Tech

Erik Gibbs

Mining crypto without huge electricity costs is possible

Once again, as was seen about a year ago, the uneducated outside the cryptocurrency ecosystem are trying to assert that crypto mining is consuming too many resources and hurting the planet. While there have already been more than enough studies to show how their conclusions are flawed, there’s a company that offers a mining solution that would make them happy. Hashing24 offers remote crypto mining services that allow users to lease hashing power from data centers. These centers have already established the hardware framework necessary for mining operations, but allow outside miners in order to not deal with the mining itself.

Hashing24, which is based out of Ireland, has partnered with Bitfury to help create the leased structure. Bitfury operates data centers in several countries, including Canada, Norway, Iceland and Georgia, and uses ASIC (application specific integrated circuit) rigs for the mining operations.

The company explains that “remote mining services can enable individuals to enter into agreements with data centers that know what they are doing. Pricing is delivered in the form of a contract—and from here, the mining process is somewhat comparable to ordering a new pair of shoes from Amazon. Hashing24 sends the mining order to huge processing centers based across Europe, which use equipment with a 100% uptime, and minted coins are delivered on a daily basis.”

There are considerations that need to be made before deciding to dive into remote mining. Users need to be certain about the provider’s reputation, the technology they use and the length of service. It’s also necessary to calculate the cost benefits before getting started, which can be done with a crypto mining calculator. Those calculations should include any maintenance fees, if present, so users must get all the details up front before beginning.

Unfortunately, for now, U.S. residents cannot take advantage of Hashing24’s remote mining services. This could potentially change, though, as the company maintains strict Know-Your-Customer and Anti-Money Laundering policies, which are always a prerequisite for any money-related company to enter the U.S. Those policies also include data analysis to determine irregular or suspicious activity, which could lead to a user being placed on a blacklist or reported to the authorities for investigation.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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