Cryptocurrency mining has become a large industry that uses significant amounts of electricity.
Crypto mining has turned into a very large industry, with large amounts of electricity being used to run the mining farms. Cryptocurrency mining is no longer profitable for many people in the crypto community, but there are still some who are making money from it.
However, the problem with crypto mining is that it uses a lot of energy which could be better used elsewhere. In addition to this, the massive amount of power needed to mine cryptocurrencies has led to an increase in energy consumption and CO2 emissions worldwide.
Ravencoin
Ravencoin (RVN) is a cryptocurrency that has a total market cap of $25 million USD. The coin is based on the Equihash algorithm and was created by Tron Black and Bruce Fenton. The coin was launched in January 2018, but it was not until March 2019 that it began to gain traction in the crypto world.
The value of Ravencoin increased from about $0.01 USD per coin to over $0.08 USD per coin in just one day! This is because the developers announced a partnership with the Raven team that will allow users to mine Ravencoin using their own hardware at home.
Since the transition Myself and my investors have begun mining Ravencoin, given that the profits are low we are operating at 50% as we were to fix and condense the mining rigs for power cost purposes.
We found out that given the mix of model cards we have it was too unstable to mine ravencoin and we switched the operation to Ethereum classic. This it alot more stable and cooler on the cards.
Ethereum Classic
Ethereum Classic has been a relatively unknown cryptocurrency for years, but it has now become the subject of intense debate within the blockchain community.
Ethereum Classic is an open-source, public, blockchain-based distributed computing platform featuring smart contract functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum Classic emerged from a schism in Ethereum over whether or not to reverse a hack that had occurred on The DAO, a decentralized autonomous organization built on top of Ethereum.
In 2016, a hacker exploited a security weakness in The DAO’s code to steal more than $50 million worth of Ether tokens. After much deliberation, the Ethereum community decided to implement what was called “the hard fork.” The new version of Ethereum eliminated the stolen funds and refunded all investors by creating a new transaction history with identical balances to what they held before the hack happened.
The decision divided the community into two camps: those who believed this was the right move and those who thought it violated the core principles of decentralization and immutability upon which blockchains are based. Those in disagreement with this move founded Ethereum Classic and continued running on their original unmodified version.
ETHW (Ethereum Proof of Work)
I am researching the Ethereum ETHW fork, once it is offered on more exchanges it might be more appealing. The main benefit of this fork is that it encompasses all the features of Ethereum including smart contracts, dApps and high scalability. It has been designed to be a simple and easy to use platform that can be used by anyone. It also has a dedicated team behind it who are passionate about making their project a success.
Ultimately, the future of crypto currency may lie in its ability to revolutionize money itself by making it easier for individuals and institutions to transact. As more people and entities realize that trade is facilitated by a series of transactions instead of massive central banks, we may see a shift towards non-government-backed currencies. This would be good news for the future of crypto currency overall. But until then, miners will just have to keep subsidizing their ventures with government-backed currencies.
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