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The hype surrounding cryptocurrencies reached such heights that even the mainstream media found it difficult to ignore. The exponential rise of the ICO campaigns certainly grabbed the headlines, as more and more companies across the globe sought to capitalise on the newly discovered way to raise funds and attract customers to their platforms. Other hot topics included the China crisis, the infamous critique by the CEO of JP Morgan and of course the price of Bitcoin. Despite the rather mixed welcome by the financial community, the cryptocurrency overcome mini breakdowns and powered through $5,000 mark, then $10,000 before stumbling just before $20,000 level at $19,783.06 late last year.
However, in the background another hot topic was slowly brewing and that is the ever-growing energy consumption that Bitcoin mining is resulting in. Some experts suggest that Bitcoin mining is consuming more power than used by 159 countries. To put some numbers behind that, the hardware uses approximately 31 terawatt hours of energy per year, that compares with 23TWh in Ireland and 309 TWh for the whole of the UK. If that wasn’t impressive enough, analytics firm Digiconomist estimates that every Bitcoin transaction uses up enough energy to power nine home in the US for one day!
If you ever wondered how much it costs to mine a single Bitcoin, the fact of the matter is that mining is now much less profitable than at its peak, partly because of the growing difficulty to mine coins. In the US for example, country that is the 40th cheapest place to mine a bitcoin, mining costs are an average of $4,758 per coin. From this point of view, the economics certainly do not look nearly as enticing as before, which is why pool mining may be the answer to crypto investors.
Pool mining allows various miners to join forces and resources towards the mining of a block by cooperating with each other. The result is the lowering of the time required by individual users who possess single machines or mining farms who would otherwise be waiting a considerable amount of time for a pay-out. The pay-outs are proportioned depending on each user’s contribution and while this method yields smaller revenue flow when compared to individual mining tactic, the revenue stream is much more consistent. In the spirit of old adage – Slow but steady wins the race!
The pool mining platform provided by Oasis Mining enables its users to take advantage of a wide plethora of mining related services – at some of the lowest costs, and highest ROIs. Currently supported coins include Bitcoin, Ethereum, and Bitcoin Cash. If this wasn’t enough, Oasis Mining also allows users to sell the hashpower of their hardware to a growing community of miners. The company claims to offer industry competitive pre-sales prices along with a transparent pricing structure and immediate withdrawals. The platform does not tie you up into lengthy contracts and in fact the company also promises unlimited contract lengths and unlimited lifetime service to reward those who enjoy the service enough to continue subscription. Mining starts on the April 1 2018, and they have an exchange forthcoming (initial trading pairs: BTC/BCH, BTC/ETH).