New Tools Emphasize Importance Of Bitcoin Mining
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When people think of Bitcoin mining, they often think banks of CPUs, all crunching the latest block in the blockchain. The Bitcoin world often takes mining for granted, but with the looming block size debate on the horizon, this particular section of the community will make itself heard.
This increasing importance of Bitcoin mining can be traced to the fact that it is miners who will make the final decision about which version of Bitcoin will win out: Bitcoin Core or Bitcoin Classic.
Slush pool, Antpool and F2Pool—three major mining pools that make a significant contribution to the Bitcoin network—have decided to let their users decide on which client to support. The support of the miners will be the final swing vote to which side will win on the block size debate.
As Bitcoin miners begin to make their mark on the Bitcoin scene, several new developments are sure to increase their influence: Genesis Mining is set to start an investment fund dedicated to Bitcoin mining and pH Miners Inc. is set to release new hardware.
Bitcoin mining fund
Genesis Mining plans to start a ‘mining fund for investors.’ Those who are familiar with the idea of investment funds should recognize the idea. Shareholders of the fund would be investing in Genesis Mining’s operations and will get dividends depending on their investment.
This is a good investment since Genesis Mining has proven itself a good earner, with over $100 million already invested in the company over the past two years. This new fund is aiming to meet that number, with a minimum investment of $25,000 from each investor. Additionally, even though the fund is aimed at developing Genesis Mining’s Bitcoin mining ability, it will not be adverse to buying bitcoins from exchanges.
Genesis Mining has made a name for itself since its launch in 2014. Based in Iceland, it powers its Bitcoin mines through renewable geothermal and hydroelectric sources, ensuring green and cheap energy. Also, the company has done its best to advocate Bitcoin through advertising and marketing.
New mining hardware
The cryptocurrency mining world is also anticipating the upcoming release of pH Miners Inc.’s latest products: the Bitcoin Miner 25/THs and the Litecoin Miner 1,000MH/s.
Both miners are expressly designed to process digital transactions and the release of new cryptocurrencies. The Bitcoin Miner is supposed to work with Bitcoin, while the other is targeted at Bitcoin’s closest altcoin rival—Litecoin—although it can be configured to mine other cryptocurrencies.
pH Miners Inc. has a good reputation among mining companies for their quality, and these meet their exacting standards. With high-quality parts manufactured specifically for their use by Asian partners, their creations have managed to deliver powerful mining hardware for reasonable prices.
As a new dawn rises on the Bitcoin world, Bitcoin miners will have a lot to smile about.