healthy balance between blazing new trails and inventing a new product (that hundreds of people told us couldn’t be done), making the economics of Bitcoin mining accessible to non-industry insiders and leveraging traditional approaches that we’ve confirmed are useful in what we are trying to do. This blend of questioning the way things are and inventing new and better ways while staying practical and leveraging that which works for purpose has allowed us to offer a successful product that is posting world-class growth rates. If you weren’t building your startup, what would you be doing? My other passions are history and political science, as well as understanding how our societies function and evolved to where we are today.  In another life I would likely be lecturing at a university and writing history books. At the moment, how do you measure success? What are your core metrics? We are seeing double-digit monthly growth rates while working hard to expand the business that is profitable, positioned in the middle of an industry that is projected for staggering worldwide growth.  All of the above are how we think about success and how we want to position our ecosystem to take advantage of the global and industry trends we see for the near future.  If I had to narrow it down to one metric, it is definitely the customer growth rate, which tells us we are tackling a significant pain-point that exists for a large number of people, in a way they appreciate. Tell us how your startup is changing the world. We make the excellent economics of Bitcoin mining available to regular people. Getting a financial return with Bitcoin mining traditionally required millions of dollars in capital and highly specialized technical skills (that also cost money to develop or hire).  We’ve built a product that obfuscates that complexity and allows customers to start participating in Bitcoin mining in minutes and with as little as $25, with the first profit landing in the customer’s Bitcoin wallet the very next morning.  By lowering the barriers to entry for normal people to earn rewards, while strengthening, securing the Bitcoin network infrastructure, we make our positive impact on the world. How do you or your company intend to embrace the responsibility of this title in 2024? We believe the best way to contribute and to give back is to do what we do best, continue to innovate, while lowering barriers to entry, and to be a good citizen of the Bitcoin and broader technology community. The recognition from users and the community serves as a driving force for our continued advancement and, as I mentioned earlier, provides vital feedback on the quality of our product. What goals are you looking forward to accomplishing in 2024? We expect 2024 to be transformational for us through a variety of factors. Firstly, the Bitcoin halving will impact our business and our vertical in a significant way.  The economics will change, and the market participants will change. We’ve been preparing for this event for the past three years ensuring our business is cost optimized and as efficient as possible, as we expect this will allow us and our user community to pass through the upcoming disruption, and to be best positioned to take advantage of the changing economics following the halving.  Secondly, our user community is scaling by orders of magnitude, and we place a major focus on ensuring our support and engagement processes are peerless in creating a world-class user experience. Which trend(s) are you most excited about in 2024? Share your reasons. 2024 Is a paradigm-shifting year for the Bitcoin mining community with the ETFs and the halving taking place within three months of each other.  We are very excited to see the ways in which our industry and the broader technology space will transform to take advantage of the changes. 2023 had been another crazy year, especially in tech, with layoffs and the Generative AI takeover! Which trend are you most concerned about? Be as brief or as detailed as you like. I wouldn’t say concerned, but we are very cognizant of the pace of change. It seems things are speeding up, paradigms are shifting quickly, changes that used to take decades now take years or sometimes months. The way the world became location-independent in the past four years is very illustrative of that. We expect changes of the same scale to happen as quickly or faster going forward, so it will be important to be diligent in always learning, looking for ways to do something better, and being flexible, adjusting to take advantage of new trends, technologies, and opportunities. We don’t know what specifically those will be, five years ago, hardly anyone would have said that remote work, generative AI or Bitcoin ETFs/general institutionalization would be a thing over the next 5 years, so we don’t think it's worthwhile to predict specifics. We do think it's important to understand that changes happen quickly. They bring threats and opportunities, and figuring it out is a fun and exciting part of it. Share your biggest success so far and/or your biggest failure so far. Building a career out of always learning, developing, and pushing myself into new pursuits, taking advantage of opportunities that may have scared others off, is probably the biggest success. In terms of failure, I certainly wish I was smarter along the way, and figured out many things faster than I did! :) We would love your feedback on HackerNoon as a tech publication! How has your experience been with us? HackerNoon is an excellent platform for showcasing our technological solutions to a wide and relevant community capable of providing objective feedback. We closely monitor all materials about our product appearing on Hackernoon and pay attention to UX moments that require improvement. In a broader sense, your platform is a great place to feel the pulse of Web3, track emerging trends, and receive important insights directly from where they originate. Any words of wisdom you’d like to share with us? Not wildly original here, but the advice I most want to pass on to my children is to enjoy the journey, whatever destination one travels. This is one of the things I wish I would have figured out sooner. Welcome to the Startups of the Year Winner Interview Series. Congratulations for being one of the top 3000 startups worldwide! The HackerNoon team is thrilled to know more about you! Welcome to the Startups of the Year Winner Interview Series. Congratulations for being one of the top 3000 startups worldwide! The HackerNoon team is thrilled to know more about you! Welcome to the Startups of the Year Winner Interview Series. Congratulations for being one of the top 3000 startups worldwide! The HackerNoon team is thrilled to know more about you! What follows is an interview with Mark Zalan, CEO of GoMining, winner of the HackerNoon Startups of the Year 2023 in the British Virgin Islands Misc, Oceania. What follows is an interview with Mark Zalan, CEO of GoMining , winner of the HackerNoon Startups of the Year 2023 in the British Virgin Islands Misc, Oceania . GoMining British Virgin Islands Misc, Oceania What does it mean for you to win this title? What does it mean for you to win this title? We are pleased and gratified at the recognition of our contributions. We are constantly looking for community feedback to improve our products, and this kind of appreciation helps make our efforts worthwhile. Winning the Hackernoon community recognition is a significant indicator for us that our team is moving in the right direction. Since our product targets a fairly broad audience, the trust of the audience and feedback help us better understand user needs, and Hackernoon provides the perfect environment for addressing this task. What sets you apart from the competition? We are focused on making the superior economics of Bitcoin mining accessible to everyone.  In building products that allow our users to start mining Bitcoin within a matter of minutes and at a cost as low as $25, we are unique. The explosive customer demand we’ve seen over the past 2 years is a confirmation of that. Check out our What do you love about your team, and why are you the ones to solve this problem? \We are irreverent around challenging every assumption and traditional way of doing things.  Obviously, this can be a strength and a weakness, and if not done right, can lead to reinventing the wheel.  However, we’ve managed to maintain a healthy balance between blazing new trails and inventing a new product (that hundreds of people told us couldn’t be done), making the economics of Bitcoin mining accessible to non-industry insiders and leveraging traditional approaches that we’ve confirmed are useful in what we are trying to do. This blend of questioning the way things are and inventing new and better ways while staying practical and leveraging that which works for purpose has allowed us to offer a successful product that is posting world-class growth rates. If you weren’t building your startup, what would you be doing? My other passions are history and political science, as well as understanding how our societies function and evolved to where we are today.  In another life I would likely be lecturing at a university and writing history books. At the moment, how do you measure success? What are your core metrics? We are seeing double-digit monthly growth rates while working hard to expand the business that is profitable, positioned in the middle of an industry that is projected for staggering worldwide growth.  All of the above are how we think about success and how we want to position our ecosystem to take advantage of the global and industry trends we see for the near future.  If I had to narrow it down to one metric, it is definitely the customer growth rate, which tells us we are tackling a significant pain-point that exists for a large number of people, in a way they appreciate. Tell us how your startup is changing the world. We make the excellent economics of Bitcoin mining available to regular people. Getting a financial return with Bitcoin mining traditionally required millions of dollars in capital and highly specialized technical skills (that also cost money to develop or hire).  We’ve built a product that obfuscates that complexity and allows customers to start participating in Bitcoin mining in minutes and with as little as $25, with the first profit landing in the customer’s Bitcoin wallet the very next morning.  By lowering the barriers to entry for normal people to earn rewards, while strengthening, securing the Bitcoin network infrastructure, we make our positive impact on the world. How do you or your company intend to embrace the responsibility of this title in 2024? We believe the best way to contribute and to give back is to do what we do best, continue to innovate, while lowering barriers to entry, and to be a good citizen of the Bitcoin and broader technology community. The recognition from users and the community serves as a driving force for our continued advancement and, as I mentioned earlier, provides vital feedback on the quality of our product. What goals are you looking forward to accomplishing in 2024? We expect 2024 to be transformational for us through a variety of factors. Firstly, the Bitcoin halving will impact our business and our vertical in a significant way.  The economics will change, and the market participants will change. We’ve been preparing for this event for the past three years ensuring our business is cost optimized and as efficient as possible, as we expect this will allow us and our user community to pass through the upcoming disruption, and to be best positioned to take advantage of the changing economics following the halving.  Secondly, our user community is scaling by orders of magnitude, and we place a major focus on ensuring our support and engagement processes are peerless in creating a world-class user experience. Which trend(s) are you most excited about in 2024? Share your reasons. 2024 Is a paradigm-shifting year for the Bitcoin mining community with the ETFs and the halving taking place within three months of each other.  We are very excited to see the ways in which our industry and the broader technology space will transform to take advantage of the changes. 2023 had been another crazy year, especially in tech, with layoffs and the Generative AI takeover! Which trend are you most concerned about? Be as brief or as detailed as you like. I wouldn’t say concerned, but we are very cognizant of the pace of change. It seems things are speeding up, paradigms are shifting quickly, changes that used to take decades now take years or sometimes months. The way the world became location-independent in the past four years is very illustrative of that. We expect changes of the same scale to happen as quickly or faster going forward, so it will be important to be diligent in always learning, looking for ways to do something better, and being flexible, adjusting to take advantage of new trends, technologies, and opportunities. We don’t know what specifically those will be, five years ago, hardly anyone would have said that remote work, generative AI or Bitcoin ETFs/general institutionalization would be a thing over the next 5 years, so we don’t think it's worthwhile to predict specifics. We do think it's important to understand that changes happen quickly. They bring threats and opportunities, and figuring it out is a fun and exciting part of it. Share your biggest success so far and/or your biggest failure so far. Building a career out of always learning, developing, and pushing myself into new pursuits, taking advantage of opportunities that may have scared others off, is probably the biggest success. In terms of failure, I certainly wish I was smarter along the way, and figured out many things faster than I did! :) We would love your feedback on HackerNoon as a tech publication! How has your experience been with us? HackerNoon is an excellent platform for showcasing our technological solutions to a wide and relevant community capable of providing objective feedback. We closely monitor all materials about our product appearing on Hackernoon and pay attention to UX moments that require improvement. In a broader sense, your platform is a great place to feel the pulse of Web3, track emerging trends, and receive important insights directly from where they originate. Any words of wisdom you’d like to share with us? Not wildly original here, but the advice I most want to pass on to my children is to enjoy the journey, whatever destination one travels. This is one of the things I wish I would have figured out sooner.

Meet GoMining: Winner of the Startups of the Year, British Virgin Islands 

Greetings! Welcome to the results announcement of the HackerNoon Bitcoin Mining Writing Contest in partnership with GoMining. The contest was held from January 1st to Jan 31st on the topics of  #bitcoin-mining - unraveling its history, dissecting its mechanics, and forecasting its future! We thank you all for participating in the contest and making it a success. We appreciate your participation!!! The Bitcoin Mining Writing Contest: Finalists The Terraforming of Bitcoin: A Speculation on Viable Planetarity by @espectaculativo.
Hash Rate Analysis Projections: Why Bitcoin Should Embrace Quantum Information Science by @maken8.
Is It the End of BTC Mining? by @induction.
Much Ado About Bitcoin Halving by @juxtathinka.
21M Bitcoins/2.1 Quadrillion Satoshis by @maken8.
Bitcoin Mining: The Past, The Present, and What’s Next? by @emmanuelaj.
Craig Wright And The Bitcoin Supercomputer Fraud by @mylegacykit.
Is Bitcoin Mining Dead? GoMining and NFTs Say "Not So Fast!" by @normbond.
No Power Grid? This African Village Mines Bitcoin for Electricity by @antagonist. 🏆 …and the winner of the Bitcoin Mining Writing Contest is: https://hackernoon.com/hash-rate-analysis-projections-why-bitcoin-should-embrace-quantum-information-science?embedable=true Well-deserved, @maken8! You have won $1000! Here are the next steps to claim your prize: Please contact yes-reply@hackernoon.com and sidra@hackernoon.com using the email ID attached to the winner's HackerNoon account.
We will validate your claim and share a form requesting your bank details for reward distribution.
You will receive your winnings in 2-4 weeks after filling out the form. Please note that you must contact us within 60 days after the winners’ announcement date. Message from Sponsor GoMining is happy to sponsor the Bitcoin Mining Writing Contest in partnership with HackerNoon. GoMining is a global bitcoin mining company operating nine data centers across the globe. Mine BTC with GoMining NFTs, backed by real computing power, and unlock daily rewards. Start your free trial period today. The HackerNoon writing contests primarily aim to celebrate quality content and recruit educational stories for our community. We congratulate all the finalists. However, the Editorial team can ban a writer and/or disqualify a story if we find any misconduct like plagiarism, use of AI, copyright infringement, or disinformation. Visit contests.hackernoon.com to learn more about running and upcoming contests.
P.S. We have new contests for you with $10,000 in prizes! Greetings! Welcome to the results announcement of the HackerNoon Bitcoin Mining Writing Contest in partnership with GoMining. The contest was held from January 1st to Jan 31st on the topics of #bitcoin-mining - unraveling its history, dissecting its mechanics, and forecasting its future! We thank you all for participating in the contest and making it a success. We appreciate your participation!!! Bitcoin Mining Writing Contest #bitcoin-mining The Bitcoin Mining Writing Contest: Finalists The Terraforming of Bitcoin: A Speculation on Viable Planetarity by @espectaculativo. Hash Rate Analysis Projections: Why Bitcoin Should Embrace Quantum Information Science by @maken8. Is It the End of BTC Mining? by @induction. Much Ado About Bitcoin Halving by @juxtathinka. 21M Bitcoins/2.1 Quadrillion Satoshis by @maken8. Bitcoin Mining: The Past, The Present, and What’s Next? by @emmanuelaj. Craig Wright And The Bitcoin Supercomputer Fraud by @mylegacykit. Is Bitcoin Mining Dead? GoMining and NFTs Say "Not So Fast!" by @normbond. No Power Grid? This African Village Mines Bitcoin for Electricity by @antagonist. The Terraforming of Bitcoin: A Speculation on Viable Planetarity by @espectaculativo . The Terraforming of Bitcoin: A Speculation on Viable Planetarity @espectaculativo Hash Rate Analysis Projections: Why Bitcoin Should Embrace Quantum Information Science by @maken8 . Hash Rate Analysis Projections: Why Bitcoin Should Embrace Quantum Information Science @maken8 Is It the End of BTC Mining? by @induction . Is It the End of BTC Mining? @induction Much Ado About Bitcoin Halving by @juxtathinka . Much Ado About Bitcoin Halving @juxtathinka 21M Bitcoins/2.1 Quadrillion Satoshis by @maken8 . 21M Bitcoins/2.1 Quadrillion Satoshis @maken8 Bitcoin Mining: The Past, The Present, and What’s Next? by @emmanuelaj . Bitcoin Mining: The Past, The Present, and What’s Next? @emmanuelaj Craig Wright And The Bitcoin Supercomputer Fraud by @mylegacykit . Craig Wright And The Bitcoin Supercomputer Fraud @mylegacykit Is Bitcoin Mining Dead? GoMining and NFTs Say "Not So Fast!" by @normbond . Is Bitcoin Mining Dead? GoMining and NFTs Say "Not So Fast!" @normbond No Power Grid? This African Village Mines Bitcoin for Electricity by @antagonist . No Power Grid? This African Village Mines Bitcoin for Electricity @antagonist 🏆 …and the winner of the Bitcoin Mining Writing Contest is: https://hackernoon.com/hash-rate-analysis-projections-why-bitcoin-should-embrace-quantum-information-science?embedable=true https://hackernoon.com/hash-rate-analysis-projections-why-bitcoin-should-embrace-quantum-information-science?embedable=true Well-deserved, @maken8 ! You have won $1000! @maken8 Here are the next steps to claim your prize: Please contact yes-reply@hackernoon.com and sidra@hackernoon.com using the email ID attached to the winner's HackerNoon account. We will validate your claim and share a form requesting your bank details for reward distribution. You will receive your winnings in 2-4 weeks after filling out the form. Please contact yes-reply@hackernoon.com and sidra@hackernoon.com using the email ID attached to the winner's HackerNoon account. We will validate your claim and share a form requesting your bank details for reward distribution. You will receive your winnings in 2-4 weeks after filling out the form. Please note that you must contact us within 60 days after the winners’ announcement date. Please note that you must contact us within 60 days after the winners’ announcement date. Message from Sponsor GoMining is happy to sponsor the Bitcoin Mining Writing Contest in partnership with HackerNoon. GoMining is a global bitcoin mining company operating nine data centers across the globe. Mine BTC with GoMining NFTs, backed by real computing power, and unlock daily rewards. Start your free trial period today . Start your free trial period today The HackerNoon writing contests primarily aim to celebrate quality content and recruit educational stories for our community. We congratulate all the finalists. However, the Editorial team can ban a writer and/or disqualify a story if we find any misconduct like plagiarism, use of AI, copyright infringement, or disinformation. The HackerNoon writing contests primarily aim to celebrate quality content and recruit educational stories for our community. We congratulate all the finalists. However, the Editorial team can ban a writer and/or disqualify a story if we find any misconduct like plagiarism, use of AI, copyright infringement, or disinformation. Visit contests.hackernoon.com to learn more about running and upcoming contests. P.S. We have new contests for you with $10,000 in prizes! Visit contests.hackernoon.com to learn more about running and upcoming contests. Visit contests.hackernoon.com to learn more about running and upcoming contests. contests.hackernoon.com P.S. We have new contests for you with $10,000 in prizes! P.S. We have new contests for you with $10,000 in prizes!

The Bitcoin Mining Writing Contest  by GoMining: Results Announced! 

GoMining দ্বারা বিটকয়েন মাইনিং রচনা প্রতিযোগিতা: ফলাফল ঘোষণা!

Der Bitcoin-Mining-Schreibwettbewerb von GoMining: Ergebnisse bekannt gegeben!

El concurso de escritura sobre minería de Bitcoin de GoMining: ¡se anuncian los resultados!

Le concours d'écriture Bitcoin Mining de GoMining : résultats annoncés !

गोमाइनिंग द्वारा बिटकॉइन माइनिंग लेखन प्रतियोगिता: परिणाम घोषित!

GoMining によるビットコイン マイニング ライティング コンテスト: 結果発表!

GoMining의 비트코인 채굴 글쓰기 콘테스트: 결과가 발표되었습니다!

Concurso de redação sobre mineração de Bitcoin da GoMining: resultados anunciados!

Конкурс писателей по майнингу биткойнов от GoMining: объявлены результаты!

GoMining'in Bitcoin Madenciliği Yazma Yarışması: Sonuçlar Açıklandı!

Cuộc thi viết về khai thác Bitcoin của GoMining: Công bố kết quả!

GoMining 比特币挖矿写作大赛：结果公布！

In the early days, you could mine Bitcoin with your home computer. Miners who were able to hold onto their financial rewards are worth millions. Today, your chances of finding a block solo are . That's like winning the lottery ten times in a row. The odds of making a profit are tiny. roughly 1 in 57.6 trillion Most mining happens in warehouses or mining farms, not home computers or laptops. Large mining farms with specialized ASIC (Application-Specific Integrated Circuit) miners dominate the network. These ASICs can be 100,000 times more efficient than CPUs. Large-scale operations are squeezing out individual miners in the current crypto landscape. Buckle up as we explore GoMining and NFTs. These disruptive technologies are shaping tomorrow's Bitcoin mining landscape. It seems opportunity is knocking, So how can crypto enthusiasts and investors get in on the crypto-mining action? Get Ready To Discover the history of Bitcoin mining. Unravel the mystery of Proof-of-Work. Meet GoMining, the innovative platform democratizing Bitcoin mining with LBH. Learn how NFTs are changing the game. Take action and put mining power in your hands (and your wallet). This is your chance to ditch the outdated and embrace the future. Whether you're a seasoned miner or a curious newcomer, grab your virtual pickaxe. It's time to dig into the exciting world of Bitcoin mining 2.0! Disclaimer: Your mileage may vary, but the potential is definitely there. Unraveling the History of Bitcoin Mining Bitcoin mining started in 2009 with the Genesis Block mined by Satoshi Nakamoto. This was exciting because it introduced a decentralized way to confirm transactions. This power forever changed the face of monetary practices. Mining and confirming transactions in the world of cryptocurrency have a magical quality. They prevent the risk of spending the same money twice. This essential function is the key to the Bitcoin protocol. It paved the way for what we call "trustless transactions." With blockchain and Bitcoin, you don't need a third party to confirm a transaction. Imagine you're a merchant in Singapore who wants to sell a product or service to a customer in San Francisco. You've never met. How do you know if his money is good? You need a third party, like a bank or credit card company to confirm the funds are available and real. Bitcoin removes this need because the transaction is confirmed on the blockchain. This is a disruptive concept. It changes the way information gets shared and business happens. The buzz around bitcoin and blockchain is all about cutting out the middleman. Bitcoin prices climbed through 2016 to over $900 by the end of the year. In 2017, Bitcoin's price hovered around $1,000 until it broke $2,000 in mid-May and then skyrocketed to $19,345.49 on Dec. 16. The word was out. Mainstream investors, governments, economists, and scientists took notice. The popularity of crypto boomed among tech bros and speculative investors. The hype started attracting more miners into the space. The rapid growth intensified computational requirements. “ ” said the Notorious B.I.G. One problem for Bitcoin was slow transaction speeds. Mo Money Mo Problems, Too many transactions were getting crammed onto the network. It's like driving home in rush hour. Lots of cars on a narrow road at the same time. How can we fix this? Hey, it's code. Software updates allowed for bigger blocks. This is like adding more lanes to the narrow road. And it helped somewhat, but it also created other issues. More complex software needs to run on higher-end hardware. Mining shifts from CPU (Central Processing Units) to GPU (Graphic Processing Units). As demand continued to increase, specific mining solutions emerged. Meet sophisticated ASICs (Application Specific Integrated Circuits). Such advanced hardware enabled faster hash rate processing capabilities. But the progress created huge economic costs. Today mining farms house thousands of ASICs. Their high energy consumption makes mining more resource-intensive. It also increases the impact on the environment. Decrypting the Traditional Mining Process and the Role of Proof-of-Work Bitcoin mining requires dedicated physical machinery. ASICs operate around the clock to decipher cryptographic puzzles. These chips form the brains of the operation, designed only for Bitcoin mining. They deliver unmatched hashing power and efficiency compared to general-purpose hardware. And their energy consumption is unbelievable. What is a Bitcoin Mining Rig? Imagine a high-powered computer, humming away in a room with very low light. Your eyes strain to see more than the flashing blue, red, and green indicators. Fans are whirring. This isn't your average gaming computer. It's a bitcoin mining rig. This specialized machine has one purpose. Cracking complex math problems at lightning speed. These rigs are the workhorses of the Bitcoin network. They compete against each other, racing to solve these problems first. The winner gets a juicy reward: a block of bitcoins. A Bitcoin mining rig requires immense processing power. Where are mining farms located? Think of areas where climates are cool and electricity costs are low. What Is Proof-of-Work? The technical magic fueling Bitcoin’s operation is the “Proof-of-Work” consensus algorithm. It creates an environment where participants compete to solve complex puzzles. The rules are specific. They make altering transactions confirmed earlier almost impossible. The first miner to crack the puzzle gets rewarded with minted bitcoins. Plus, they snag the accruing transaction fees. But change is coming for miners. The current block reward of 6.25 bitcoin is being chopped in half in April 2024. This will impact the wallets of miners worldwide. Remember, these rewards play a major role in their profitability. It's like the cherry on top of their mining sundae. Slicing it in half impacts how they can mine that digital gold. Exploring Innovations: Introducing the GoMining Platform The crypto world is always expanding. Use cases matter a lot. The GoMining platform distinguishes itself by redefining Bitcoin mining mechanisms and practices. They use their own powerful computers to mine bitcoins. Then they divide up all the daily mining rewards into NFTs. By representing specific amounts of bitcoin via NFTs, users can trade or hold them. The company has already mined 38,000 BTC. GoMining has nine data centers across the world that mine Bitcoin. Since 2017, they have been building their operations and growing. Their website shows they have 18,911 NFT holders and sold 48,799 NFTs. This is an innovative project. The focus is on user experience, energy efficiency, and environmental sustainability. Plus, it offers a unique passive income opportunity for investors globally. The GOMINING token is what fuels the GoMining economy. Like gas in a car, GOMINING “powers” GoMining’s NFTs, governance processes, and rewards distribution systems. GoMining brings you tradable LBH NFTs. This opens the door to liquid bitcoin hash rate and the benefits of virtual assets with a bonus. Harnessing the Power of Liquid Bitcoin Hashrate (LBH) Tokens LBH tokens increase the democratization of the cryptocurrency space. These innovative developments are opening up a . new avenue within cryptocurrency investments Imagine being a new crypto enthusiast. Your eyes gleam with at the ever-evolving blockchain world. You've heard of bitcoin mining. But you feel locked out. excitement Remember those powerful mining rigs? They’re out of your reach. It looks like your Bitcoin mining opportunity is floating in a galaxy far away. But wait. Here’s the good news. LBH tokens are here to break down that barrier. You've found a secret backdoor into this lucrative opportunity. LBH tokens can be bought, sold, and, due to its properties, allow holders to mine bitcoin every day. Unlike traditional mining, you don't need to do anything at all for this. Forget grappling with complex setups or investing in expensive hardware. LBH tokens act like little digital mining licenses. Hold them? Now, you're renting out a share of a high-powered mining rig without lifting a finger. Think of it like joining a mining co-op. You pool your resources with others. Then a dedicated team takes care of all the technical heavy lifting. You reap the rewards. Users invest and mine bitcoins without active participation or extensive technical know-how. GoMining redefines what it means to invest in crypto. The company brings BTC mining profits within everyone's reach. GoMining's Revolution in Bitcoin Mining GoMining distinguishes itself by incorporating NFTs and LBH into its operations. There are plenty of cornerstones underpinning its potential. But these innovative technologies make GoMining shine. The company is demystifying the complexities around Bitcoin mining. This means more people can take part in this lucrative industry. It encourages broader participation. It promotes decentralization. GoMining provides an accessible platform for both experienced and novice crypto enthusiasts. The future of the crypto space continues to evolve. Bitcoin mining will see more technological advancements. The spot Bitcoin ETF has increased institutional participation. We can expect a greater demand for environmentally friendly practices. New regulatory frameworks will develop around the world. Now, imagine if everyone has access to these new digital asset opportunities. Without the overwhelming complexity. To get started, visit the GoMining website and . Put your toes in the water, or take a deep dive into the new wave of Bitcoin mining. create a 7-day free NFT

Is Bitcoin Mining Dead? GoMining and NFTs Say "Not So Fast!"

বিটকয়েন মাইনিং কি মৃত? GoMining এবং NFTs বলে "এত দ্রুত নয়!"

Ist Bitcoin-Mining tot? GoMining und NFTs sagen „Nicht so schnell!“

¿Está muerta la minería de Bitcoin? GoMining y NFT dicen "¡No tan rápido!"

Le minage de Bitcoin est-il mort ? GoMining et les NFT disent « Pas si vite ! »

क्या बिटकॉइन माइनिंग ख़त्म हो गई है? गोमाइनिंग और एनएफटी कहते हैं "इतनी जल्दी नहीं!"

ビットコインマイニングは終わったのか？ GoMining と NFT は「それほど速くない!」と言う

비트코인 채굴은 죽었는가? GoMining과 NFT는 "그다지 빠르지 않다!"라고 말합니다.

A mineração de Bitcoin está morta? GoMining e NFTs dizem “Não tão rápido!”

Биткойн-майнинг мертв? GoMining и NFT говорят: «Не так быстро!»

Bitcoin Madenciliği Öldü mü? GoMining ve NFT'ler "O Kadar Hızlı Değil!" Diyor

Khai thác Bitcoin có chết không? GoMining và NFT nói "Không nhanh như vậy!"

比特币挖矿已经死了吗？ GoMining 和 NFT 说“没那么快！”

Bitcoin (BTC) was the first cryptocurrency to be created and, over the years, has maintained its relevance and value in the crypto space. Like other cryptocurrencies, you can easily purchase BTC from exchanges like and . However, a more traditional way of acquiring BTC is by mining. Binance Coinbase Mining uses computational power to solve complex mathematical problems that validate transactions on the blockchain. In return for this service, miners are rewarded with BTC. This mining process is usually tedious and expensive as it requires a lot of computational power and electricity. You'd need a mining rig (high-end computers) with a high hash rate and a lot of electricity to mine BTC. However, there is a way to mine BTC without spending much money on mining rigs and electricity. This is where Gomining comes in. Gomining is a BTC mining platform that allows you to mine BTC by purchasing NFTs. They allow you to enjoy the benefits of mining without spending much on mining rigs and electricity. All you need to do is purchase an NFT, and mining begins 24 hours after your purchase. In this article, you'll understand BTC mining while dissecting the conventional way of mining BTC. Additionally, you'll learn how to mine BTC with NFTs using the Gomining platform. What is BTC mining? Bitcoin mining is the process through which new bitcoins are generated, and transactions are securely added to the blockchain. When someone makes a Bitcoin transaction, the mining process gets triggered and broadcasted to a network of nodes (also known as miners). These miners collect and bundle these transactions into blocks every 10 minutes. Each block contains a list of transactions, a timestamp, and a reference to the previous block. To add a block to the blockchain, miners must solve a complex mathematical puzzle. Miners compete against each other to be the first to solve the puzzle. The first one to solve this puzzle broadcasts the solution to the entire network. Other miners quickly verify the solution, and the new block is added to the blockchain if it's correct. As a reward for their efforts, the successful miner receives a certain number of newly created bitcoins. This is known as the block reward. The block reward is halved every 210,000 blocks (roughly every four years). The current block reward is . 6.25 BTC This entire process ensures the security and integrity of the Bitcoin network. The difficulty of the mathematical puzzles adjusts over time to maintain a consistent rate of block creation. This means that the more miners there are, the more difficult it is to solve the puzzle. What is an NFT? NFTs, or Non-Fungible Tokens, are like digital certificates of ownership for unique items in the online world. Think of them as a kind of special, digital collector's item. Unlike regular cryptocurrencies, each NFT is distinct and can represent digital art, music, videos, or even virtual real estate. When you own an NFT, you're not just owning a file; you're holding a digital asset with provable ownership, thanks to the underlying blockchain technology. This technology acts like an unforgeable certificate, ensuring your ownership is transparent, secure, and permanently recorded. Unlike traditional cryptocurrencies like Bitcoin, where each unit is the same as the next, NFTs are one-of-a-kind. They carry a unique identifier, making them distinguishable from any other token. How to mine BTC with NFTs You've learned about the conventional BTC mining procedure and how it requires a lot of computational power and electricity. You've also learned about NFTs and how they can be used to represent digital assets. You may be wondering how NFTs can be used to mine BTC. Well, stop because Gomining already figured that out. What is Gomining? is the future of BTC mining. It is a BTC mining platform that allows you to mine BTC daily without spending tons of electricity. All you need to do is acquire an NFT, and mining begins 24 hours after your purchase. Gomining This platform has nine data centers worldwide, with bitcoin-mining equipment running 24/7. A team of experts maintains this equipment, which is constantly upgraded to ensure maximum efficiency. When you purchase an NFT from Gomining, you're not just acquiring a digital collectible; you're gaining a share of the power generated by their real mining machines. These NFTs represent a portion of the total energy and computational capacity, giving users a stake in the mining process. In the world of NFTs, Gomining has redefined the game. They introduce the concept of through NFTs. Liquid Bitcoin Hashrate (LBH) Unlike traditional NFTs limited to digital art, Gomining's NFTs represent a share of the liquid Bitcoin hash rate, allowing holders to mine Bitcoin passively daily without any active involvement. How does the Gomining platform work? Gomining connects specialized mining equipment to their data centers, a process managed by their professional team. Instead of users dealing with the complexities of mining, Gomining simplifies the entire process by creating NFTs that mirror the properties of real mining equipment. Each NFT corresponds to a specific amount of power (TH/s) and energy efficiency (W/TH) tied to a real miner in one of their data centers. By purchasing an NFT, users essentially acquire a portion of a real miner's capabilities, entitling them to daily Bitcoin rewards. The more powerful the NFT, the more mining capacity it represents. Gomining provides a straightforward and profitable way to mine Bitcoin. Your NFTs generate profits the day after purchase, eliminating the need for individual equipment maintenance. Additionally, Gomining claims to offer the lowest electricity prices required for mining BTC, making it an attractive entry point with NFT prices starting at around . $30 Steps to start mining BTC with Gomining NFTs The following steps will guide you on how to mine BTC with NFTs on the Gomining platform. This tutorial will use the free NFTs provided by Gomining to demonstrate the process. Step 1: Create a Gomining account To create a Gomining account, follow the steps below: Visit the and click on the button. official Gomining website Get Started You'll be redirected to the NFT marketplace. Click on the button to create an account. Get Started You can use your email address or a custodial wallet like Metamask to sign up. After this, you'll need to verify your email address. Click the verification link sent to your email address to verify your account. Step 2: Sign up for the free NFT trial After creating your account, you'll need to sign up for the free NFT trial. This will allow you to mine BTC for free for seven days. To sign up for the free NFT trial, follow the steps below: Navigate to the section of the Gomining website and click on the option. NFT Game Game Click on the of the pop-up that appears. Start for Free button Step 3: Watch your NFT mine BTC Once your trial begins, you can see your NFT in your Gomining wallet. To view your NFT, navigate to the tab on the left side menu and select the option. My NFT NFT miners To view your total rewards earned from your NFT, you can navigate to the tab under the section. Dashboard My NFT You will only see your rewards after 24 hours of purchasing your NFT. Although this is just a trial NFT, you can follow the same process to purchase a real NFT and start mining BTC. The Gomining platform offers various NFTs with different hash rates and prices. You can purchase an NFT that suits your budget and start mining BTC. Conclusion In this article, you've learned about BTC mining and how it requires a lot of computational power and electricity. You've also learned about NFTs and how they can be used to represent digital assets. Finally, you've learned to mine BTC with NFTs using the Gomining platform. You can now start mining BTC without spending much money on mining rigs and electricity.

How to Mine Bitcoin Using NFTs With GoMining

New year, brand new writing contest! Welcome to the Bitcoin Mining Writing Contest by GoMining and HackerNoon. This is your chance to share your Bitcoin Mining story in January and win 1,000 USDT!  You are encouraged to write a great piece on - unravel its history, dissect its mechanics, and forecast its future! #bitcoin-mining Whether you're working on the environmental impact of bitcoin mining, charting the evolution of mining hardware, or envisioning the role of mining in the years to come, this contest invites you to contribute your unique thoughts, ideas, insights, and experiences. We encourage you to explore the and discuss the role of NFTs and  Liquid Bitcoin Hashrate (LBH) in Bitcoin Mining. GoMining platform Need more ideas to write on? Click on to see some suggestions. See stories on the tag for more ideas and inspiration. this template #bitcoin-mining About GoMining GoMining is a global bitcoin mining company operating nine data-centers across the globe. Mine BTC with GoMining NFTs, backed by real computing power, and unlock daily rewards. . Start your free trial period today The Bitcoin Mining Writing Contest: Rules & Guidelines You must be 18+ to enter. Story content can be any original story on . bitcoin-mining You must create a HackerNoon account, as winners will be contacted via email. Your submission should fulfill our editorial guidelines. Can I write under a pen name? Yes! You can use your real name on your HN profile or even create a persona to write under. How do I enter the contest? Connect your HackerNoon account with your Web3 wallet. Details . here Log into HackerNoon with your Web3 wallet to submit your entry. Click on to enter the contest. this template Write your piece and ensure it aligns with the chosen topic. Hit the submit button! How long will the contest run? Jan 1st - Jan 31st, 2024 Round 1: Feb, 2024 Winner Announcement: Can I submit more than one entry to the contest? Of course you can! Each story submission shall be considered a new entry into the writing contest. Is there a word limit for the submissions? Our minimum requirement is 500 words. There’s no upper limit. You can use as many words to share your story. Can you use AI to write a story? Sure, you can! We will notice it, though, and you will be disqualified 😇 Humans can write beautifully - and we can’t wait to read beautiful human submissions. How are the winners selected? We’ll take the top 10 story submissions, factoring in originality, relevance, reads, and reading time. Those ten stories will be voted on by HackerNoon staff and experts, and the top story with the most votes will win. You can use . this template to enter the Bitcoin Mining Writing Contest We are waiting for your submissions. All the best, hackers! Visit contests.hackernoon.com to keep updated with the new and upcoming writing contests.

The Bitcoin Mining Writing Contest by GoMining 

GoMining দ্বারা বিটকয়েন মাইনিং লেখার প্রতিযোগিতা

Der Bitcoin-Mining-Schreibwettbewerb von GoMining

El concurso de escritura sobre minería de Bitcoin de GoMining

Le concours d'écriture Bitcoin Mining par GoMining

गोमाइनिंग द्वारा बिटकॉइन माइनिंग लेखन प्रतियोगिता

GoMining によるビットコイン マイニング ライティング コンテスト

GoMining의 비트코인 채굴 글쓰기 콘테스트

O Concurso de Escrita sobre Mineração de Bitcoin da GoMining

Конкурс писателей по майнингу биткойнов от GoMining

GoMining'in Bitcoin Madenciliği Yazma Yarışması

Cuộc thi viết về khai thác Bitcoin của GoMining

GoMining 举办的比特币挖矿写作比赛

Hey Hackers, has been nominated in HackerNoon's annual Startup of the Year awards in BVI. GoMining Please vote for us ! here Read more about us below to understand why we deserve your vote. Meet GoMining GoMining is the game-changer in the world of crypto mining! Our mission is to provide people with a simple, affordable, and profitable way to participate in Bitcoin mining through our innovative NFT mining model. With GoMining, anyone can easily purchase NFTs representing miners and enjoy daily Bitcoin payouts directly to their wallets. Gone are the days of inaccessible mining due to high entry costs and complex operations – we are here to make mining a lucrative opportunity for all! What sets GoMining apart is our commitment to democratizing the mining industry. By leveraging NFTs, we have created a user-friendly platform that eliminates the need for expensive equipment and technical expertise. Our seamless interface allows anyone to engage in mining and enjoy the consistent profits that come with it. Our Role As the GoMining team, we are developing and implementing our groundbreaking NFT mining model and utility token, GOMINING Token. As part of our ecosystem, GOMINING offers multiple benefits to users, including discounts when purchasing NFT miners, paying for service and electricity, access to our mining game, and participation in the governance of the GoMining platform based on GOMINING holdings. GOMINING holders have the power to participate in important decisions, such as platform upgrades, fee structures, and new features, giving them a voice and actively shaping the future of Bitcoin mining. Through our tokenomics, we strive to create a community-driven ecosystem that fosters collaboration and ensures the best interests of our users are represented. How We're Improving the Bitcoin Mining Industry At GoMining, we continuously strive to improve the crypto-mining industry by introducing innovative solutions that enhance accessibility and efficiency. In addition to our NFT mining model, we are excited to introduce the Liquid Bitcoin Hashrate Protocol, a groundbreaking development that revolutionizes the mining landscape. With the Liquid Bitcoin Hashrate Protocol, we are introducing a new way to optimize the utilization of mining equipment. This protocol comes with several benefits for participants in the mining ecosystem. It offers an avenue for those who don't own mining equipment to benefit from the mining process by purchasing hashrate tokens. It also enables existing miners to monetize their unused hashrate, reducing idle resources and maximizing profitability. This innovation adds an additional layer of efficiency and accessibility to the mining industry. Our mission is to empower users with the tools and opportunities they need to succeed in the ever-evolving crypto world while making it more accessible and cost-efficient for individuals of all backgrounds to participate in and benefit from the potential of cryptocurrency mining! What Makes Us Stand Out Besides Liquid Bitcoin Hashrate, what sets GoMining apart is our comprehensive ecosystem built around GOMINING Token. With GOMINING, users can access various perks and rewards within our platform. GOMINING grants holders participation in the governance of the GoMining ecosystem. This means GOMINING holders have a voice in important decisions such as platform upgrades, fee structures, and new features. From discounted NFT purchases to bonus payouts and participation in governance decisions, GOMINING holders are at the heart of the GoMining community. Our commitment to providing a seamless interface between humans and digital currencies reinforces our mission to make mining accessible and lucrative for all. Our Thoughts on the Bitcoin Mining Industry in 2023 As a bitcoin mining industry professional, we have evaluated the current state of the crypto and bitcoin mining industry based on various sources. The industry is currently experiencing both challenges and opportunities. One concern raised in discussions is the potential risk faced by medium and small bitcoin miners, particularly due to the increasing electricity costs and the competitiveness of larger mining operations. However, it is important to note that despite a challenging market, bitcoin miners have shown resilience and can navigate through these difficulties. Looking ahead to 2023 and beyond, the profitability of crypto mining will continue to be a significant consideration. The profitability of crypto mining in 2023 raises important points about factors such as the efficiency of mining hardware, electricity costs, and the price of cryptocurrencies. While predicting the exact outcome is challenging, if these factors are managed effectively, and there is continued growth in the adoption of cryptocurrencies, mining can still be profitable. Furthermore, indications of a new bullish cycle in the bitcoin market suggest potential positive changes ahead. Reports of a significant increase in bitcoin's value and gains of up to 70% have provided optimism for the industry. This aligns with the discussion on whether we will witness another Bitcoin bull market in 2023. While no one can predict the future with certainty, the positive sentiment and bullish indicators suggest that there is potential for a price surge in the coming years. The involvement of financial giants is another indication of the increasing interest and legitimacy of Bitcoin mining. Big investments not only contribute to the growth and development of the industry but also signify the confidence and potential opportunities that exist within the crypto-mining space. Why we decided to participate in HackerNoon's Startup of the Year awards We decided to participate in HackerNoon's Startup of the Year Awards because it is an incredible opportunity for GoMining to showcase our groundbreaking NFT mining model and its impact on the crypto mining industry. At GoMining, we are revolutionizing mining by making it more accessible and profitable for individuals. By participating in this event, we have the chance to connect with industry experts, gain exposure, and attract potential investors who are aligned with the values and vision of the Web 3 ecosystem. We are excited to be part of the HackerNoon community and share our innovative approach to mining with a wider audience. Final Thoughts GoMining is the ultimate startup to watch, use, and invest in. With our disruptive NFT mining model, we are revolutionizing the crypto mining industry, making it accessible, user-friendly, and profitable. Our platform is designed with simplicity in mind, ensuring a seamless experience for users of all backgrounds. Through the power of the GOMINING Token, we offer a unique opportunity for investment with the potential for high returns. Join us as we redefine the future of mining, empower individuals to participate, and pave the way for a new era of financial growth. Take advantage of being part of the GoMining success story - it's time to mine and thrive together Gomining is nominated as Startup of the Year in British Virgin Isles, Vote for us today!

How GoMining Democratizes the Mining Industry

কিভাবে GoMining খনির শিল্পকে গণতান্ত্রিক করে তোলে

Wie GoMining die Bergbauindustrie demokratisiert

Cómo GoMining democratiza la industria minera

Comment GoMining démocratise l’industrie minière

गोमाइनिंग कैसे खनन उद्योग का लोकतंत्रीकरण करती है

GoMining はどのようにして鉱業を民主化するのか

GoMining이 광산업을 민주화하는 방법

Como GoMining democratiza a indústria de mineração

Как GoMining демократизирует горнодобывающую промышленность

GoMining Madencilik Sektörünü Nasıl Demokratikleştiriyor?

Cách GoMining dân chủ hóa ngành khai thác mỏ

GoMining 如何使采矿业民主化

In the popular imagination, Bitcoin mining is like digging in the Copernicus Crater–as daunting as a lunar mission. The costliness and technical demands of the enterprise dissuade many from plunging into this lucrative endeavor. Yet, this was not always the case. How did we get here, and where are we going? In the beginning, the puzzles were easy. All you needed was a PC with a standard CPU. Back then, you received 50 Bitcoins (BTC) for successfully adding a block to the network. The potential value of Bitcoin was not widely recognized. 50 BTC, hardly worth a penny then, is now worth over 2 million USD. Of course, few could foresee the valuation Bitcoin would eventually garner. Case in point: Laszlo Hanyecz, who bought two pizzas for 10,000 BTC. He claims he has no regrets, but most (understandably) balk at this claim. As demand climbed and competition between miners intensified, basic CPUs would no longer suffice. They were first replaced by GPUs, which could keep the BTC rolling in by bringing more power to the table. GPUs (Graphics Processing Units) were now quickly cracking the increasingly difficult puzzles posed by the blockchain. This epoch also saw a shift towards communal mining, as mining pools formed to leverage their combined resources to improve their odds of all parties benefiting. Alongside Bitcoin’s swiftly ascending price, mining would continue to evolve, albeit in a punctuated fashion. Only 2 years after the Genesis Block was added to Bitcoin’s ledger, a third generation of hardware would come, FPGAs. Field Programmable Gate Arrays (FPGAs) brought more precision, as they allowed hardware and software to be customized to optimize the process. Miners could add custom code to juice up their virtual drill rigs to extract what was now digital gold. The downside was that the venture became more specialized, expensive, and intensive, a trend that continues up to the present. But with the price of a single Bitcoin at $5 in 2011, it was worth it, even to those who did not anticipate further growth. The First Halving The following year would witness BTC’s first halving. Now miners would only earn 25 BTC for adding a block. 2013 would see a watershed innovation with the introduction of Application-Specific Integrated Circuits (ASICs). Unlike their predecessors, they were devised specifically to mine Bitcoin. Unsurprisingly, the network's hashing power spiked tremendously when ASICs entered the fray. The advent of ASICs ushered in an ongoing arms race for the latest and greatest. Chip size has steadily decreased, allowing efficiency to escalate. But what about now? Let’s Go Mining As BTC became still more sought after, mining farms—operations that house a plethora of ASICs–sprung up wherever electricity was cheap and plentiful. All of this has made it exceedingly difficult for the lone miner to prosper. However, a solution is at hand. is a platform where users can purchase NFTs to own a portion of a sophisticated mining farm. This is a way to re-democratize Bitcoin mining. team of experts handles the tech-intensive tasks needed to excel in the contemporary landscape, taking care of all the required programming and upkeep. GoMining GoMining’s This gives casual users a way to be gainfully involved in the mining process. But the platform is just for newcomers. not It is also a welcome relief for those who have the desire (but not the time or capital) to invest in a Bitcoin farm, as it obviates the headaches that come with implementation and maintenance. By drastically lowering barriers to entry, is making mining accessible again; this could alter the ownership landscape. The democratization of Bitcoin mining could lead to a more diverse group of miners and potentially a more stable network. GoMining This diversity is crucial, as the concentration of mining power in the hands of a few large players has long been at odds with the decentralized ethos behind blockchain. Thanks to , Bitcoin has come full circle. GoMining

The New Secrets of Successful Bitcoin Miners

Across Africa, live without electricity. If you deep it, that's nearly half the entire population sitting in the dark. Even in places with power access, month-long blackouts are common. over 600 million people In the much smaller country of Malawi, have access to the grid. And most of those lucky few live clustered in cities, not scattered across rural areas. only 11% of citizens But One Village Defies the Odds — Bondo Nestled on the slopes of Mount Mulanje, Bondo is a small village that used to live in the dark. For years, it had no hope of getting connected to the national grid. But things changed when Gridless — a Kenyan company that designs, builds, and operates Bitcoin mining sites — installed a micro-hydro mini-grid in the village. The mini-grid harnesses the power of water to generate electricity, which is then used to mine Bitcoin. By mining Bitcoin, Gridless not only earns income to sustain the mini-grid but also provides affordable electricity to over 1,800 homes in Bondo. Erik Hersman, the CEO of Gridless, said: " ." We are not just mining Bitcoin, we are mining hope The electricity has brought many benefits to the villagers. They can now use light bulbs, fridges, TVs, and phones in their homes. They can also start businesses, preserve food, store medicine, and study at night. The women in Bondo are particularly pleased with the development. They told Ian Birrell, the journalist who first reported about the story, that: "Before, our husbands would lie about going to watch football when they were cheating on us. But now with TVs in our homes, they can't use that excuse anymore!” Truly, Africans Can't Use “No Electricity” As an Excuse Anymore Crypto and blockchain adoption is on the rise across Africa. Nigeria has the highest crypto ownership rate in the world, with 47% of its population having used or owned crypto. Kenya, Ghana, and South Africa also rank among the top countries for crypto adoption. Overall, Africa accounts for over $90 billion in cryptocurrency transactions every year. Yet despite this growth, most activity remains concentrated in urban areas, confined to speculative trading rather than real-world usage. And while Bitcoin mining sustainable energy usage globally, stories showcasing this development remain rare in Africa. has reached 54.5% Efforts to expand electrification in Africa have often struggled, as new technologies feel too risky and communities lack the infrastructure to benefit from them. Some blame poor leadership, but the root cause is the systemic underutilization of the continent’s abundant energy resources. Consider these facts: Africa has almost unlimited solar potential, estimated at 11 terawatts, but only a fraction of it is used. It has abundant hydro resources, estimated at 350 gigawatts, but only 5-6% of them are exploited. It has over 100 gigawatts of wind potential, but only 2% of it is utilized. In addition to these untapped resources, the continent boasts a strong human capital, with technical and entrepreneurial talent. African startups raised $5 billion in 2022, a record high. As Malado Kaba, former finance minister of Guinea, put it: "Africa has all the ingredients for an economic breakthrough if it can activate its raw potential." By cleverly tapping into Bitcoin's promise, the village of Bondo has written a script that other African nations can follow. And in doing so, it just might have established a paradox too: How Can an Isolated Village Finance Electricity Access in Ways Even Major Cities Cannot Yet Deliver? The answer lies in innovation - powering a microgrid through Bitcoin mining. Cryptocurrency mining is hugely energy intensive, with Bitcoin alone consuming (TWh) every year - more than the annual consumption of many countries. This intensity stems from Bitcoin's complex Proof of Work (PoW) system. around 143 terawatt-hours In contrast, Sub-Saharan Africa's per capita energy consumption stands at just 180 kWh. Currently, Africa's total electricity demand is 700 TWh, with North African economies and South Africa accounting for over 70%. Mining Bitcoin requires a voracious appetite for energy. The average Bitcoin miner , enough to power a typical American household for six weeks. Yet, despite this demand, major African cities still struggle to meet needs. generates 1,173 kilowatt-hours per transaction South Africa experiences frequent power outages despite having the most electrified grid in Africa. Nigeria's large gas reserves fail to provide stable electricity for its 200 million citizens. Short-term solutions like generators often fail due to high costs. Remarkably, rural villages like Bondo in Malawi have self-financed electricity access in ways megacities cannot. Companies like Gridless have sustainably electrified homes by tapping into Bitcoin mining revenues. The miners secure blockchains while earning enough to maintain village micro-grids. These projects show the benefits of decentralized off-grid solutions for rural electrification. They avoid the high costs and inefficiencies of extending national grids. They also prevent the instability and corruption of state-owned utilities. They use renewable energy sources like micro-hydro, which have less environmental impact than large dams or diesel. And they enable 24/7 mining, which allows for flexible and affordable pay-as-you-go pricing. But Scaling Them Remains Difficult Easier to say what happened in Bondo can happen anywhere else, but the truth is that scaling is difficult. Many villages lack the technical expertise and funding to set up and maintain such systems, while investors are wary of the risks and uncertainties in rural areas. These challenges require the involvement of NGOs, who can help with community education, project development, and capital mobilization. Gridless echoes the need for collaborative approaches to scale these solutions. Eric Hersman was quoted as saying: " We believe that Bitcoin mining can be a catalyst for energy access, but it needs to be done in a way that is respectful of the environment, the culture, and the laws of each country." Beyond Bondo, there are other projects that use digital currencies to drive innovation. In South Africa, Sun Exchange has solar microgrids that allow people to buy and sell solar power using Bitcoin. In Kenya, Powerhive and BitLumens enable pre-paid power meters that accept mobile money and cryptocurrencies. These projects decentralize energy access and empower local communities. Using cryptocurrencies for rural electrification means innovators can also provide banking services and clean energy to the unbanked. However, some regulators have banned or restricted crypto mining, citing environmental and security concerns. These policies ignore the potential benefits of crypto mining for energy access and development and create obstacles to scaling these solutions. For remote villages, crypto mining enables self-reliant development. By using renewable energy sources and digital currencies, they can improve their living standards and economic opportunities, without depending on external aid. Such innovation could also inspire major cities struggling with blackouts and pollution. The Key to Sustainable Adoption of Bitcoin Mining Is in Starting Small Blockchain mining typically means warehouses full of specialized computers consuming vast amounts of electricity. Yet, in off-grid African villages, we find an overlooked opportunity: blockchain technology strategically empowering energy-poor communities. Starting small and local is key to unlocking blockchain's full potential. Too often, innovation targets the ecosystems with the greatest preexisting resources and demand - cities and governments. But the real test comes when expanding access and opportunity to those with the greatest marginalization and need. Companies like Gridless embody this approach. Rather than building urban-first, they establish village-level renewable microgrids able to sustainably mine crypto. This simultaneously earns them income while powering local homes with affordable, off-grid electricity. The community-governed approach offers several benefits: Financial tools for the unbanked through crypto New business opportunities and jobs for entrepreneurs Funding for local health and conservation efforts Most critically, it gives people direct agency rather than relying on centralized authorities. Locals can now self-finance and self-operate the energy infrastructure uplifting their standards of living on their own terms. Scaling this promise requires collaboration. Governments can pilot projects and develop crypt-friendly policy environments. Investors like can participate through sustainable funding models benefitting both communities and shareholders. But at the core, solutions must be co-designed alongside locals rather than imposed top-down by outsiders. GoMining The future looks hard, but signs of hope exist even in darkness. When focused on human needs, blockchains can empower people to uplift themselves. And "starting small" turns sparks into flames. So, while mining may conjure images of warehouses and megawatts, its most pioneering edge may sprout from the overlooked soil of villages. For here, people are positioned to shape their own decentralized energy futures. Note: If you enjoyed this story, please subscribe for alerts on new posts. I'm also open to collaboration :)

No Power Grid? This African Village Mines Bitcoin for Electricity

Much has been said about Bitcoin, Decentralization, Web3, NFTs, and all the popular buzzwords. However, one thing a lot of us still have yet to realize is the significance of cryptocurrency, ushered in by the launch of Bitcoin in 2009. To understand this very well, let us explore how we got here in the first place. Going down history lane, Gold was the longest-serving means of exchange and monetary system, offering the world a means to interact across diverse backgrounds, and providing a common ground for economic dealings. It was widely adopted for its upside to prevent inflation while maintaining price and foreign exchange stability. This Gold Standard reigned from about 500 BC till the fall of this system 5000 years later, traceable to , which was largely influenced by political affiliations and international indebtedness. World War I Gold became valuable as money not because it was tangible but rather because of all of its combined qualities. Above all, Gold is extremely durable, fungible, and rare. Although Gold had several advantages over previous forms of money, its inability to be transported easily and its vulnerability to centralization led to its demise, and the dollar eventually replaced it as the medium of exchange. From a Reserve-Backed Currency to a Debt-Backed Currency After the emergence of paper money in the 18th Century, which slowly engulfed the acceptance of the gold monetary system, the saw a total disconnection from the US Dollar as the globally acceptable currency in 1976. gold standard This marked the beginning of the current financial system the world has been working with up till now- the fiat system. "We have gold because we cannot trust governments." -President Herbert Hoover Unlike Gold, the fiat system does not have any backing aside from government orders or the military (guys with guns), and its system is proudly financed by debt. Why all these stories? It's essential to evaluate the magnitude of the Cryptocurrency revolution, which is an upgrade on the financial system brought to us by the Gold standard. To highlight, the dollar fiat system, which was based on the monetary characteristics of base metals rather than the features of the dollar itself, was created as a response to the inherent limits in the convertibility and transferability of Gold. Additionally, the system's foundation at first was trust: take dollars with the understanding that they would eventually be exchanged for Gold at a certain price. Primarily, the system came about from the limitation and eventual failure of Gold as money; without Gold, the dollar would not have been created as it is today. Bitcoin and Gold Mining When it comes to the integrity of producing the currency, only Gold and Bitcoin have a trusted mode of production as they are either naturally endowed and mined from the earth's crust, the same as Bitcoin, which is mined in real-time and offers a transparent system to maintain a sustainable ecosystem. , a network of decentralized nodes imposing a shared set of consensus rules, and a strong mining network guaranteeing the integrity and immutability of Bitcoin's transaction record are the three main mechanisms that safeguard and reinforce the emergent monetary features of the cryptocurrency. Cryptography When comparing fiat and cryptocurrency, the monetary qualities that emerged and are inherent in bitcoin are in sharp contrast to the dollar system and its absence of monetary traits. While bitcoin scarcity is absolute, dollar scarcity is relative. Bitcoin is not founded on trust; the dollar system is. The quantity of bitcoin is controlled by a consensus of market players, as opposed to a central bank that controls the supply of dollars. While the quantity of bitcoin is completely unrelated to the function of credit, the supply of dollars is inextricably linked to the scale of its credit system. Furthermore, the cost of creating dollars is almost nil, but the cost of creating bitcoin is real and constantly rising. In the end, the monetary characteristics of Bitcoin are emergent and becoming more and more unpredictable, whereas the dollar is intrinsic and becoming more and more manipulable. Bitcoin as an Equitable Means of Participation in a Just Financial System Despite the green flags from Gold's uniqueness, ordinary men do not have the power to mine or participate in the production of Gold. It is strictly reserved for the government as it owns the land. This, over time, put the commonwealth of the nation in the hands of a few elites. We argued that the fiat system is being backed by debt and enforced by the government, which made it centralized; Gold also suffered the same fate, which was responsible for its decline as a globally acceptable system. Fortunately, in our lifetime, there emerge possible solutions to these problems - Bitcoin, being the first cryptocurrency that has been under research for the past 40 years, finally came with a seemingly equitable system to give every human a say in the financial construct of the world they live in. From trusting the fortune of the entire humanity to a selected few, bitcoin offers a trustless system where individuals have an equal right to shape their financial future. Not only that, bitcoin marked the transformation from a centralized system to a decentralized system, all thanks to its public ledger system -The blockchain which singlehandedly serves as the network, database, and computer where everything occurs. Everybody can now have a say in the mining of their currency, i.e., bitcoin. There's no more fear of funny money being introduced into the economy through false printing of cash. As the process of producing cryptocurrency is expensive and immutable - no room for double spending or counterfeiting. Apparently, the world has now been given the golden opportunity to have a currency and an asset in one globally efficient means of exchange -Bitcoin. It's obvious that crypto is still in its infant stage, and there have been a lot of challenges facing it, from anonymous scams and hacks to battles with traditional finance, seeing it as a threat, and other common problems. Regardless, it's still the beam of hope of an equitable system, evident in all the processes involved in sustaining this ecosystem, from the mining, validation, block creation, issuance, and circulation of these digital assets. The Future of Bitcoin Mining featuring NFTs and LBH You've come this far; It won't serve this piece well if we don't talk about Bitcoin mining and what the future holds. Note that the process of producing new bitcoins using specialized hardware and software to solve challenging mathematical equations is referred to as bitcoin mining. It is among the most crucial components of the Bitcoin network since it guarantees the dependability and security of the entire setup. This procedure is essentially characterized by appending transaction records to the blockchain, which is Bitcoin's public record of previous transactions. Because it is a chain of blocks, this historical transaction log is known as the blockchain. The blockchain is used to verify transactions that have occurred to the other members of the network. This process of producing new bitcoins is where miners come in. What does it take to mine Bitcoin? Without mincing words, Bitcoin Mining is a labor-intensive operation that needs certain technology and software. Individual miners may find it challenging to compete as mining becomes more expensive as mining difficulty rises. Moreover, miners may find it challenging to forecast their earnings because of the volatility of the bitcoin price. Ultimately, because mining involves the use of specialized machinery that consumes a lot of energy, the effects on the environment can be substantial. Due to the specialized technology needed for this process, mining can also have a large negative impact on the environment as much energy as Argentina as a whole is reportedly used in Bitcoin mining. How to Mine Bitcoin Individually without leaving the comfort of your house The evolving nature of the crypto ecosystem has always paved the way for different innovations; one of these beautiful inventions is the Liquid Bitcoin Hashrate (LBH), a tokenized concept to give individuals access to bitcoin mining anytime, anywhere around the world. This innovation was first introduced by a reputable crypto firm known as Gominnig, which owns bitcoin mining data centers across multiple places and uses the technology of NFT (Non-Fungible Token) to offer users unique access to mine bitcoin. Essentially, GoMining is a bitcoin mining company that offers settlement layers and investment vehicles so that cryptocurrency investors can engage in bitcoin mining and earn profit in BTC without having to deal with the headache of managing their own mining hardware. Through their GoMining NFT, a digital asset that represents a share of hashrate or processing power, the project is able to provide "virtual" bitcoin mining. That is, the more your part of BTC that is mined, the more processing power you possess on GoMining's servers. This laudable project has seen notable figures like advocate for its authenticity and easy gateway for anyone interested in Bitcoin mining. Khabib Nurmagomedov Anyone may mine Bitcoin with NFTs using GoMining. You can play the NFT Game for free for 14 days and get daily BTC rewards if you wish to test out this novel idea. To register, you don't even require a credit card. You will be given a trial miner that increases computing power to 1TH and energy efficiency to 35 W/TH during the trial period. Note that only new users who have never owned NFTs from The Greedy Machines are eligible for this deal. With GoMining NFTs, you may begin the free NFT Trial and receive daily Bitcoin incentives just like you would if you had a real NFT. You also receive discounts on maintenance fees and complete access to all of the NFT Game section's solo mining mode features. The incentives are saved to your virtual balance, which is the sole distinction. Unless you purchase an NFT, the benefits you accrue during your trial time will stay frozen. When you purchase and acquire one, you can unfreeze and move GoMining NFTs from your virtual balance to your actual Bitcoin wallet. That's the power of decentralized finance, where everyone is given the right to contribute to the financial well-being of the universe. With the recent SEC approval of , we hope the crypto dominance continues to gain ground, and the impressive technology that powers it continues to make our world a better place for habitation. Bitcoin Spot ETF

Bitcoin Mining 2.0 - NFTs and LBH Revolution

Bitcoin ( ) stands as the world's pioneering blockchain-based cryptocurrency, often referred to as digital gold. Over more than a decade, BTC has overcome numerous challenges. Now, we are on the verge of a significant event— the point where no new BTC can be mined, as it is predetermined to be capped at 21 million. Nowadays, BTC mining has created heated debates regarding its energy-hungry consensus algorithm, ). Miners get rewards for utilizing their computing resources to validate the transactions and a huge amount of energy is required to operate their mining equipment. Miners are employing various energy resources, but a significant concern revolves around the environmental impact, particularly the greenhouse effect, due to their excessive energy consumption. BTC Proof-of-Work (PoW On the other hand, ) has transitioned to switch its PoW consensus algorithm to the energy-efficient Proof-of-Stake (PoS) algorithm. After the well-planned “ ” event, Ethereum developers introduced the PoS-based Beacon chain which has further assisted in cutting energy consumption by 99.95%. A question may arise here i.e. “ ”There are so many unfavorable factors that have made BTC’s transition into a PoS-based system almost impossible. I have already shared an in-depth study of this in a . Now, let’s explore some more detailed insights into BTC mining and its future. Ethereum (ETH Merge What if BTC is also switched from its PoW to PoS consensus algorithm? Hackernoon post Understanding what BTC mining is: The Bitcoin blockchain network consists of a chain of blocks. Each block consists of important information about transactions, the hash of the previous block, and other details. BTC mining consists of solving complex mathematical problems by using computers’ computing resources to create new blocks and new Bitcoin. For this task, miners receive rewards in crypto and BTC. Talking about the rewards and chances for producing a new block for the Bitcoin blockchain network, it is highly competitive as larger institutions are competing to validate the transactions. There are several components that are responsible for impacting Bitcoin mining which are as shown in the following diagram: Understand how BTC mining works: Bitcoin miners have a very important role in creating new bitcoins. They also mine transactions which are added to the blockchain. Understand the entire process from the following diagram. First, it begins with users initiating a Bitcoin transaction then it enters the — a temporary holding space for unconfirmed transactions. Miners then select transactions from the mempool to form a block. Miners compete to solve a complex mathematical problem known as PoW. mempool Remember, miners compete to solve the mathematical puzzle and the first miner to solve it broadcasts the solution to the network. After that, consensus should be achieved to validate the blocks and it will only happen when most miners agree to add the new block consisting of transactions into the network. Now, the successful miner receives newly created BTCs and transaction fees as the reward for conforming the transactions in the block. For smooth operation, there are periodic difficulty adjustments to maintain a consistent block time. Well, these are the basic concepts of BTC mining. Now, let’s focus on our core matter of discussion i.e. profitability of BTC mining, challenges, current practices, its future, and other issues. Profitability of BTC mining: Before 2013, there was less competition for BTC mining between individual miners but after that, the new development of application-specific integrated circuits ( ) came into existence. Individual miners started to face difficulties competing against big mining farms with bigger mining rigs to share more computing power. In addition, the gradual mining difficulty adjustments and cutting block rewards through the BTC Halving Events have made it less profitable for individual miners who can not afford to adjust proper mining equipment on a competitive basis. ASICs So, it is not profitable for a solo miner? No, it is not entirely correct. You can still manage to bag lucrative rewards if you can consider the following factors; Good ASIC mining equipment costs hundreds to thousands of dollars, and you should have to afford it for an initial mining set-up. BTC mining is not legal everywhere. So, if you are in a favorable country and the electricity charge is affordable, you can consider BTC mining. No matter even if you are a solo miner and lucky enough, you’ll get a newly minted 6.25 BTC if you are successful in mining a block. This reward plus the transaction fee in that block will be yours. Bitcoin mining difficulties adjustments can be a checkmark because if mining difficulty increases, you need to increase the hash power to compete with other miners. It will force you to adjust the risk as well as cost management strategy. But for bigger mining farms, that is not the case. They can make good profits if they manage to balance electricity, equipment maintenance costs, and operational costs with proper risk management strategies. The chart of Hash Rate for the different time frames has exhibited growing difficulties which means miners are competing to generate more computing power. In simple terms, the mining difficulty is directly proportional to the amount of hash power required to solve complex mathematical puzzles of the block. The above chart exhibits the increasing mining activities with the increasing hash power. Let’s have a look at the current block reward distribution chart. The halving event is adjusted to happen every four years or when it reaches every 210,000 blocks which means another halving event is expected to happen this year. The BTC halving event of 2024 will cut the current BTC block reward to half of it which is 3.125 BTC. You can check the following chart to get insights into the cons and pros of BTC mining from a bigger farm. Crypto communities have explored different techniques and methods to feed the energy-hungry PoW consensus algorithm of BTC by utilizing its computing power. Here are a few of them: Pool mining: If you have difficulties in operating mining operations being a solo miner, you can prefer pool mining where other contributors also share their hash power with the pool. Please remember that you still need the mining equipment to participate in a pool. So, depending on your hash contribution, you will receive a reward from the sum of BTC that your involved pool received. Cloud Mining: Some mining farms sell hash power to users who are unable to afford electricity costs and equipment operational costs. In this sort of mining, the user can just spend his amount and sit remotely to track the mining progress and achieve rewards. However, this sort of mining still can not address the notorious energy consumption issue of BTC. There is a platform called “Gomining” that offers hash power to the users who purchase their NFT. It is an excellent way to bag benefits for both users and the company’s ends. The company fulfills its costs to run its mining farms from the portion of collected amounts from the users and splits the rewards to all involved users. Some companies or platforms have also developed their apps or browsers to mine BTC but they can not generate significant hash power through their device’s CPU. So, practically it is not the best practice for BTC mining. As already stated, BTC has to remain a PoW-based consensus algorithm due to its technical difficulties. Computing power is required to mine and confirm the transactions. BTC Lightning Networks have been created to address its persisting issues but it did not significantly contribute to reducing the high energy consumption nature of BTC. There have been growing debates regarding the environmental impacts of BTC mining. Controversies and real-world costs created by BTC mining: The majority of controversies and critics of BTC mining highlight center several factors. The first one is the high energy consumption that can contribute to climate change. The article from has suggested that Texas’ 10 Bitcoin mines have caused customers’ electricity bills to go up to nearly 5% ($1.8 B)  annually. Now, you can imagine what would happen if we take a reference of globally operated mines and their energy consumption. the New York Times Let’s have a look at the following diagram: The has an estimated 16.17 Gigawatt (GW) daily basis and annualized 141.72 Terawatt-hours (TWh) power demand of BTC mining. Cambridge Bitcoin Electricity Consumption Index (CBECI) Another one is carbon emissions due to BTC mining on a large scale. Particularly, if we talk about the USA, its nationwide BTC mining reportedly produces the equivalent of . 3.5 million gas-powered cars’ carbon pollution We can see an estimated 71.81 MtCO2e of annualized greenhouse gas emission from BTC mining. Some projects have already explored alternative energy sources and methods to minimize the energy footprint created by BTC mining because heavily relying on fossil fuels for energy is unsustainable. A report from the suggested that the sustainable electricity mix preferred by global BTC mining has grown marginally to 59.9% in 2023. Bitcoin Mining Council (BMC) Here are current techniques and practices to mine BTC by using sustainable energy sources along with real-world examples. 1. Alternative energy sources There are some real-world examples of companies that are utilizing alternative energy sources for BTC mining to reduce carbon emissions which are as follows: ✅ There are BTC mining companies like Bitfarms, Hut 8, Iris, and OceanFalls which have been utilizing hydropower as a clean energy source to mine BTC. Hydropower: Projects like Tesla, Block, and Blockstream have been unitized . Tesla is offering the essential technology and energy storage system to power the mining rigs. Projects Blockstream,  Riot Blockchain, and Lancium focused on both solar and wind energy to run mining farms. ✅Solar and wind power: to mine BTC off solar power You have heard it right. A project like has already initiated BTC mining with nearly 8,000 mining rigs in operation. This is the first nuclear-powered BTC mining project in the USA. ✅Nuclear-powered BTC mining: TeraWulf-based in the USA 2. Customization of mining equipment with powerful ASIC chips The Intel Corporation has developed a high-performing and energy-efficient Blockscale ASIC which is targeted to assist BTC PoW. The HIVE blockchain is one of the four to get this ASIC to integrate into their . In addition, the HIVE blockchain is focused on utilizing hydropower as the primary energy source to mine BTC which is an excellent start. HIVE Buzzminer 3. Waste heat recovery The mining equipment uses electricity and mines produce excess heat energy while mining BTC. There are some projects to introduce an innovative approach to use such excess energy. One such company is SAITech-based in Singapore. They use a liquid cooling system to recycle waste energy produced due to BTC mining. Such waste energy is used in residential, agricultural, and industrial applications. Another company that uses waste heat recovery is MintGreen. They recover 96% of the electricity used for BTC mining as heat. Such heat energy is then utilized for different industrial applications. Is BTC mining the most energy-consuming vampire that contributes to harmful environmental impacts? No. If we perform an in-depth investigation, BTC’s estimated annualized 141.72 Terawatt-hours power consumption (mentioned above) is even less than 1% of the . It is even less than the traditional banking system and gold production process’ energy consumption. world’s electricity The fact is, BTC mining itself is not directly linked to carbon emissions; however, the energy production process is. Miners and mining farms are relocating to areas with affordable electricity charges. Nowadays, BTC miners are increasingly opting for sustainable energy sources to power their mining equipment. If we talk about BTC mining’s emission intensity, it is just . It is comparatively less than that of the traditional banking sector, gold industry, and other industries as exhibited in the above chart. 296 g/kWh Challenges of BTC mining: There are several risks that BTC mining has to tackle which are as follows: BTC price is highly volatile in the market. Miners may face difficulties in balancing the cost and profit balance particularly when BTC price is decreasing. There is a good sign that BTC mining utilizes the highest sustainable energy mix from 2019 to 2023 in comparison with other industries but, energy cost is still high. Security concerns have always been one of the most notable challenges of BTC mining as attackers may intercept the connection of mining devices to insert malware or malicious software for the wrong purpose. Despite BTC miners shifting towards eco-friendly energy consumption, it is still a fair matter to consider that the environmental impact caused by to energy production process is one of the major challenges. There is significant progress in building powerful processors and quantum computers from various companies. The encryption of BTC is the strongest and assists in securing the entire blockchain network. Reversing the work done by BTC’s PoW algorithm needs tremendous amounts of computing power but by chance, if powerful quantum computers evolve rapidly in the future, it may also create challenges in BTC’s encryptions. Future of BTC mining: Finally, we have an answer to our initial question “ ” What do you think? Based on our analysis of data and evidence, BTC mining will not end soon. Rather, there is a possibility that it can become a leading adopter of renewable energy resources. Not all BTC miners, but that miners with low costs and a highly sustainable energy mix for mining BTC will likely thrive in the future. Is it the end of BTC mining? analysts suggest Bigger mining farms as well as miners are seeking alternative energy sources because they can not afford to pay high for electricity to operate the mining devices. So, governments and different projects have opportunities to establish solar plants and other renewable energy solutions on a larger scale. It creates employment opportunities for so many workers from different industries. In addition, orphaned wells of methane emission can be sealed to utilize it as the energy source for BTC mining which will create an extra usage of waste gas for income. Some effective practices like grid balance, mining decentralization through pool mining, etc. are already initiated which can be even more effective in the future to use energy effectively. The development of powerful chips like Intel’s Blockscale ASIC could assist in reducing energy consumption with high-performance ability. Fears persist due to the development of quantum computing and its presumed ability to crack BTC’s encryption but it has not been proven yet so, no worries. Even if such computing becomes an enemy to BTC, let’s hope the Bitcoin community will invent a genuine solution to tackle it. Overall, the future of BTC mining is bright. Conclusion: The main attraction of BTC is its decentralized nature and security feature paved by its PoW consensus algorithm. Computing power is required from BTC miners to form a single BTC that’s why it is something special and some investors have already seen it as a modern form of store of value i.e. Digital gold. BTC has a limited supply so once all BTCs are mined, miners have to rely on its transaction fees as the reward for mining the transactions. The critics have accused BTC mining’s over-energy consumption has created carbon emissions and environmental impacts but based on our analysis, traditional banking and other industries are leading to BTC. It doesn’t mean that BTC miners should do nothing to invent new energy-effective solutions to reduce carbon emissions but if it is related to global issues, why critics are majorly centred on BTC mining? We all should be equally responsible.

Is It the End of BTC Mining?

Stories, News & Mentions about GOMINING

Gomining’s Stories on HackerNoon