NiceHash is the world’s leading cryptocurrency mining services provider. The firm was founded in 2014 and currently enables its users to mine and trade digital assets on its platform. Moreover, it also helps crypto miners to purchase mining rigs to increase their hash powers and win the hash race. NiceHash believes that in the world of blockchain and decentralization, they are envisioned. Hence they created such next-generation platforms and tools to make mining and trading convenient. In the current scenario, the platform is being used by crypto miners, buyers of hash power, and traders on a daily basis.
Recently, Saurav Bhattacharjee of The Coin Republic interviewed Joe Downie, NiceHash’s CMO. The interview covered a range of exciting topics regarding crypto mining and trading. In addition, the session covered some tremendous topics related to the mining industry, mining pools, and rigs.
Cryptosphere is moving towards a green mining approach
At the moment, lots of people are talking about energy, and especially the energy of mining. I think before answering that, it’s important to understand the reasons why a coin like Bitcoin, and other currencies, why they actually use energy in the first place. For blockchain projects to be successful, they need to be secure and robust, they need to be decentralized. So the more people who are mining, the more secure the network is, and the hash rate is higher and the more secure it is. So with a coin like Bitcoin, where ti has a much, much higher hash rate and is much, much more secure than most other coins, the energy factor is not Something that’s very easy to remove from it. So, in this case, it’s more a question of looking for environmentally friendly ways to mine rather than for taking out the energy from the equation.
How is NiceHash’s Quick Miner different?
So QuickMiner is really part of the larger goals of NiceHash, which is to make mining easy and safe for everyone. It’s very difficult to encourage new talents into an industry, especially a new technology, if it’s not simple and easy for people to use, and QuickMiner’s innovative approach, and that we made sure that the code was 100% accountable for it’s written mostly by our team. And it’s been through a very, very rigorous process of verification. And it’s actually one of the first miners to have, I believe, it’s actually still the only miner that has an EV Certificate of certification that is all the code is good, it’s secure.
Whereas the NiceHash miner was compiled together with many third-party miners. And this is great for algorithm switching, so you can easily switch algorithms, but we don’t have any control over the developers of the software. So if there is some problem further down the line, and we don’t know who these people are, it becomes very difficult for us to analyze the problem. And in this case, NiceHash will get the blame. I mean, we provide the software to millions of people. And Something goes wrong that’s on us. So QuickMiners is a way to address this, and our mission is to make the mining scene safer and easier for everyone.
Microsoft planning crackdown on mining software
A lot of the traditional-minded investors, they’re kind of there, there are basically two reasons why they’re kind of against crypto. The first one is perhaps a misunderstanding, and it does not really understand its use cases. And so, therefore, they’re very cautious of what it is. I don’t think anyone expected ten years ago that crypto would go boom like it is today.
A lot of people were not expecting it. And I think the second reason is that perhaps fear that it Is decentralized is something that no one person can control. So if you are a company like Microsoft, who are used to having dominance in the computer market. So a new technology that comes out that’s completely decentralized, in the hands of everyone is quite a threat to them, I believe. Because you could say Something similar towards the traditional banking industry as well, we see a lot of banks moving towards CBDCs, or central bank, digital currencies. And this is a sort of an attempt a little bit too late, I think, in my opinion, to try to incorporate this software and so, to incorporate this new technology into the current economic system.
The purpose of Bitcoin and decentralized currencies is to be decentralized. So, having a central bank currency does not really change much in terms of the current economic model. Since the banks would still control it, they still control who can use it, who can open an account with it, and who can trade with it, whereas Bitcoin is the opposite. It’s open to everyone. So, everyone across the world has access to it. And you can, you know, you can have access to wealth, no matter where you are, no matter what your situation in the world.
Is NiceHash all about pool mining?
People often think that we are a mining pool. And that’s actually not the case, we’re actually a hash power broker. So what this means is people can buy and sell computing power hash power. So it’s in an open marketplace. So okay, we’re not a centralized mining pool. We’re not a centralized business.
In essence, we’re simply a connection between miners and sellers. So we’re not a mining pool. We don’t mine coins directly ourselves. We just simply provide the computer power to other people to be able to mine.
And the users’ another common question we get as well, actually is that users think that they’re mining a coin directly when they sign up, as is not the case, since it’s the buyers of the hash power, who are deciding what to mine, which algorithm to mine. So they’re simply using the computer power from the users towards their mining efforts. So these are often pools that are using us.
Educating cryptocurrency is significant
I think it’s a duty of the whole crypto community to educate more people into it as Ben, if, in the beginning, it was just some guys with computers that figured out how to do Something. And it stayed like that for quite some time. But now it’s gone so mainstream that it’s our duty to educate people, it’s really important that people understand it.
We see a lot of articles in the mainstream news and things related to crypto, which are just plain wrong because they don’t have the knowledge. And that’s really important for us to educate the users. At NiceHash, we have a very large blog page and help articles where we develop education for users to understand all the aspects because there are many aspects to it. And very soon, we’re launching a YouTube channel with much more educational content. So there will be many things like blockchain basics.
NiceHash and its team are helping the entire world by offering easy tools for mining and trading digital assets. The firm understands the exact requirements in the cryptosphere. The firm always strives to bring the best possible user experience and security to our customers all around the world.
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