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Crypto Miners Raging About This New Bitcoin Alternative, As ETH and ETC Becoming Unprofitable appeared first on Coinpedia Fintech News
Crypto mining was once a highly profitable venture for many.However, with the changes in the crypto landscape, this is no longer the case.And that is why crypto miners are raging about this new Bitcoin alternative, Bitcoin Spark.
How to mine Ethereum?
Mining Ethereum (ETH) involves using powerful graphics cards to solve complex mathematical puzzles to verify transactions and add new blocks.However, The Merge marked a transition for Ethereum from the Proof of Work (PoW) consensus mechanism to Proof of Stake (PoS).In PoS, miners are replaced by validators who lock up a certain amount of Ether as collateral to participate in block validation.Validators are chosen to create new blocks based on how much Ether they have staked.The Merge effectively phased out the traditional PoW mining, making it no longer possible to mine ETH.
ETC price
Ethereum Classic (ETC) is an Ethereum hard fork that was created in 2016.Its unique selling point lies in preserving the principles of decentralization and immutability.
In its earlier days, ETC traded at relatively lower prices, often overshadowed by Ethereum (ETH).However, ETC has gained the attention of miners due to its Proof-of-Work (PoW) consensus mechanism, which allows them to mine and earn ETC rewards.Despite this, concerns about energy consumption and profitability of PoW-based cryptocurrencies like ETC have sparked discussions about their long-term viability, contributing to the challenges faced by crypto miners.
Bitcoin Spark (BTCS): The revolution of crypto mining
As a Bitcoin fork, Bitcoin Spark maintains various aspects of BTC, including a fixed supply and mining to validate blocks and secure the network.However, solving hexadecimal hashes will not be the main way BTCS mining rewards are provided as Bitcoin Spark introduces a new consensus mechanism known as Proof-of-Process (PoP).
The PoP is a cross between Proof-of-Work (PoW) and Proof-of-Stake (PoS) and will require miners to provide a stake on the network in addition to the processing of their mining devices to confirm blocks and earn rewards.
The Proof-of-Process (PoP) will be combined with an algorithm that restricts linear rewards based on stake size and raw processing power to ensure a fairer distribution of rewards and prevent a situation where a single miner becomes too powerful.
Harnessing Energy for Real-World Utility
The power provided by BTCS miners is used by the Bitcoin Spark ‘clients’ that rent network power as remote computing processing for high CPU or GPU load tasks, ensuring the energy used in block confirmation has actual use.The clients pay in BTCS, which is forwarded to the mining pool as mining rewards, boosting the profit for miners.
Bitcoin Spark ensures that anyone with a smart device can mine BTCS through its innovative application.The Bitcoin Spark application will be compatible with Android, iOS, Windows, Mac OS, and Linux devices and will allow users to mine by permitting access to the device’s processing unit.The application will function in its own virtual environment, not interacting with or affecting any other device part.It will also automatically limit the mining capability by adjusting the processing power used for overheating, battery, and simultaneous usage needs.This ensures the energy and work required for block confirmation is low.
The minting rewards for BTCS are adjusted based on various factors, including the revenue generated: the more revenue, the further the minting endpoint.
Notably, the ability for unlimited devices to provide processing power to the Bitcoin Spark network increases the product potential infinitely, which could lead to an autonomous revenue-generating network that enables its participants to remain profitable while maintaining a limited supply.
Bitcoin Spark is in Phase 2 of its initial coin offering (ICO), with BTCS priced at $1.75 and investors receiving a 15% bonus.The project has bolstered investor confidence through its successful
audits and is receiving increased investments.
For more information on Bitcoin Spark:
Website:
