A few years back when crypto mining was at its peak, it started a race that led to an increased demand for graphics processing units (GPUs). GPU manufacturers seized all the opportunities and made a lot of money in those years. Despite the growing demand for GPUs, the race for crypto mining has slowed down, as it garnered widespread attention and faced some major hurdles.
However, mining cryptocurrencies can still be profitable, if all the problems are addressed and everything is managed properly. In this article we will talk about the current state of crypto mining, is it legal, and how can you get started?
Present Condition of Crypto Mining
Most people consider crypto mining to be just a way to create new coins. However, crypto mining involves validating cryptocurrency transactions on a blockchain network and adding them to a distributed ledger. Most importantly, crypto mining prevents spam and double spending of cryptocurrency on a distributed network.
At the present time, Most cryptocurrency mining occurred in the United States. China which was leading the way until 2021 lost its position at the top and many firms and miners located there are shifting to other countries due to the restrictions imposed on crypto mining.
Existing Problems in Crypto Mining
Along with restrictions imposed by some of the countries, there are a few more problems that are choking the progress of the mining industry. A few major problems are
- lack of access to hardware
- lack of supportive locations
- Ever-increasing energy costs,
- lack of capital
Last year some big brands first began accepting payments in cryptocurrencies, but later pulled out, accusing it of huge energy requirements. The industry is trying to make things better and reduce energy dependence.
Future of Crypto Mining
After the CPU, GPU, and ASIC mining, the Cloud mining method is becoming popular. Cloud mining allows individual miners to leverage the power of major corporations and dedicated crypto mining facilities.
In this method, individual crypto miners can rent a mining rig for a specific amount of time and start mining. This method is the most affordable and risk-free way to mine cryptocurrencies.
Meet Xcavator
Xcavator is a compelling project that seeks to introduce people of different age groups and sectors to the cryptocurrency world in a more efficient and economical way.
Xcavator is solving all of the above problems by giving people access to crypto mining hashing power in smaller units. The project has its own crypto utility token namely XCA token and will represent the crypto mining hashing power. The combination of stronger technologies, better planning, and utility tokens will bring people from many walks of life to hold and experience a better way of crypto mining.
To meet the hashing power needs of miners, Xcavator is continually researching countries that offer affordable electricity rates, ease of working, and a consistent environment for crypto mining, so that the next farm can be established there.
Cloud Mining is the future of crypto-mining and Xcavator is leading the way for the industry from the front. Check the website, go through the whitepaper and invest in Xcavator to be a part of this revolution.
Posted using 1UP - Play2Earn & NFTs