There are many technological feats that allow the world of blockchain to exist. One of these, and the foundation of the consensus mechanism that supplies Bitcoin, is proof of work verification. The world of cryptocurrency mining has launched from this necessity, rapidly becoming a cornerstone of modern blockchain.
However, as crypto mining has become more popular, several core issues have begun to reveal themselves. On a user front, the most prominent of these has been a lack of access to the technology needed to engage with cryptocurrency mining. As a process that requires a great deal of energy and resources, most people are unable to buy the hardware needed.
This point of inaccessibility has led leading blockchain platforms to search for a solution. Companies like StormGain are currently leading the way in this regard, offering cloud computing as a unique method of getting involved with crypto mining.
In this article, we'll dive into the world of cryptocurrency mining, demonstrating how the field of cloud computing is able to enrich and expand access to this valuable practice.
Why Do People Mine Cryptocurrency?
Cryptocurrency mining exists due to the proof of work (POW) systems that some blockchain systems run on. Bitcoin, for example, which is still the world's largest and most influential blockchain system, currently runs on POW. Within proof of work, computers have to solve increasingly complicated mathematical equations and problems.
Once these are solved and an answer materializes, a new block of information is processed. This creation allows Bitcoin to permanently record the next transactions in the queue, pushing them to the ever-growing ledger.
POW systems need these miners to continually create new blocks of information. And, of course, where there is a demand, a supply will start to grow. There are thousands of cryptocurrency mines around the world, mainly comprised of computational hubs. Due to the strain of solving these calculations, a lot of computing power is required.
Every time someone finds the solution to the next problem, they are rewarded with the equivalent in cryptocurrency for that block. For example, mining a block of Bitcoin will reward the miner with around 6.25 BTC. Of course, this very rarely goes to just one person. Most of the time, larger centers that are split between many miners are the recipients of these new blocks.
If people can come together, the total computational power that they can offer will increase, boosting their chance of receiving the reward. This is the main reason that these international hubs have begun to form.
What Technology Do You Need To Mine Cryptocurrency?
At present, the main reason that people don't get involved in cryptocurrency mining is that they are unable to find or buy the correct equipment. As the complexity of producing the next block continually increases, the total amount of power and energy consumed is extremely high at present.
The vast majority of cryptocurrency miners are actually huge-scale projects, often positioned tactically in cold environments to help reduce the overheating possibility on their factory of services. For the average user, it's difficult to buy the hardware you would need to get involved.
At the very least, the GPUs and ASICs that would be needed are extremely expensive, instantly pricing most people out of getting started with this industry.
The Movement Toward Cloud Mining
Over recent months, major blockchain and exchange systems have started to offer cloud cryptocurrency mining to their audiences. Cloud mining allows users to rent computer power or hash rate, using these rented systems in order to then start cryptocurrency mining. The main benefit of this is that users don't have to acquire expensive hardware themselves.
By balancing the cost of renting these systems against the total crypto share output, users are able to use cloud crypto mining to create an income stream for themselves. While Binance Pool was one of the earliest cloud mining systems, it is not the most recognized, nor the cheapest option for users.
StormGain CEX currently offers free cloud mining for its users. This allows those that may not be able to access the technical requirements needed to mine their own cryptocurrency to instantly move into the cloud mining field. StormGain has made this process as simple as possible, letting people get started as soon as they register for an account.
Users are able to sign up for StormGain, start mining crypto in their Cloud Miner application, and watch as crypto comes in. Every four hours, they have to activate the mining function, which will then allow them to bring in the currency. The fractional part of their shared crypto from the mining goes directly to their account.
Once a user has mined 10 USDT worth of crypto, they're then able to trade that crypto in order to gain value. Users can withdraw all their profits from this system, rapidly getting involved in the exciting cloud mining system.
Pushing this even further, StormGain has recently released their decentralized exchange, which offers features for those that want to keep their cryptocurrency in a non-custodial wallet. Users connect to StormGain Dex directly, creating trades in a matter of seconds from the comfort of their chosen wallet system.
At present, some of the decentralized trading that StormGain offers will provide up to 500x leverage. For users that have mined their own cryptocurrency within the StormGain CEX, this presents an exciting opportunity to radically increase the potential value they generate.
Especially as cloud mining becomes more popular, additional services like those enabled by StormGain DEX are an exciting new opportunity for the market.
Final Thoughts
Cryptocurrency mining is an industry that's flourished over the past decade. As interest has grown, competition has become more pressing than ever before. By coming together and pooling resources, miners around the world are able to increase their chances of successfully mining a block.
Combing this collective system with the innovations in cloud computing, many are starting to utilize this technology to expand these systems even further. Platforms like StormGain have innovated when it comes to accessibility. While most platforms charge to use cloud mining services, StormGain offers this to their users without a charge.
As we move further into this digital age, the ability to use cloud computing to further push accessibility to crypto mining will revolutionize the industry. This industry will no longer be shut off as a stream of income apart from those with the initial resources to buy expensive computer equipment.
With the fast progress that StormGain is making, it's likely that cloud crypto mining for all is just on the horizon.
