Bitcoin Spark has been praised by many crypto experts and investors for solving the limitations of Bitcoin (BTC), more so its mining juggernauts.
Comparing BTC and BTCS mining
Bitcoin employs a Proof-of-Work (PoW) consensus mechanism, requiring miners to solve complex mathematical puzzles in order to confirm blocks and earn rewards. However, due to the growth of the network, this process has become highly competitive and energy-intensive. This has resulted in BTC mining primarily relying on specialized hardware known as ASICs (Application-Specific Integrated Circuits). ASICs are very expensive, and thus, BTC mining has become a profitable space mainly for the rich. Notably, two BTC miners, Antpool and Foundry USA, combined can control more than 50% of the hashrate. Additionally, the high power consumed by mining BTC has raised concerns about environmental degradation.
In contrast, while maintaining the mining concept, the Bitcoin Spark network will have a massive number of nodes, reducing the investment that will be required by miners as it grows. Additionally, Bitcoin Spark introduces the revolutionary Proof-of-Process (PoP) consensus mechanism, which rewards miners for confirming blocks and contributing the processing power of their mining devices to the network. The miners’ processing power will be rented to organizations and individuals undertaking high CPU or GPU load tasks like video rendering and running servers as remote computing power through Bitcoin Spark. This ensures the energy used for mining BTCS has a valid use other than essentially “wasting” energy to verify transactions.
Moreover, the Bitcoin Spark network reduces the work and power required to mine through its native application, which enables mining with everyday devices like smartphones, democratizing access to mining. Having many more individual BTCS miners significantly reduces the risk of a single miner becoming too powerful, promoting true decentralization. Furthermore, with mining rewards, transaction fees, and income from CPU/GPU rental, BTCS miners should be able to turn a profit regardless of energy prices or asset prices, one of the issues facing BTC miners today.
How to mine BTCS?
The Bitcoin Spark application will facilitate BTCS mining prior to the release of the network’s repository to the public for developers to fashion their own mining applications. To engage in BTCS mining, you’ll be required to install the Bitcoin Spark app and grant it access to your device’s processing unit. The application will be compatible with various operating systems, including Windows, Android, iOS, Linux, and Mac OS. The app will establish an isolated virtual environment that operates autonomously without disrupting any other functions of your device. It will also continually adjust the processing power used to accommodate factors like overheating, battery life, and concurrent usage requirements. Nevertheless, miners will have the option to adjust the allocation of device resources for mining manually. Thanks to the user-friendly nature of this application, you can get started on mining BTCS with ease without the need to join a mining pool and share a portion of your rewards with another entity.
Several analysts believe Bitcoin Spark has the potential to succeed Bitcoin. The project’s Initial Coin Offering (ICO) has thus seen significant investments, with investors rushing to get BTCS at $2.00 and the complimentary 12% bonus before the ICO moves to Phase 4 on 1st September.
While BTC mining has a long history and substantial market presence, BTCS mining reduces the barriers to entry, promotes decentralization, and provides additional ways of earning. It thus presents a great alternative for those looking to participate in cryptocurrency mining.
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