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Cryptocurrency mining will remain a legitimate and relevant opportunity for blockchain businesses in 2024, even as more cryptocurrencies move to alternative consensus models.
A highly acclaimed all-in-one service, ViaBTC will change the industry’s perception of mining in 2024, lowering the barrier to entry for new entrants. Its novel revenue model also paves the way for a more inclusive and equitable profit distribution.
ViaBTC brings new opportunities for mining entrepreneurs: Highlights
It was first introduced as a Bitcoin (BTC) mining pool in 2016. Via BTC It has evolved into a full-stack cryptocurrency ecosystem.
- ViaBTC is an ecosystem of mining pools for Bitcoin (BTC) and all mainstream PoW altcoins.
- The ViaBTC platform provides services in more than 130 countries and territories around the world, covering more than 1 million users worldwide.
- Customers can choose from the most profitable and flexible revenue sharing schemes, including PPS+ (set by default), PPLNS, and SOLO.
- Smart mining is available for BTC, BCH, ZEN, and ZEC mining pools. Customers can easily switch between disparate cryptocurrencies to develop the most profitable strategy based on their requirements.
- ViaBTC offers the most seamless and beginner-friendly option for earnings withdrawal and exchange through an ecosystem of linked services.
- Since 2022, ViaBTC has held the position of the world’s largest Litecoin (LTC) mining pool by total hashrate.
As such, ViaBTC blends the best practice benefits of PoW mining pools with the novelty of the Web3 DeFi epoch.
What is cryptocurrency mining?
Cryptocurrency mining is the process of creating new units and validating transactions on a blockchain network. This involves using the power of computers to solve complex mathematical puzzles. Once these puzzles are solved, a new transaction block is added to the blockchain and miners are rewarded with a certain amount of cryptocurrency.
This process requires considerable computing power and power, as the puzzles become increasingly difficult over time. Miners often use specialized hardware such as GPUs and ASICs to optimize mining efficiency.
From a business perspective, mining should be thought of as providing specific hardware to maintain the integrity of the blockchain in order to earn rewards in the blockchain’s currency.
What is employment verification?
Proof of Work (PoW) is a consensus mechanism (a process between multiple elements) used by some blockchain networks, particularly Bitcoin (BTC) and its forks, to validate transactions and add new blocks to the blockchain. agreement).
In PoW, miners compete to use their computing power to solve complex cryptographic puzzles. The first miner to solve the puzzle wins the right to add a new block to the blockchain and can earn mining rewards.
This process ensures the security and integrity of your network. Changing a block requires redoing the work on that block and all subsequent blocks, which is computationally irrational.
Will crypto mining still be relevant in 2024?
Cryptocurrency mining first became mainstream during the 2016-2017 Bitcoin (BTC) bull market. Interest in cryptocurrency mining declined during two crypto winters, from 2018 to 2020 and from 2022 to 2023. Therefore, both positive and negative factors should be considered for the crypto mining segment in 2024.
- positive catalyst. In recent years, the majority of countries have elaborated on the legal status of cryptocurrencies, making mining a legal taxable business activity around the world. Additionally, as the market matures, the volatility of cryptocurrencies has decreased. Profits from mining operations have become more predictable.
- negative catalyst. As the average computing power of mining computers increased, so did the price. As a result, it may be difficult for new entrants or investors with small amounts of capital to purchase their own mining equipment.
Nevertheless, there is no sign that crypto mining will become irrelevant even in 2024. The field continues to thrive within a sophisticated legal context and is supported by advanced hardware components.
Which cryptocurrencies will be mined in 2024?
In recent years, many cryptocurrencies have decided to replace proof-of-work with a more energy-efficient type of consensus. Ethereum’s (ETH) transition to proof-of-stake (PoS) is a textbook example.
However, we can identify a few groups of cryptocurrencies that can still be mined with PoW equipment.
cryptocurrency |
ticker |
mining algorithm |
|
1 |
Bitcoin, Bitcoin Cash, Bitcoin Cash ABC |
BTC, BCH, XEC |
SHA-256d |
2 |
ethereum classic |
etc |
Ecchi rush |
3 |
Zcash, Horizen |
ZEC, Zen |
equihash |
Mining pools, entities responsible for coordinating computing power, remain the go-to method for enthusiasts of these cryptocurrencies.
Introducing ViaBTC, a one-stop mining ecosystem
With its unparalleled expertise and holistic approach, ViaBTC offers a wide range of solutions for mining and other cryptocurrency services. ViaBTC mining pool is one of the largest and most influential entities in the Bitcoin (BTC) and Litecoin (LTC) mining segment.
Via BTC: Basic
Launched on June 5, 2016, ViaBTC is one of the oldest and most reputable cryptocurrency mining ecosystems in the entire industry. Although the company offers a variety of services for cryptocurrency enthusiasts, the mining pool business remains its main focus and backbone element of the platform.
ViaBTC pool supports mining a variety of proof-of-work (PoW) cryptocurrencies running on top of almost all mainstream mining algorithms. That said, it does support Bitcoin (BTC) mining, along with its forks Bitcoin Cash (BCH) and Bitcoin Cash ABC (XEC). All three are SHA-256d cryptocurrencies.
Additionally, it also supports the Scrypt-based Bitcoin fork Litecoin (LTC). ViaBTC is by far the largest Litecoin (LTC) miner in existence. The company’s dominance in this segment has been undisputed for many years.
In addition to mainstream cryptocurrencies, ViaBTC supports niche altcoins such as the privacy coin ZCash (ZEC), the hybrid cryptocurrencies Dash (DASH) and Horizen (ZEN), and the new generation PoW cryptocurrencies Nervos Network (CKB) and Kaspa (KAS). It also supports mining. As Ethereum Classic (ETC), the original version of the Ethereum (ETH) protocol.
The complete list of supported assets is published on ViaBTC’s main webpage.
ViaBTC: Revenue model
Unlike most of its rivals, ViaBTC supports hourly profit settlement of mining and offers automatic withdrawal and exchange functionality. Miners can process assets quickly and reduce losses due to market fluctuations, even in extreme market conditions.
ViaBTC introduces a mining revenue distribution tool that allows miners to proportionately distribute mining revenue to mining pool operators or partners, creating an efficient and transparent revenue distribution model.
In its operations, ViaBTC offers its clients three most popular schemes for profit calculation: PPS+, PPLNS and SOLO. Although the PPS+ design is preset as the default, each scheme has its own advantages and therefore caters to specific groups of minors. All enthusiasts can find a suitable scheme using ViaBTC.
ViaBTC: Opportunities and Benefits
ViaBTC pioneered the concept of smart mining for the most popular BTC, BCH, ZEN, and ZEC mining pools. Users can easily switch mining currencies with one click and can automatically switch hashrates to mine more profitable currencies based on real-time mining income.
ViaBTC offers an industry-unique advantage, allowing you to withdraw your mining assets to the CoinEx exchange with zero fees.
Also, for some cryptocurrencies you can receive additional bonuses along with the cryptocurrencies from mining rewards. This means that when you mine one Bitcoin (BTC) block, you can earn an additional bonus of 1 NMC, 5 SYS, or 0.4 ELA. The Bitcoin Cash (BCH) pool has 1SYS set as an additional reward.
ViaBTC’s premium product, Litecoin (LTC) Pool, also allows customers to mine Dogecoin (DOGE), the largest meme coin by market capitalization and the most popular cryptocurrency in the space. DOGE rewards will be settled using PPLNS method.
ViaBTC: Mission and Vision
To build industry-leading products, ViaBTC tries to consider the requirements of different customer segments. For example, large investors interested in purchasing additional hashrate for maximum rewards are invited to apply for VIP hashrate mode.
The platform employs a high-level multi-level risk management system and its mining nodes are deployed all over the world to keep latency as low as possible. To make your income strategy predictable, ViaBTC has developed a seamless mining calculator and cryptocurrency conversion tool.
ViaBTC is seamlessly integrated with CoinEx, one of the fastest growing centralized crypto exchanges, and its open source EVM blockchain, CoinEx Chain. Automated withdrawal methods and transaction accelerators are also designed to make cryptocurrency mining more efficient than ever.
summary
In summary, ViaBTC is a Tier 1 cryptocurrency mining ecosystem for Bitcoin (BTC) and altcoins. Its various profit sharing schemes are designed to help investors achieve the highest possible income, regardless of their deposit amount or past history.
In 2024, ViaBTC is set to become a beginner-friendly and easy-to-participate gateway to the crypto mining business for Web3 beginners and experts.Customers are invited to participate exclusively Via BTC introduction campaign You can also enjoy regular special offers.
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