The factor that got cryptocurrencies popular was that they are decentralized. The idea that people can give computing power to a system and then be in control of a currency is revolutionary. This is how cryptocurrency started but after some, cryptocurrencies were not as decentralized as we thought. Large mining companies became the main ones involved in mining cryptocurrencies.
After some time, cloud mining became possible and people got back some control. Anyone can give some money and own a piece of a mining facility. This is good and brings decentralization back to crypto. There is still one big problem though. Most of the mining facilities and even the computing power of cloud mining companies are located in China source.
How can We Decentralize Crypto Again?
Decentralization does not mean that 70% of bitcoin mining should be in a single country. We need more mining facilities all over the world to make sure that cryptocurrencies are really decentralized.
Spotcoin is in the process of making a mining facility in a place where cryptocurrencies are very popular but the region’s power in crypto mining is not even noticeable. Spotcoin is making a $3.5 million investment into mining facility in Georgia. This gives East Europe an opportunity to have a part of the global crypto mining economy.
This is not just about money because the whole idea of a decentralized needs to be restored. Spotcoin is playing an important role in pulling some power in crypto mining to a new part of the world. Spotcoin also has plans to expand the mining facility later on and that’s a good sign. It shows that this company will continue to pull more mining power in Eastern Europe. The importance of this should not be understated because this will encourage the establishment of more mining facilities out of China. Spotcoin is leading the way in restoring some of the decentralization that make cryptocurrencies so revolutionary.
Plus, new mining facilities have the advantage of using new and more efficient miners. They can also mine more sustainably like Spotcoin by getting energy from green sources.
Company
Website: https://spotcoin.com/
Whitepaper: https://spotcoin.com/whitepaper.pdf
Bitcointalk Thread: https://bitcointalk.org/index.php?topic=3173859.0
Telegram: https://t.me/spotcointeam
Twitter: https://twitter.com/therealspotcoin
Facebook: https://www.facebook.com/spotcoin/
Proof of Work for https://bitcointalk.org/index.php?action=profile;u=1887821
Sing ming takes so much electricity and in China electricity is cheap thats what China has 70 percent of mining
Prices in Eastern Europe are not that high actually.
Plus, this is sustainable mining.
Hi @stazhao... Crypto mining is nice 🆔.. And very hot job
Thank you.
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I think that as Bitcoin get’s more traction, it may even accellerate the production and adoption for alternative energy sources world wide, since the value of Bitcoin will give more and more people an incentive to start mining.
With that mining could becme decentralised again, the biggest issue is the 51% attack and decision making into the future of Bitcoin. I think they are implementing a proposal to make the 51% attack less likely by allowing smaller miners to use individual settings?
The problem is also that mining is a business, and businesses tend to conglomerate, so centralization is part of the concept of mining, this is not something that can be stopped imo.
Unless you change the proof of work protocol... to something that remains decentralised.
True, but at the moment it is paramount for the crypto ecosystem to get more miners.
Thanks, pal.