News

Asian Startup Reveals How To Mine Cryptocurrencies Using Phones

What if you could mine Bitcoin and other coins on your phone and your PC, participate in the market and get rewarded for it?
Though Bitcoin is not as it used to be, at a point, the digital currency reached a staggering $20,000 and other coins as well appreciated in a very big way. Along the way, the coin dropped, but its gradually gaining back its lost momentum and investors getting interested in the cryptocurrency once more.
But one person that is very confident about the future of bitcoin and other coin is an American Bitcoin enthusiast, Tim Draper. Draper is quite positive about the stability of Bitcoin, that he is of the opinion that Bitcoin will soon go back to its glory days and will hit the $20,000 mark once again very soon. The Bitcoin optimist is also of the opinion that by 2022, Bitcoin might be worth as much as $240,000.

Bitcoin Mining On Mobile Devices

The creation of new Bitcoin coins is what is generally called Bitcoin mining. Though there is a certain amount of Bitcoin to be mined, it’s also important to note that, other coins need to be mine too, and all attention should not be on Bitcoin alone.
One major player that is pushing for the actualization of the mining of cryptocurrencies on mobile is Electroneum. They allow users to download applications that will allow them to mine their own coin. Startup Module is another major player in the industry; they are basically not in the industry to compete with Electroneum, but with Filecoin and other major big names in the sector.
The mining algorithm of Module makes it possible to earn a reward by lending out space on multiple devices. The Japanese firm, in a statement, said that they are building a system, under which compensation is determined on three key elements, which are proof of space, time and transactions.
In other to make their platform unique and different from other competitors like Electroneum and Filecoin, Module will allow its users to develop decentralized applications.
The Chief Executive of the firm, Tashiro said,

“Miners will support blockchain by generating new blocks, and the opportunity for miners to earn rewards for exerting influence on the new blocks will be proportional to the storage space, time, and the number of transactions currently provided to the network.”

Going Commercial

The module is looking beyond being a small-time miner; they are trying to take a chunk from the commercial cloud service providers market and be a big-time player in the industry.
The idea of giving users the freedom for decentralized apps will surely make it a commercial success, as it will draw more users to make the platform top choice.
Users are already trying to mine coins on their phone. Richard Terrance, a blogger, said: “the trick is to pick the right cryptocoin.”
The initiative will make crypto mining very flexible and of course, expose more people to the nitty-gritty and expand the ever-growing crypto market.

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Quarterback Star Tom Brady Breaks Internet After Showing Interest In Bitcoin

Tom Brady, the American athlete who is widely regarded as the “greatest” quarterback in NFL history is the latest celebrity to show interest in the world’s most valued cryptocurrency Bitcoin. Brady who has a massive Twitter following of 1.9 million…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Almost $200 Billion Worth Of Bitcoin Is Currently At Risk – Report Warns

A recently published 2021 crypto report by Opimas LLC, a finance-based management consultancy firm, has revealed that approximately 3,480,000 out of the world’s mined 18.5 million Bitcoin, stands vulnerable to attacks as a result of improper safekeeping. The 36-page report…