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March 10, 2019
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Who are the unbanked?
The unbanked are grown-ups who don’t have a record at an office, for example, a bank. That’s why they are not able to use money related bank features, for example, credit, ledger, and advance exchanges and need to rely upon family or friends for these.
How much population is unbanked?
As per recent reports, there are over 2 billion adults who don’t have any access to formal monetary services. Most of them are in the developing economies of Sub-Saharan Africa, the Middle East, East Asia, and the Pacific region
What is the issue with unbanked?
Having numerous people cut off from universal capital introduces a major botched chance both for those individuals and for the worldwide neighbourhood. The countries with the highest rate of unbanked people tend to have the quickest developing economies. That improvement, though obstructed, is still extremely blocked by nonattendance of access to official economic offerings. People needing to start their own organization are not ready to get credit or a store account, individually. Without banks, cash exchanges are avoided, generally requiring the physical presence of both counterparties – an uneasiness that is smoothed to a degree by mobile instalment administrations.
How can unbanked people problem be solved?
There are for the most part signs of mind-blowing money related development, and it’s as of now not benefit from. Africa is a landmass brimming with potential buyers, and the absence of suitable money related framework is among the truly couple of perspectives that keeps the development rates from exploding. Whoever finds the alternative to this issue is set to make enormous income empowering a large number of individuals to improve their lives at the same time.
What is the present situation of unbanked?
The improvement of business foundation in the remote region is a steady procedure. There is space for development. Social and physical offices of the city are gradually improving year-by-year, consequently is the presence of keeping money administrations. In any case, both the present situation of formal money related to institutional and the rates of its improvement are not so good in Africa. Banks seem, by all accounts, to be excessively unbending and powerless to stay aware of the quick development of different ventures. It may be a good choice possibly they are just sticking around for their opportunity, looking out for a time of genuine exponential development to bet everything. The result is as yet the equivalent, all things considered: colossal markets are available for anyone for progressively deft organizations trying to give ideal worth to explicit client groups.
How can cryptocurrencies be helpful to unbank?
Cryptocurrencies such as Bitcoin or Ethereum may give incredible opportunities to upgrade the monetary expansion in unbanked and underbanked territories. Digital forms of money offer an essential method for moving worth. They can be transferred anywhere at a little cost. You needn’t bother with an ID or managing account offices to use them: all you need is a cell phone with web access to transfer cash over the mainland and the world. Significantly more engaging than the digital forms of money they are the different undertakings based over them. While digital forms of money themselves are useful, they have a few disadvantages, for example, mind-boggling expense instability, regularly unintuitive interface and non-appearance of focus on the specific necessities of unbanked neighbourhoods, for example, the nonattendance of paper IDs and deficient physical framework. All these can be managed by creating focused on alternatives dependent on the advancements of Blockchain and digital forms of money.
March 9, 2019
The Excitement of Blockchain Technology!
Blockchain technology and the digital world go hand in hand. Blockchain technology is one of the most important platforms for keeping up with digital assets. Since blockchain technology is becoming an exciting part of the digital world, it is important to understand why using blockchain technology is so crucial.
With blockchain technology being all the hype, it is important to understand why this type of technology is becoming popular and the answer lies in the exploration and revolution of blockchain technology. Blockchain can offer better security than a conventional database can offer and with improved security, this type of technology could benefit countries and nations that have problems with censorship.
Blockchains are also valuable beyond just security, but they offer practical uses such as a payment portal, communication links, data recording and other distributed ideas, across different nations. Blockchain offers ways for people to transfer money and to inventory financial business with many different industries. Check out www.cognizant.com for more information on the value of blockchain technology.
Why is Blockchain Technology Useful?
There are many different reasons why people and companies are choosing to use blockchains over conventional databases and these include peace of mind, reduction of costs, transparency, and quicker transactions.
Peace of Mind
Having protection is one of the most important factors when conducting business. With blockchain technology, there is more protection of data information than that of conventional databases.
Hacking seems to happen everywhere, but with blockchain technology, there is much less chance that transactions and information can be hacked and that targeting a blockchain will cause the blockchain to decline the transaction before any potential harm can be done. When a network is full of nodes, the network will be more secure and will be safer for the user.
One exciting blockchain that most people know about is bitcoin and this is one blockchain that is considered to be secure and reliable. IBM talks about how blockchains provide better security and is a better place to make transactions that are both recorded, encrypted and approved so that information is difficult for hackers to retrieve. Read more.
Reduction of Costs
The DevOps system can be maintained if blockchain technology is being run over different nodes and this will help to reduce costs because it will cut down on the additional staff that is needed to maintain the program.
When companies are small, savings are important and by using blockchain technology, small companies can take out the middle man for both jobs and financial services.
Transparency
Blockchain technology can be changed to fit the company that is utilizing it. With different organizations, the need for transparent business transactions is important and with blockchain technology, this is possible.
With the different network nodes, blockchain technology can be modified to fit the information that the company is looking to save. Modifying blockchain technology is possible for any company.
Blockchains are simple and can keep perfect records of data both securely and easily. Find out more about this here.
Quicker Transactions
Banks and other financial institutions can take days or even weeks to completely make a settlement or transaction. This happens because the bank uses software applications that have advanced protocols and since the banks are only open during regular business hours, the transferring only takes place during these times.
When organizations are in different time zones, transactions can become more complicated and that is where blockchain technology really comes in handy.
Blockchain technology works around the clock, 24 hours a day and seven days a week and so the transactions take much less time than a regular bank transaction does. Blockchain users can make transactions on the internet without having to use a bank or other third parties and this helps transactions to work in real time. More can be found on https://www.happiestminds.com/Insights/blockchain/.
Conclusion
Even though there are certainly limits to using blockchain technology, most studies have proven that blockchain can be very beneficial compared to contemporary databases and that it can provide better technology and better quality for our busy and innovative lives.
March 8, 2019
What is CEX.IO?
Dated back to 2013, The CEX.IO cryptocurrency exchange was given a startup in London and made an astronomic rise which is as double as cloud mining service until 2015. Its simplicity and user friendliness have clinched it the position of the most popular exchange till date. As a beginner, CEX.IO affords the newbie an easy to learn curve. You will be astonished even as an experienced institution and trader at first use. CEX.IO offers a system that is fully a fit for use multi-level account for use.
How to get started on CEX.IO
To register on the CEX.IO, login to the website and enter your registration details (name, email, password and phone number). This process does not need any further authentication as this is done automatically
How to set up payment on CEX.IO
CEX.IO among other exchange offers a simple payment system which enables customers to pay via credit and debit card in which identity verification of the user is confirmed within 48 hours by matching the user identity to the card details gotten from the selfie of the user with the payment card. It also has an option of simple bank transfer
Fees on CEX.IO
Credit card payments to account incur a charge of 3.5% + $0.25. CEX.IO charges a flat rate of $10 for bank transfers. Which option is the cheaper one depends on the amount you’re transferring? CEX.IO also has a 7% service charge on all transactions made directly from them. Trading on the different markets incurs different fees. Some of the fees are as low as 0.2%, so its economical shop around.
Transaction limits on CEX.IO
Trading on CEX.IO has a limitation based on the type of account the user has and it is pertinent for a user to be abreast of the limitations when trading on CEX.IO.
Basic accounts requirements includes a copy of a government-issued ID, and gives the user an option to buy $500 worth of Bitcoin and Ethereum tokens in a day and a maximum of $2,000 per month.
For an account to be verified, it is required for the user to have a government-issued ID and a proof of residence and will raise the limit to $10,000 per day and $100,000 per month
Much more information are required to be submitted for identity verification in verified plus and corporate accounts of either an individual or business
Making withdrawals on CEX.IO
Another unique feature of CEX.IO exchange is the opportunity to withdraw funds directly to your payment card. Although the withdrawal is limited and is liable to extra charges. CEX.IO gives room to withdraw €2,000 per day to your payment card, and maximum €50,000 per month. Charges on Withdrawals for Visa cards is a flat rate of $3.80 and an extra 1.2% on top of the flat rate is charged for MasterCard withdrawals. Finally, CEX.IO makes it possible for withdrawal of funds to your bank account. Bank withdrawals costs a flat rate of $50 per transfer. One of the advantages of Crypto Capital is that its economical and a lot of money can be saved which is a blockchain-based banking service and also reduces withdrawal fee to 1%.
Want to learn more about the different cryptocurrency exchanges? Read our ultimate guide HERE.
March 7, 2019
The 5 Best Hardware Wallets
Hardware wallets are secure means for storing Bitcoins and other Cryptocurrencies. The wallets are genuine and secure. They come in the form of USB flash drives. If you are looking for a secure means to store your cryptocurrencies, then you can try the hardware wallets. The following are the best five hardware wallets in the market that you can choose.
Trezor One
Trezor One is a signing and coin storage tool which was introduced in 2014. The founder of Trezor One is the CEO and IT developer. He is one of the figures in the sector of crypto. This is the oldest hardware wallet in the market. The wallet helps the users to use the cryptocurrencies easily.
The wallet has a simple design and a user interface that is easy to use. It supports Bitcoin, Etherium, Litecoin, Dash, and other coins except for Ripple. Trezor offers everything to protect the cryptocurrency coins together using advanced features like 2-factor authorization and password manager.
The Nano Ledger S hardware wallet
The hardware wallet has an intuitive user interface, a sleek design, and support over 30 different coins. Trezor One is its main opponent. You can use Ledger live to access your wallet; it is a free application on the desktop where you can control your devices, receive, and send cryptocurrencies when you want. The wallet is relatively expensive when compared to other companies. It is secure and easy to use. The hardware can be used on any computer system safely. The wallet comes with a micro-USB cable, a recovery sheet, a keychain, and a lanyard.
The storage space is low, to use the coins in the wallet, you need to download the wallet you want.
Coolwallet S
Coolwallet S is not like the other hardware wallets. It is in between the online and offline wallets. The coolwallet S uses an electronic card that has the same size and durability as the credit card. Other than the wallet card, the box comes with a recovery card, charging cable, and a plastic charger. The card is waterproof and durable; you can carry it in your wallet. The wallet supports various cryptocurrencies like Ripple, Bitcoin, ERC-20 tokens, Etherium, and other coins. The card is connected to the wallet app using Bluetooth.
KeepKey Wallet
The KeepKey Wallet has a large design. It was released in 2015 and is one of the leading wallets in the market. It offers access to few Cryptocurrencies. The wallet also helps the users to create and keep a variety of keys. It supports various coins like Bitcoin, Testnet, Ethereum, Dash, Litecoin, Namecoin and Dogecoin. You can use the keepKey wallet with Linux, PC, Android, and Mac; they should have Google Chrome. The wallet is relatively expensive as compared to other wallets. It has a digital screen and metal body. It is safe and easy to use. It has an in-wallet exchange for trading one cryptocurrency for another without an external exchange.
https://keepkey.myshopify.com/
BitBox wallet
If you are trying to get a cheaper and secure hardware wallet, BitBox wallet is the one. You can use it to receive, send, and store cryptocurrencies. It supports ether, bitcoin, LTC, and ERC20. The wallet has a microSD which support several keys to avoid the need to write them down. You can set up the wallet easily and use it. The device has a touch button and led indicator to confirm transactions. It uses 2-factor authentication.
March 6, 2019
Could you even imagine the horror when you open to check on your cryptocurrency wallet, there were no more tokens? And most of all, that there are some shady transactions to unknown addresses. It’s every crypto investor’s nightmare. And you would immediately question on the crypto wallet security now that the possible method you could think of is that there had been a hacking activity on your account.
The nature of cryptocurrency is its anonymity. So, ownership is only by codes.
The Possible Things That Could Happen On A Hacked Crypto Wallet Security
Should there be an alarm of a possible hack on a crypto wallet security? When you notice that there was a suspicious exchange or transactions, rest assured that some payment on your crypto wallet will follow.
But, how to keep your cryptocurrency wallet safe from a disreputable business? One thing’s for sure that the most excellent method a crypto wallet owner can do is to be cautious of all the activities. That means to be mindful of using the wallet correctly to avoid possible dangers.
No one except you, the crypto wallet owner, can take full responsibility for your investment decisions and transactions. That’s why it’s crucial to think it thoroughly before investing and making business.
But Is There A Possibility Of A Hack On A Crypto Wallet?
Hackers are getting trickier, wiser, and subtler in misleading cryptocurrency users. For these online thieves, here are several ways to hoax a crypto wallet holder. One is to send you a counterfeit email consisting of a fake URL to your wallet service. This email may vary by only one or of several letters from the original URL of your wallet service. And these online thieves can also reroute even the safest URL to a phoney URL when you enter your online wallet account.
So, here we present the common questions about cryptocurrency wallet security:
Is There An Absolute Best Location To Save Our Private Keys?
Most common errors that crypto wallet owners commit are either of these; keeping the crypto wallet on their email, or Dropbox, or Google Drive, or on any of the notes app on their smartphones. These are the very first locations hackers check to try to get in.
What Will Happen When We Lose Our Private Keys?
One important note to always remember is understanding and recognizing your backup expression. Most large software application wallets require those backups. A backup expression is usually a remarkable phrase which is generally around twelve words.
The backup expression is essential in case you forget your PIN. So, when you can’t remember your PIN, delete or uninstall the app. Install the app once again and now using your backup expression. Then create a brand new PIN.
The Reason Why Wallet Addresses Change
The technique is also known as HD-safe or Hierarchical Deterministic. An HD-safe suggests that when you send or receive funds, there’s a new address generated for your wallet.
It’s a convenient method as it makes every transaction you make more difficult to track. Most especially, it’s difficult for hackers to figure out the exact amount of loan you save at your wallet. The best recommendation is to split an enormous amount of coins to transfer into several transactions.
Is There A Safest Cryptocurrency Wallet Security?
The immense amount of existing online cloud wallets or hot wallets take advantage of the two-factor authentication in case online thieves try to enter your email. Until now, the best approach to crypto wallet security is the USB stick or this unique gizmo called cold wallets. These cold wallets are hardware ones. According to reliable reports, even these hardware wallets are not foolproof.
March 5, 2019
Every day the number of people using cryptocurrencies is growing, this is facilitated by the fact that managing your funds has become very easy and convenient when all transactions and even the center of storage is in your phones. In a word, mobile wallets allow you to feel all the innovation and usability of cryptocurrency. Mobile wallets, as you can understand by the name of is a mobile app where you get access to your crypto-storage. These mobile applications provide a convenient ability to store cryptocurrencies and conduct transactions, and almost all applications support the most popular operating systems like Android and iOS. These wallets use virtual copies of the blockchain with the support of simplified payment verification (SPV) and you do not need to download the entire blockchain to your phone, which saves disk space on your device.
What are main functions of mobile wallets?
There are two main functions of mobile wallets for consumer use. It is mainly used either to store your funds in coins or\and as an transaction tool. If you choose to store your coins in an app on your mobile device you will be able to use phone as payment method in places where cryptocurrency is accepted. There are several methods to make payment with your mobile wallet but the most popular one is QR codes. You just need to scan it to get all information where to transfer coins. On the other hand you can use you wallet app to track all your transactions and analyze balance.
What are the pros and cons of mobile wallets?
The main advantage of mobile wallet is that it provides you a mobility and rescues you from being attached to some place or exact PC with wallet. In simple words it gives that freedom which cannot give any other wallet platform so you can do your transactions or manage the balance anywhere on even on street. Also it simplifies the whole transaction process down to just scanning QR code with mobile device to send or receive funds. It makes small in store payments very ease and possible to use in everyday life.
The main disadvantage of app wallet is related to security but it is a always a case with mobile stuff. Almost all app wallets use your keys to operate it is risky if your device gets stolen or somebody will have and access to the app. In that cases you may lose all of your funds if thieves will gain access to phone or the key. But it is very easy to prevent such case by just taking safety measures such as installing an app pin code and one of blocking systems to phone.
How to choose the best mobile wallet just for you?
As in case with a lot of alternatives you need to determine criteria and one of the main and important factor is security of wallet as mentioned before. So you should look for a wallet with high focus on securing your funds form the thieves. Another criteria is obviously the variety of supported coins because you do not want to have separate wallets for different coins. So you have to look for wallets where you can store and manage different types of coins.
And last but not least point is fee for the wallet app, most of the wallets on market are free but some developers charge for it. Well it is completely up to you because if wallet is free it just means that developers have different profit model so maybe paying some money directly might be easier. But you definitively want wallet that costs less and allows more and provides wide range of functions. Usability, interface design and customer support are also important factors to consider.
March 4, 2019
Online crypto wallets make storing and sending cryptocurrencies online possible. It is accessible wherever you are. But a third party managed your private keys since it is stored online that makes it risky and prone to hackers.
A lot of online cryptocurrency wallets offers plenty of features such as its possible to connect to all online devices like desktop computer, tablet and even mobile phone. If you are using a bit of cryptocurrency, we suggest preferring these wallets.
How does it work?
Research is the first key and we’re doing the first step now. Choose the best online crypto service that you prefer, after that you can use cryptocurrency as a payment on the items/products you buy online. The server of your wallet service provider will keep your private keys. You will receive a crypto code after your keys have been saved which allows you to access your online wallet and make transactions. Don`t forget that when you use your online crypto wallets, its information will be accessible to third parties, thus your private keys will own by the company and they can access your wallet. Therefore we highly recommended that you choose your provider carefully.
How to get the full benefit of your online wallet?
Users that are unable to make transactions from their online wallets is a possible case. We highly suggest that you must prefer an online wallet company that has been for a long-serving on this kind of business. They are more trustworthy on protecting client’s crypto money.
Choosing a reliable one on using online wallets is a must. Additional security functions for your coins is one of the features that you should consider. Reading the reviews of different suppliers is a good way to know their pros and cons.
What are the pros of online wallets?
Online cryptocurrency wallets guarantee fast transactions that make buying goods online more convenient. It is always on the go that also makes it perfect for active trading. Most of them are not limited to only single cryptocurrency, in that case, it is easy to manage.
What about the cons?
Higher risk of online security breaches such as scams and hacks when using cloud-based wallets is its drawback. Third parties can also access your funds and can be a reason for online cryptocurrency wallets are less attractive.
Conclusion
Even though online wallets are convenient and practical to use, they are not safe for cryptocurrency most especially for a small number of coins.
March 3, 2019
What Is a Loyalty Program?
The idea of a loyalty program is designed as a marketing technique.
Merchants use this technique as an encouragement to customers to patronize their products or services. Loyalty programs usually require customers to register so they can gain commitment points in every purchase or usage in merchants’ services. Some loyalty programs allows the customers to use their acquired points on accessing new services and products. It can also be used for discounts and even get free merchandise. Other loyalty points can also be used as regular flier miles of airlines, hotel points and restaurant points.
Why it is important?
Loyalty program helps any business on keeping their customers to continue patronizing their product or service.
It is more costly if business focuses on getting a new client than selling products or service to the current customers. As the figure shows, it is between 5 and 25 times more expensive. Therefore, offering rewards like loyalty programs is a good idea to pleased existing customers.
Are loyalty points important?
Yes they are.
According to 2017 Colloquy Loyalty Census Report, sign-ups in loyalty programs increased by 15% between 2015 and 2017. This development rate that was recorded in 2015 is 26% therefore, subscription sign-ups progressing slowly. Professionals concluded that abundance is the main reason of decreasing interest of customers. Having a lot of loyalty programs makes an average consumer to hardly monitor each loyalty program they sign-ups. In this case, consumers had the difficulty on acquiring enough points to get the benefit of the loyalty program. Based on Maritz Loyalty Marketing report, 70% of consumers quit on loyalty programs because of the very slow progress on accumulating enough points for redemption.
Consumers found loyalty points not urgently important and don`t mind not coming back. In this case, this will lead to more expense in selling their products and services. Guaranteed increase in consumers retention rate can be possible if making reward points more critical to consumers that it will be easy for them to actively take part.
So Blockchain can include them worth?
Sure it can! Blockchain can decentralize and put back together the broken loyalty benefits gap. As a decentralized network, a good result is still expected on benefit points.
Elements, a new cryptocurrency is aiming to do such. Element cryptocurrency is using X11, a chained hashing algorithm that works for “Proof of Work” calculations. This new cryptocurrency has the main goal to pleased various merchants as the mainly loyalty cryptocurrency.
Elements as a “proof-of-work” cryptocurrency, can be mined with someone who has a system in a computer that has required processing power to do such. Miners can use their accumulated loyalty coins for shopping and buying tickets.
How do merchants benefit from it?
Basically, loyalty coins make it easy for a business to build interaction on their clients.
Merchants that are giving commitment points for consumers can somehow lead them to be valuable. Consumers will find those points helpful and will actively participate to accumulate points. Competitors will take in consideration on how they will encourage consumers to sign-up and the value of loyalty coins they can offer.
Universal commitment cryptocurrency can help merchants to lessen their loyalty liability. Liability is what a company’s obligation to other services or individuals. This is one of the entries in its balance sheet . Commitment points will be recorded as a liability because it is like a promised lesser rates and complimentary items to consumers. If each consumer always redeem their points, it will badly affects the company’s financial books. Since Mining is open to everyone, like in Elements coins, merchants could mine as well and provide loyalty coins to consumers. They can also benefits from the commitment coins of other merchants.
If you spend a traditional commitment points, merchants will consider this as no value. Therefore, merchants can take more advantage because a Blockchain-based currency can be exchanged for a fiat currency that will help them recover with loyalty points’ few sales.
How is this valuable to miners?
Rewards are also given to miners.
Scientists at Research and Markets predict that by 20123, the market size of the loyalty management market would reach its worth at $6.2 bln. Cryptocurrencies monetary value and great benefits might make consumers accept it at once and will definitely increase its worth.
March 2, 2019
What are a soft fork and a hard fork?
They are both changes in protocol.
Soft Fork
A modification to the software protocol is a soft fork when previously legitimate blocks/transactions are made void. It is a backwards-compatible because old nodes will recognized the brand-new blocks as valid.
Hard Fork
On the other hand, a hard fork is a protocol’s basic change that makes previously void blocks/transactions valid. All nodes or users should upgrade to the updated version of the procedure software application. It is a permanent change from its previous version of the Blockchain. In this case, nodes with previous versions will no longer acceptable.
What are UASF and UAHF?
UASF represents User Activated Soft Fork
UASF is a system where the soft forks’ time of activation occurs on a required date by full nodes. It is considered as the economic majority. This system needs full support and coordination from the industry. SegWit activation in the BIP148 proposal was unified with UASF idea.
UAHF means User Activated Hard Fork
A needed rule set is added to change the node software. The changes can make previous invalid blocks to be valid after being flagged. Establishing this action doesn`t need a majority of hash power. Bitmain, a mining company, introduced UAHF as a contingency strategy against UASF.
How UASF vs. UAHF decision started?
For a long period of time, bitcoin has known for some powerlessness.
Some users and mining companies like Bitmain and Bitcoin Unlimited do not uphold this idea. They accept new requirements but others can still use the former version of the Bitcoin code. To avoid such and save a Blockchain of transactions, many versions are used.
Are there any precedents of soft forks and hard forks?
They are visible every day to all users of cryptocurrencies.
The Blockchain is where every transaction gets in. Different individuals use a different chain of operations in the time of mining. There’s a fork in a string before the longest chain is carried out.
History of Ethereum considered the most meaningful example of UASF and UAHF application.
Ethereum started the DAO task last April-May, 2006, after a month when a hacker snapped up the cash of a holder.
- Accepting the theft and not doing anything
- Blockchain will be rolling back to a period before the theft or hard fork
- Hacker`s wallets incorrect transactions will be accepted and will return the money, or soft fork
The task was not appreciated by some users. They accepted the theft, therefore, it enables the 2nd Blockchain’s appearance.
How will the implementation of UASF or UAHF modification Bitcoin?
There is a great number of possible situations.
The next innovations will depend on users and miners if one of the strategies is chosen. Based on the percentage of provided classifications, the first possible circumstances are:
Many miners and users agree on the said plan. This right situation includes no fork and only one branch exists.
A lot of users accept the strategy and miners don`t do any move. If users are more than 51 %, one branch will be okay. But if it is lesser than 51%, two branches will be needed which are Users’ fork and Miners’ fork. If the number of users increases to more than 51%, Miners are removed.
Since users and miners can`t reach plan, a bigger group can attack the smaller one. Smaller group’s transactions are not safe since they can be removed.
Situations like that have different effects such as smaller group can protect and alter algorithms and procedures.
March 1, 2019
Hydro mining is a method of cryptocurrency mining. Hydroelectric power and water cooling systems are where hydro mining relies on. They depend on that power and cooling system to come up with a mining operation which is energy-efficient and highly-profitable.
Simultaneously, cryptocurrency mining generates new digital coins and confirming these transactions. The blockchain is a network where cryptocurrencies like Bitcoin are being sent by users.
The Blockchain network collected all transactions during a particular duration of time into a “block” for monitoring. The miner`s role is to verify transactions and put them in a public ledger through solving uneasy mathematical equations.
Great computing power is needed for the process to burns big amount of electrical energy.
How is cryptocurrency mining changed?
The extent of operations is really significant though it has the same process.
Cryptocurrency mining is no compare in usage with non-specialized hardware. But as the growth of the marketplace, miners find effective systems and graphics cards to favourably process computations.
Before, users were really productive to mine cryptocurrencies on a desktop computer. But it becomes large-scale mining farms that use a big amount of energy. For single miners at home, this change has become expensive and results to not a good choice anymore.
Cryptocurrency mining becomes bigger as time goes by, this means it requires more electrical power for big mining farms. If it continues using exhaustible non-renewable fuel sources, it will cause pollution and greenhouse gases that can damage the environment.
What is the importance of hydro-mining on cryptocurrency mining?
Hydro mining gives an energy source which is environment-friendly.
People who are environmentally conscious is not pleased with cryptocurrency mining since it uses large quantities of electricity.
The most critical cryptocurrencies like Mining Bitcoin and Ethereum are using the same amount of energy as Morocco. Morocco is a country with a huge population of almost 36 million.
One transaction in Ethereum uses 53 kWh and a dishwashing machine uses 88 kWh a year. This means that for only 5 Ethereum transactions is equivalent to a whole year usage of a dishwashing machine.
Based on the collected data of Digiconomist, one transaction on Ethereum network is equal to the power usage of American home for 1 and half days. Bitcoin uses more energy at 5.5 days per transaction.
The chart below shows the increase in Bitcoin mining energy usage in one month.
Bitcoin Energy Consumption Index Chart
Blockchain technology fails to keep its main advantage without cryptography. This main advantage is security.
But to solve the uneasy algorithms for a better understanding of cryptography, it needs a big quantity of electricity. Most of the time, it is from non-renewable energy sources.
HydroMiner uses hydropower for its mining operations. Hydropower is the cheapest and most efficient renewable resource resources in the world. It is also environment-friendly.
And using water to cool mining equipment can lessen the cost by 85% compared to Europe’s average cost of electrical energy.
Cryptocurrency mining change to an energy source which more environmentally friendly, not only to reduce the cost but also reduce the carbon emission of such activity.
What are the advantages of cryptocurrency hydro mining?
Hydro mining is not only environment-friendly but also reduce the cost, increased dependability, and enhanced performance.
Cryptocurrency mining experience unsuccessful operation due to overheating. This is because the computer system device needs to work continually for the whole day with high loads.
Each time there is a downtime, it also means a loss of money.
Using water-cooling systems in the hydro-mining procedure warrants that devices are in safe operating temperature at a reduced cost. In that case, this kind of mining environment will definitely enhance performance.
Like HydroMiner, which is using an enhanced cooling system, it consistently, maintain a lower temperature at a high density. As a result, it also gives enhanced performance.
Electrical power is really important in any mining operation.
Using hydropower as electrical energy is probably a good choice than traditional mining farms. It is affordable and environment-friendly. Lower energy consumptions also mean higher profit since it also saves expenses.