Hello Steemians,
The world’s first and most valuable cryptocurrency, Bitcoin has had a series of controversies about changing its system, and after all the talks, moves are actually being made to bring some change to the system.
In a recent development, PoWx was created and launched, with the intention to bringing some change to the popular consensus mechanism called the Proof of Work (PoW) consensus algorithm, including how validation occurs when transactions are carried out. PoWx intend to use a newer and much better algorithm to bring about the much needed change.
PoWx proposes a different technology and approach called optical PoW, which will be energy efficient, it intends to use laser technology to carry out mining activities. This is all in a bid to improve on mining, and make it very easy for more people to get involved in the mining process, as it has been very difficult for a lot of interested persons to mine bitcoins because of the high cost of purchasing mining equipments, plus the costs of running the equipments as a result of the high rate of power consumption of the equipments.
While PoWx has the idea on paper, and are making moves to make it a reality, they have an issue to deal with, which is fundraising, however, the company is developing a short-term open source system that will demonstrate how optical PoW will function, and in light of this, there will be a release of a test network for the system in the first quarter of 2019.
Have you ever mined your bitcoins? How much it cost you?
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Crypto Meet @cryptomeet
@cryptomeet That's great. I never mined bitcoin personally. Have you?
No I never used bitcoin mining but I'll do that in near future if time comes.
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Well you are the perfect candidate for cloud mining. Full of assumptions and in need of hand holding, you don't want to do any work, just want to give someone else your money and forget about it while you watch your "profits" go up.
Unfortunately no one in their right mind would sell (or lease) an asset such as mining power for less than they expect it to earn for them. This means that while you can "take part" in cloud mining, all you're really do is at best making someone else an bigger profit faster or at worst you're just funding a ponzi scheme.
How much to invest and how much profit we'll get? Can you care about that?
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We need better technologies for this. Agreed
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Never mined bitcoin always mind through Fiat from an exchange. Whenever I try to touch mining hardware with my little knowledge, it says" mind your own busniess." :p
It's mine not mind.. lol.. :P
You mind that part which I edited for you so that you can laugh :p
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Thanks for taking time to read it!