What’s the first thing that comes to mind when you hear blockchain mining? If you’re a true crypto loyalist, you’ll relate when we say cryptocurrencies won’t exist without mining. In other words, bitcoin and dozens of other coins are initially mined before becoming available to the interested investors.
But what is the mining all about?
Well, for starters, blockchain mining has nothing to do with picks, shovels and dark tunnels — it’s an entirely different process. So no, cryptocurrencies are not dug out from the ground; they exist in the protocol’s design before being released. So basically, it’s the job of miners to do what’s needed to bring the coins out into the light. Which of course, involves the compilation of recent transactions into blocks and trying to figure out the answer to a computationally difficult puzzle. In a nutshell; Bitcoin, Ethereum and other cryptocurrencies come as a reward for mining successfully.
However, it’s important to note that mining is much more complicated than you picture it to be. Of course, anyone can figure out exactly how to buy cryptocurrencies, but not everyone can kick-start their own mining rig.
But the good news, today, there are quite a number of specialized mining companies that are looking to simplify the process. And of course, this article will let you in on five of the best blockchain mining solutions right now.
Ever since 2009, Bitfarms has designed, operated and invested in blockchain farms throughout the world. And of course, they do this with the aim of powering the global decentralized financial economy. Boasting exceptional founders with unique technical experience, Bitfarms has since constructed up to four farms in Quebec, Canada. And amazingly, they have 27.5 MW of installed capacity and more than 200 PH/s of installed hash power.
So what exactly do they do? Well, for the most part, these farms supply computing power to cryptocurrency networks including Bitcoin, Ethereum, Bitcoin Cash, Dash, and Litecoin. And of course, earn fees from each network for processing transactions in a secure and efficient manner. Speaking of efficient transactions, you’ll be happy to hear that Bitfarms owns an electrical company. So of course, they’re well able to manage ambitious work schedules and ensure mining operations never stop.
Perhaps another impressive highlight of Bitfarms is their dedication to reducing carbon footprint. In essence, they only make use of clean energy, most of which comes from hydroelectric sources. In fact, the company is one of the biggest consumers of power from Quebec Hydroelectric. Overall, Bitfarms is one crypto mining operation that’s totally worth investing in — be sure to visit their site to learn more.
Next up is one of North America’s largest crypto mining companies — HashChain. Based in Vancouver, Canada, HashChain Technology specialize in the mining of Bitcoin, Ethereum, Dash and other common altcoins. Essentially, HashChain operates two 24/7 data center and their mining rigs never fail to deliver. In fact, their Bitcoin and Dash rigs are known to be the strongest in terms of hashrate. For the most part, the Bitcoin rigs boast a hash rate of 13.5 TH/s and consume up to 1,500 Watts of electricity per hour. And the Dash rigs have a hash power of 22 GH/s and of course, consumes 810 watts of power.
It’s also good to know that this company’s North America data center work without consuming much energy. Yes, they operate on low-cost electricity — even as low as $0.2 to $0.4 per kWh. What’s more, HashChain boasts proprietary software that monitors hardware all day every day. And of course, we’re talking about temperature, IP, wattage, hashrate, fans, and memory. To sum it up, HashChain’s computer operates like other mining computers out there. In essence, it gathers hundreds of pending transactions; turn them into a mathematical puzzle and of course, whoever finds the solution gets rewarded with coins.
Hive is yet another leading cryptocurrency mining company that’s totally worth checking out. For starters, the company is headquartered in Iceland — a stable jurisdiction that offers the best conditions for mining. So yes, HIVE enjoys low working capital requirements including affordable green power, fast internet connection, and a cold climate. Essentially, HIVE is the first publicly listed blockchain infrastructure company that offers solutions to bridge blockchain and cryptocurrencies to traditional capital markets. And to make things better, the company is partnered with Genesis Mining — one of the leading miners and owners of Ether.
Moving forward, HIVE operates like other crypto mining operations. So of course, its network of GPU miners validates transactions and the successful one gets rewarded with coins. And when we say coins we’re referring to Bitcoin, Ethereum, Litecoin, Dash, Ethereum Classic, Monero, and ZCash. What’s more, as a cash flow positive company, HIVE doesn’t just sell off their mined coins. They typically hold onto the tokens and strategically sell them to maximize profit. Summing it up from top to bottom, there’s no doubt that HIVE is totally worth the hype. They truly have the first mover advantage — highly recommended.
DMG in full Digital Mint Group is another promising blockchain mining solution that’s based in Vancouver, Canada. First off, DMG comes with a concept that’s pretty different from other platforms on the list. As a diversified crypto and blockchain platform, DMG offers quite a few different services including MaaS (mining as a service). Essentially, MaaS is a product that’s focused on managing bitcoin mining for interested investors. So yes, with this service, anyone and everyone can mine cryptocurrencies. If you’re interested, you only have to purchase DMG machines, pay a monthly fee (for hosting and management) and earn bitcoins.
It’s also noteworthy to mention that DMG leverages permissioned blockchain technology to tackle the fraud and friction that inhibits the movement of value through supply chains. And interestingly, their strategy is to become the domain experts in verticals across a wide range of industries. To sum it up, DMG products and services include Bitscore, Graph Intelligence, Market Factors, MaaS, Blockchain-based Supply Chain Platform and Forensics & Blockchain Analytics. Interested in learning more? Just head over to their site!
Finally, MineXempire comes with the aim of allowing anyone and everyone to get into crypto mining. So yes, with their solution, anyone who has a knack for cryptocurrency mining can simply sign up and start mining. Of course, MineXempire works like other mining companies out there. It collects newly requested digital transactions and broadcast them to a P2P network of computers. Moving forward, each node within the network will then compete to validate the transaction by solving complex mathematical algorithms. And of course, whoever solves and verify the transaction will be rewarded with coins. Speaking of coins, the ones listed on MineXempire include Bitcoin, Litecoin, Ethereum, Ethereum Classic, Bitcoin Cash, Dash, ZCash, and Monero. All in all, we think MineXempire has what it takes to help you thrive in this age of digital transformation. Don’t hesitate to hit the sign up button if you’re interested in their solution.
As mentioned earlier (that’s at the start of this article), blockchain mining is not something anyone can start right off the bat. The process requires great amounts of energy and special hardware, and of course, not everyone can afford such huge working capital. But the good news is, with the presence of these specialized mining companies, you can become the miner you’ve always wanted to be. Just make your pick and work towards becoming a big part of the digital revolution.