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Category Archive Bitcoin Mining

ByJason Fernandes

How Do Masternode Help You Earn Income By Staking?

Masternode is a relatively new concept, which was introduced as an alternative to trading PoW-based cryptocurrency mining and trading. The idea is to encourage the crypto investors to hold their coins for long term in exchange for interesting rewards.

We all know that the PoW mining industry has its limitations, as it suffers from issues like high energy consumption, increasing demand and competition, and the high cost of network resources limiting the profitability for miners. As the profitability in traditional crypto mining decreases, miners are constantly looking for newer, better ways to make money in the crypto industry.

What is a Masternode and How is it more beneficial than traditional crypto mining?

Well, for one, Masternodes do not require you to make a huge initial investment in purchasing sophisticated mining hardware, resources, energy supply, etc. in order to start earning a stable income.

Second, using a Masternode for generating an income is much easier than mining cryptocurrencies.

Let’s start with the basics.

What’s a Masternode?

Masternodes are a higher version of nodes (computers) in a blockchain network. These are full nodes or crypto wallets that manage a separate copy of the entire blockchain ledger, which is updated in real-time. The users, in exchange for managing the Masternode, are rewarded with new coins.

Masternodes are different than regular blockchain nodes (mining) in that they perform advanced tasks that are crucial for managing a blockchain or processing the transactions.

How are Masternodes better than Mining and How do they work?

If you are a crypto fanatic and worried about the decreasing profitability of crypto mining, Masternode can be the best option right now for you to make a solid passive income. Here’s why.

While crypto mining is highly dominated by popularity and a huge demand, the Masternodes are still somewhat untouched, i.e. not many people are involved in this activity as of now. Moreover, the rewards are quite huge at this time because of the limited number of users. Also, the coins are affordable, which means staking in Masternodes is much less expensive than setting up a mining rig. And last but not the least, you will be earning regular rewards from your investments rather than simply waiting for the coin price to go higher.

Things to look for when joining a Masternode – ROI

Before you get started with Masternode staking, it is important to understand the crucial terms like Masternode ROI.

ROI or Return on Investment is a term that defines the profits made from a particular project in terms of the ratio of profit to the investment amount.

With Masternodes, however, it is slightly more complicated. The thing is that Masternodes do not give immediate returns, but returns on your investments are spread across a time period of years. There are a number of tools/websites, such as Masternodes.Pro and Masternodes.Online that can help you keep track of your Masternode returns.

An easier way is to simply divide the expected annual profits (number of reward coins) by the minimum investment amount required to create a particular Masternode.

How does it work?

In the end, it all boils down to one thing – how do Masternodes work or how to get started with Masternodes?

Well, if you are wondering the same thing, here you go.

A Masternode can be created by any individual by staking a specific number of coins, depending on the network, in the blockchain. So, yes, there will be an initial investment, but it may be a little or huge, depending on the currency in question.

Here’s the step-by-step process of creating a Masternode from scratch:

Step 1: Download the core digital wallet of the respective coin

Step 2: Register to set up your computer as a Masternode on the server. This will add a new Masternode to the blockchain.

So, you are now all set to run the Masternode server. Now, you can do it yourself or hire someone to do it for you.

Masternodes also manage the reward distribution in the blockchain. The typical rewards assigned to miners for each new block are 40-45% of the total rewards. The amount of rewards one can earn from a particular Masternode is known as that Masternode’s ROI.

Selecting the best Masternode for Maximum ROI

So, by now, you must have realized that the trick to earn the maximum from Masternode investments is to invest in a Masternode that can give you the maximum ROI in return. You can use the ROI calculators mentioned above to find out whether the coin you are considering is ideal in terms of ROI or not.

Now, if you are looking for recommendations or need tips to find out a high ROI Masternode, here are a few things you can try.

Evaluate the project, more importantly, the technical aspects of the project, like how solid the roadmap is, who the team members are, the problem it is trying to solve, technical details, MVP launch, etc.

Second, check if the coin is liquid enough. Liquidity refers to the ability to easily trade or use a coin. So, can you trade the coin you are buying? What is the daily trade volume? Which exchanges are allowing to trade the coin? And so on.

The criteria can, of course, be skipped for the coins that are very new or have no market reputation, but a high enough potential.

While each coin has specific minimum investment criteria for launching a Masternode, the simple math here is – the more you invest, the more rewards you can make from Masternodes.

Now, as for recommendations, there are a number of popular Masternodes you can join. The most common choices include Dash, PIVX, ZCoin, Energi, Cowrium, Swarm, etc.

Cowrium and Energi are two of the newest entries to the Masternodes club, but they are high in potential and future scope. I particularly recommend Cowrium, as the project is backed by a powerful platform, a strong cryptocurrency (Cowrie coin), multidimensional smart contracts and several other advanced solutions designed to ease blockchain adoption for SMEs.

Among other things, the Cowrium Masternode ensures that the digital payments and transactions passing through the network are fast, secure and, most importantly, anonymous. Both the existing and new Cowrie (CWR) coin holders can benefit from the Cowrium Masternode staking system, as they get to earn a fixed number of reward coins on an annual basis, in exchange for their help to maintain the network. The minimum investment criteria for creating a Masternode with Cowrium is 10,000 CWR.

ByDavid Adamson

How To Solve the High Co2 Emission problem of Bitcoin Mining?

Those who are familiar with the term Bitcoin Mining are also probably aware of its impacts on the environment, but not many of us are aware of the extent by which the mining activity harms our nature. Let’s discuss in brief.

According to a DailyMail (UK) study, the mining of bitcoins produces the same amount of energy as generated by all cars in the UK combined. If the mining activity keeps consuming energy at the same rate, soon it might push global temperature by 2033.

In other terms, mining of bitcoins and other popular altcoins is a high electricity consuming activity. For an idea, the bitcoin mining activity consumes as much energy as required to power an entire small country for a year. This is a very high amount of electricity which comes at an equally significant cost, both in terms of price and impact on the environment.

In just 10 years of its origin, the crypto mining has become one of the most unfriendly things to our environment. For instance, the mining of Bitcoins is performed through vast farms of computers which consume a lot of energy and release an equally huge amount of carbon dioxide, which is detrimental to our ecosystem.

Another research finds that the greenhouse emission rate of bitcoin is already touching that of a midsize country, which means the carbon emission rate is only rising with each new bitcoin miner.

So, what’s the solution?

Pieta, an eco-friendly cryptocurrency mining initiative, is reportedly working on an energy-efficient crypto mining solution. For one, Pieta is aiming to harness the cost-effective solar power and use it for the mining of bitcoins and other profitable cryptocurrencies. The team is presently working to develop a different kind of mining rig/platform which could be powered entirely by the green solar energy. Besides providing a cost-effective energy source to the miners, Pieta will also address the environment-fatal aspect of crypto mining by effectively replacing the fuel-based energy options with renewable solar energy.

Solar power is not only cheaper but also supportive to our environment and does not have any negative impact on our environment. Let’s see how Pieta will manage the task.

As of now, the primary energy sources used in cryptocurrency mining include coal, natural gas and oil. All these energy sources are non-renewable and therefore harmful to our environment as their consumption results in the release of harmful greenhouse gases. What pieta aims to do is it wants to create a different kind of mining mechanism where only renewable solar energy would be used for powering the mining activities. This will have two benefits – lower cost of mining and lower Co2 emission.

Moreover, Pieta will also develop its own solar farms (across Africa and other countries) in order to harness and provide cheap solar energy to everyone who is interested in using it for mining and other purposes. To summarise, the Co2 emission problem of crypto mining can only be solved by replacing traditional energy sources with more efficient and eco-friendly renewable energy sources such as solar. Pieta is doing its job in that direction. It is time that we also start understanding the importance to save the environment and go green mining.

ByDavid Adamson

What is Blockchain (Cryptocurrency) Mining and How does it Work?

Blockchain or cryptocurrency mining is the key underlying process behind the entire blockchain ecosystem. A cryptocurrency runs on a blockchain, which is a decentralized distributed database that is shared by all the nodes or computing devices present in a network.

This database stores the ownership of each cryptocurrency and every transaction executed on the blockchain network. The process of blockchain mining refers to the verification of these transactions by the miners, who hold powerful computing devices for the same purpose. For each token to gain the true digital asset status, they must be verified by miners.

How Does The Blockchain Mining Exactly Work?

So, how does the blockchain mining exactly work? Let’s understand this. The process of cryptocurrency or blockchain mining requires two major activities-adding of transactions on the blockchain (securing and verifying) and the release of the new currency.

Miners in the blockchain network also require a computer and special program, which helps them to compete against peers in solving a complex mathematical problem. This also requires large computational resources.

Cryptographic hash functions are used by the miners at frequent intervals to find and solve a block using the transaction data. A hash function is nothing but a numeric value of fixed length that uniquely identifies data. Miners make multiple attempts to determine a hash value that is less than or equal to the target hash value and the one who gets it first is eligible for mining rewards.

As discussed, miners are also eligible to receive small bounties or rewards for verifying transactions. For instance, currency 25 bitcoins are offered to a particular miner for discovering and verifying a single block.

Additionally, the miners also receive some free from the users sending transactions. This fee is offered as an incentive to miners by the users to add their transactions on the block. The above-explained process seems easy to implement, but in reality, a lot of issues are faced by the mining community in verifying transactions.

Talking about issues in mining, it is evident that increased popularity of cryptocurrencies has populated the miners in the P2P network, which increases the mining difficulty and decline the rate of block creation.

As a result of this network congestion, the average block creation time has reached approx 10 minutes in recent times, which makes it extremely difficult for miners to reap greater benefits. Numerous fintech firms are engaged in developing blockchain based crypto mining solutions that overcome issues like slow transaction speed, high processing fee, and network congestion in blockchain mining.

For instance, Pieta is one such blockchain project that uses the new X20 hashing algorithm to make the blockchain mining operations fast, secure, and scalable. The use of X20 hashing algorithm also simplifies the mining process, which will encourage more and more people with minimal technical apt to invest in crypto mining.

Pieta Ecosystem is also the world’s first solar-powered crypto mining ecosystem that uses X20 algorithm along with the low-cost ASIC hardware to bring down the energy consumption up to 50 per cent for miners. The new X2o algorithm also runs 20 round of hashes together to verify the transaction faster with a maximum block execution time of 20 seconds. Therefore, the lower operating costs and faster transaction speed makes Pieta tokens ready for mass adoption along with global use.

ByDavid Adamson

Why Mining Is The Profitable Cryptocurrency Projects In Canada for 2020

Looking for why mining is the most profitable cryptocurrency project in 2020 then this blog is for you.

Crypto mining companies are drilling into the power resources in Manitoba and Quebec.

The term ‘mining’ has been long associated with finding the natural resources in the ores dug by men deep down the earth and extracting oil and other precious metals from there.

Blockchain however gave ‘mining’ a new definition with which separated it from the earth and blended it with computer & technology.

Recently in Toronto Canada, a compound was seen full of newly shipped containers, approx. 48 were seen.

While the compound is dedicated to such containers and there are many more like them, the only thing that made these 48 different was the material they contained.

Unlike the other containers which were crammed with regular goods, these were loaded with a high-powered computer, which is known as “rigs”. Machines they use to mine cryptocurrencies.

Recommended Post: Everything You Need To Know About X20 Mining Algorithm

Spots like this are becoming very common to see in many cities in Canada including Quebec, Manitoba, and B.C., as the country offers a cheap supply of green electricity with an innate cold environment, digital currency miners are making their bases in Canada.

The historical hike in bitcoin’s price drew everyone’s attention and stirred a conundrum with its frequent fluctuations reaching an all-time high to $20,000 and dropping to $7,000, and bouncing back to $11,000 within a period of two-week.

Shrugging off all the speculations and risks posed by regulators, investors have been keener about crypto mining and the location has been primed already for setting up large-scale operations.

The Inkling of Price Rise by Hydro-Quebec in a Bid to Encase Miners’ Interests

Many companies are setting up their rigs on a big scale while keeping their location secret. For instance, DMG Blockchain Solutions is all set to onset the operations, and using the computers confirms the transactions and for mining both.

Sheldon Bennett, the CEO of DMG Blockchain Solutions says,” we consider them as credit cards which link the bank and the person who makes the transaction.

Companies like DMG Blockchain Solutions get paid to act as an intermediary for bitcoin transactions, confirming the recipients and payers of it.

Within the premises of the company which is around 27,000 square feet, the biggest patch of the area is covered by massive coolers that try to minimize the heat generated by the pile of computers deployed for mining. These machines devour a great amount of power for confirming the transactions.

It was remarked by some analysts that crypto miners across the globe consumed more power than entire Ireland last year.

The mining operations took off initially in China, but that’s changing now after the recent crackdown on cryptocurrency by the Chinese government.

Miners are now shifting to other countries including Canada. Targeted cities are Quebec and Manitoba because of the limitless cheap and clean hydropower supply.

According to the sources in Manitoba Hydro, more than 100 groups swarmed in to exploit the utility in these cities. Without revealing the names of the miners, the sources indicated a large gathering of groups since Christmas.

A lot of people are trying to gather information about the resources and possibilities of setting their mining rigs over here.

Sources also said that the “number of active digital currency miners operating in the province has reached 6 now”. The total consumption of energy by these miners are equal to what 18,000 households do.

There are several requests from foreign digital currency miners interested in opening up setups in the province which Hydro-Quebec addresses. The organization admitted that its campaign to attract data centers last year incited many bitcoin miners too.

Fusion with Natural Resources

Another aspiring cryptocurrency miner plans to utilize the natural gas which the company produces and deals in. The CEO of the company said, “crypto mining uses a lot of electricity and that could also be generated with natural gas”.

Being a natural gas provider we have plenty of it and make good use of the gas for cryptocurrency mining.

The company’s vision is to power numerous mining operations shifting from China and currently in talks to achieve that goal. To start with, they are planning to set up 170 mining rigs.

China has already started to truncate the number of crypto miners as they are consuming power more than the country can provide. Baffled by the decision, miners are anxious to relocate to Canada for its cheap electricity and cooler climate.

The company has received 6 applications from Chinese companies requesting to host their mining operations, a few American firms have also contacted with the same intent.

The company also expressed a disregarding opinion from its members when it propounded the concept of hosting bitcoin mines, but confirms that they all realized the potential of this project later and agreed.

Miner Edge is all set to build the biggest cryptocurrency mining setup using the cheap green electricity provided by Canada. The first miner is going to be set up in Manitoba and it has already launched its ICO which is making a buzz in the cryptosphere right now. Be a part of this biggest crypto mining project and earn great profits.