Bitcoin Spark (BTCS) has caught the attention of the crypto community, recently being compared to Ethereum (ETH) and Bitcoin (BTC). Mining fanatics suggest that this new Bitcoin fork outshines these established players.
How to mine Bitcoin
Mining Bitcoin is a complex process that involves solving cryptographic puzzles to validate and record transactions on the Bitcoin blockchain through a Proof-of-Work (PoW) consensus mechanism. To mine Bitcoin, you’ll need specialized hardware known as ASIC (Application-Specific Integrated Circuit) since general-purpose computers are no longer efficient for this task. Set up your mining rig and connect it to a reliable power source and the internet. Once your rig is connected, it will start running through various combinations of numbers to solve complex mathematical problems. When your mining rig successfully solves a puzzle, you are rewarded with the transaction fees for that block and a certain number of BTC. It’s important to note that Bitcoin mining has become highly competitive, requiring significant investment in equipment and energy.
How to mine Ethereum
Ethereum moved from a Proof-of-Work system and now relies on the Proof-of-Stake (PoS). In this new system, individuals can no longer mine Ethereum in the conventional sense. Instead, Ethereum holders can become validators by locking up a certain amount of ETH (at least 32 ETH) as collateral and participating in the network’s consensus process. Validators are chosen to create new blocks and validate transactions based on the amount of ETH they hold and are willing to “stake” as collateral. Validators receive rewards in the form of interest on their staked coins. The shift to PoS aimed at reducing energy consumption, increasing scalability, and making Ethereum more environmentally friendly.
How to mine Bitcoin Spark
Bitcoin Spark uses a new consensus mechanism, the Proof-of-Process (PoP), which combines aspects of Proof-of-Work and Proof-of-Stake. The PoP rewards miners for confirming blocks and contributing to the processing power of their devices. The network has a massive number of nodes to ensure it can accommodate many miners. Additionally, the PoP is combined with an algorithm that exponentially reduces the rewards per additional power, ensuring a fairer distribution of rewards. Moreover, the Bitcoin Spark network is incredibly lightweight, allowing for lower-power devices to run the network. BTCS mining will be through the Bitcoin Spark application, which will become open source for third-party application development after the network’s launch.
To mine BTCS, you will need to install the Bitcoin Spark application and grant it access to your device’s processing unit. The app will be compatible with Windows, Mac OS, Linux, iOS, and Android. Once installed and granted access, the application will create a virtual environment isolated from the device’s operating system functions to ensure security. It will also regularly adjust itself to resources it can use on the device, accounting for overheating, battery life, and simultaneous device usage needs. Nonetheless, you can manually set the amount of device resources permitted for mining use. With the simplicity of the application, you will be able to get started incredibly easily. Bitcoin Spark’s method greatly reduces the work and power consumption required for mining, essentially opening it up to anyone with a smart device.
The miners’ collective power will be safely ‘rented out’ to Bitcoin Spark’s clients undertaking high CPU/GPU tasks, such as 3D rendering, machine learning, and running servers. Those using the network for remote computing will pay with BTCS, which will be sent to the mining pool. This means miners within the Bitcoin Spark network will be rewarded with transaction fees, new BTCS coins, and revenue from leasing their processing power. Thus, BTCS miners should be able to turn a profit regardless of energy or asset prices, which is one of the many issues facing crypto miners today.
Bitcoin Spark is offering investors a chance to get BTCS early and at discounted prices through its Initial Coin Offering (ICO). Analysts who’ve reviewed the project suggest it is a sound project with great potential for growth and adoption, which can prove extremely rewarding for early investors.
Conclusion
Bitcoin Spark provides a true path to decentralization, where mining is accessible to all. The network also instills a greater desire for network validation by providing multiple ways for miners to earn. As crypto miners continue to search for more sustainable and efficient alternatives, Bitcoin Spark’s vision could see rank at the top.
For more on Bitcoin Spark and its ICO:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
