As technology improves at an alarming rate and things we could have never dreamt of in the past now become reality, it is is of no real surprise that we could soon be Cryptocurrency mining from our cell phones and home computers (the latter of which we used to be able to do back in the day).
Bitcoin Mining Background
Frustrations with Bitcoin mining are reaching boiling point because of the absolutely vast amount of power that is now required to mine the leading Cryptocurrency. With every waking day, more and more energy is drained from our national grids and hydro resources to perform this very complicated and intrinsic task.
It all started out so humbly with Graphics Processing Units (GPUs) but this more technique soon slid into the background as Bitmain began the production of ASIC processors to mine. The latter of the two is much more effective for hardcore users and mining farms and is gradually making mining with GPUs obsolete. However, the downside is the very plain but in your face fact that the energy required to fuel these extremely powerful ASIC processors is unsustainable. There have been several attempts to use more greener options to power Bitcoin mining however the facilities are just not being developed quick enough for the huge demand.
So it was not going to be long before other alternatives came onto the market. This includes the option to mine new and innovative Cryptocurrencies.
Hong Kong’s Answer
A new start up company from Hong Kong is leading the charge on this latest concept. There are a large number of Cryptocurrencies to choose from nowadays and this can be seen when you review the amount of Initial Coin Offerings available to invest in. One of said opportunities is with “Module” which has been developed by a new start up in Asia.
The fact that this is one of the first developers of the new “mine-coin-on-your-phone” notion could well prove pivotal for the Japanese team behind the project. Those wishing to use this service from their phone can simply download the app and that is it. The Initial Coin Offering for Module has already begun with its pre-sale before the public sale takes place soon.
One of the unique selling points of this new app is that customers can develop their own decentralized applications on Module as well as issue new and original coins. The amount of reward received will very much depend on the number of transactions, storage and space. The way that Module has been designed also means that you can earn by renting out space on several devices. It does not matter whether this is a handheld or desktop device.
Just About Right
As with all things Cryptocurrency, there is a very fine line between getting it right and getting it wrong. There is every possibility that you could absolutely nail mining on your cell phone but equally you could also get it so wrong by choosing the wrong Cryptocurrency. It is very much a balancing act and with more options to choose from it’s going to become harder to decide what to do.