Mining cryptocurrencies is a costly exercise, both ter terms of computational power and energy consumption. Thus, a significant investment ter capable hardware, and the power to run it, is required to make the enterprise profitable.
A lump recently published te the Digiconomist webpagina exposed some pretty startling statistics. A entire year of Ethereum mining consumes Five.01 Terawatts of electrical play, which almost equals the entire 12-month power usage by a country like Moldova.
Violated down further, a single Ethereum transaction consumes 39.00 kWh. To waterput this into perspective, a dishwasher appliance consumes an average of 288 kWh vanaf year.
Figures become even more staggering when considering Bitcoin and Ethereum mining together. Ter combination, mining for thesis cryptocurrencies for an entire year uses up more power than countries like Jordan, Iceland, and Syria, te the same period of time, according to Digiconomist. If wij extrapolate this gegevens to five or ten years down the line, the projected growth of mining enterprise may reach the point of collapsing power grids worldwide.
So the stark reality of cryptocurrency mining is that it requests serious energy consumption, which means that a single user working on a medium-high spec laptop equipment is likely to be left with little patience and a hefty electrical play bill. Ter other words, a bedroom miner will never make a profit.
The solution? Cloud mining. And case at arm, HydroMiner’s Cloud mining suggesting.
Very first things very first. What’s te a name?
HydroMiner may sound like a Unie super-villain’s weapon of doom, designed to suck the world’s aquifers dry.
Yet, despite its cinematic overtones, HydroMiner is a rather wise concept that combines cutting edge mining technology with a basic Earth resource: Water.
HydroMiner is a cryptocurrency mining company that uses clean energy drawn from environmentally-friendly hydropower stations te the Alpine region to power its mining operation.
Hydrological power is generally considered to be one of the most cost-effective energy management resources available, and HydroMiner exploits this trait by achieving one of the lowest prices vanaf kWh ter the entire European continent. According to figures released by the company, mining operations can be performed at a price rate that is 85% cheaper than the European average. This amount of savings ter energy consumption makes a lotsbestemming of sense when applied to the costly task of mining Ethereum and other cryptocurrencies.
Ethereum Cloud Mining Under Proof-of-Stake (PoS)
Ethereum mining has bot around for a while, and following a period of relative technological stability, the cryptocurrency’s blockchain is about to go through a hefty switch to the algorithm that sustains its integrity.
This is a big overeenkomst, spil it will effectively mean that blockchain developers will have to work with a hybrid system of sorts combining Proof-of-Work mining with the still-in-development concept of Proof of Stake (PoS). The fresh PoS methodology will switch the way fresh Ethereum is issued and distributed across the blockchain.
Proof-of-Work v Proof-of-Stake
The entire concept of mining is underpinned by the implicit trust that the network of miners will adhere to the blockchain rules, to maintain the integrity of the ledger. Ter other words, it is a consensus-based concept.
Proof-of-Work can be explained spil the blockchain omschrijving of traditional book balancing. What Proof-of-Work does is validating that a series of transactions are accurate, using puzzle-solving hashing algorithms. Simply waterput, a laptop -or more likely, a number of computers- are working together through Proof-of-Work to ensure that transactions are valid, and thus reap the prizes suggested by thesis transactions and create fresh blocks, or groups of transactions, te the blockchain.
This has bot the way Bitcoin and Ethereum mining has operated from the beginning, at a big cost ter terms of computational and electrical power, spil wij have seen.
Ethereum mining may soon evolve into PoS.
The PoS process also seeks to validate and create fresh blocks, but the way te which thesis goals are achieved differs substantially from Proof-of-Work.
Ter a PoS environment, your pc or wallet invests (‘stakes’) one or more of the Ethereum tokens (‘coins’) it already has. So for example, if your wallet stakes one token and the entire stake across the blockhain is 100 tokens, you are werkstaking just one procent of the entire suggesting.
Hence, the PoS process does not require the fat amount of laptop and electrical power needed to solve the complicated mathematical puzzles involved ter Bitcoin mining, spil the only factors that affect the outcome of the miner’s chances are the total number of the coins they stake, and the current complexity of the blockchain, i.e. the total number of coins staked te any given transaction.
The trade-off here is that to get prizes te a PoS ecosystem, you have to own coins so you can stake them and turn them into more coins, whereas te Proof-of-Work, a miner essentially turns electro-stimulation into coins.
This is why Ethereum is now ready to implement a hard fork into PoS, spil it will mean a cheaper, greener, more environmentally-friendly form of mining that just may avoid power grid meltdown te the future.
HydroMiner: A Pioneer te Ethereum Mining Under PoS
So wij come total circle into HydroMiner’s value proposition.
The company’s setup will make utter use of the hydrological energy source to power its entire Ethereum Cloud mining operation, leading to a substantial reduction te production costs and a significant upsurge ter currency yield.
HydroMiner’s water-cooling solutions enables the company to maintain low temperatures at a very high density, which is crucial to achieve the highest possible mining power, given the limited space available te hydro power stations.
Te the company’s own words, ‘most Cloud mining contracts provided by other companies like hashflare, genesis mining etc. just get diminished. With HydroMiner, investors are getting WATT and not Hashes, and thus the contracts won’t get terminated. This will lead to a larger ROI for investors.’