What is cloud mining in 2021?
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Lately, the concept of “cloud mining” has been heavily discredited. The words “cloud mining” often hide pyramids and scam schemes that, in fact, are nothing more than a website and advertising. And it’s not just a Russian problem. The crypto industry is booming, investments in cryptocurrencies touch all indicators of profitability. As a result, the demand for mining has skyrocketed. But other than that, there are also some really working projects.
Mining is gaining momentum, more and more people are trying to engage in it, resulting in some difficulties – miners have started to experience problems with power consumption as material prices rise. soared. The GoMining project aims to eliminate all these problems and provide an exclusive solution for minors.
GoMining issued its native GMT token backed by computing power. The token allows its holders to mine Bitcoin on a daily basis, and in addition, GMT acts as an asset. To mine cryptocurrency, token holders don’t have to buy mining equipment unlike traditional mining. Having GMT tokens, they have no time limit in mining.
Project developers are adding equipment and computing power every week, increasing the supply of tokens. Then 20-90% of these new tokens are burned, while the freed capacity is distributed among the other tokens. It increases the supply capacity of a GMT, thus increasing the incomes of the miners.
Environmentally friendly mining
Critics have long said that mining computers run almost continuously and consume a lot of electricity, generated mostly by burning coal.
Tesla has temporarily suspended the option of buying electric cars with bitcoin a month and a half after opening this payment method. The company explained this by the rapid growth of fossil fuels used in Bitcoin mining. At the same time, Tesla has Bitcoins worth $ 2.5 billion, however the automaker has promised not to sell them.
Elon Musk intends to resume operations with bitcoins when mining “shifts to sustainable energy use”, in the meantime he is considering other cryptocurrencies.
Musk cited data from researchers at the University of Cambridge, reporting a sharp increase in electricity consumption for Bitcoin mining over the past year. Critics of the cryptocurrency have long feared its impact on the environment, as CNBC mentions.
In a statement, Tesla points out that coal has the highest emission rates compared to any other fuel. According to the Cambridge Bitcoin Electricity Consumption Index, this cryptocurrency uses even more energy than some countries, such as Sweden and Malaysia.
The only way to get Bitcoin is mining. Users run farm computers that are constantly solving complex math tasks to create new blocks in the blockchain. As a reward, miners receive bitcoins. Computers run almost non-stop, consuming a lot of electricity.
The GoMining project is doing its best to use renewable energy sources to provide electricity for the operation of data centers. That is, the company mainly uses hydroelectric power stations and wind turbines. However, over time, they plan to shift to sustainable energy use to reduce environmental damage.
Recently, GMT signed a contract with famous mixed martial arts fighter, Khabib Nurmagomedov, to become a GMT Token Ambassador. Khabib announced its cooperation with GoMining at the Future Innovation Summit 2021 in Dubai. Such a partnership is believed to help the project gain publicity, confidence, which will aid its further development and growth, and furthermore, bring a better understanding of cryptocurrencies and blockchain technology as a whole.
GoMining aims to increase the GMT rate several times and therefore the incomes of miners. The company’s primary goal is to supply 20% of global mining, and that seems very possible given the company’s development trajectory.
Note: Investing in cryptocurrency is subject to risk and readers should exercise due diligence. Entrepreneur Media does not approve of such an investment.