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Recent reports suggest that the current Bitcoin mining rewards have been reduced. Managing Director at investment bank B. Riley Financial, Lucas Pipes, has depicted that an estimated rate of 15% to 30% of the mining ecosystem has declined. Several unprofitable validators have been forced to shut down their rigs. It comes amid the imminent digital currency bull run that might occur during the first quarter of 2024.
Therefore, the blockchain ecosystem yearns for a program that will convince and attract several investors to partake in the mining industry. A new crypto project has emerged and is set to perform wonders within the crypto ecosphere. The new entrant called Bitcoin Spark has an approved rate of development and is making a surge in crypto adoption.
What is Bitcoin Mining?
Mining is the process of generating new coins and creating new blocks in a digital currency network. Bitcoin mining uses a proof-of-work consensus mechanism. The validation process requires a massive level of electricity and nodes, which are expensive. Validators who participate in confirming new blocks in Bitcoin’s ecosystem are rewarded with 6.25 BTC. The next bitcoin halving is anticipated in May 2024 when the reward is full to 3.125.
Bitcoin Spark Creates Waves in the Mining Industry
Bitcoin Spark is a new project that leverages the decentralized ecosphere to promote the development of blockchain technology. The platform has a unique mining system that utilizes a proof-of-process validation mechanism. The process amalgamates PoW and PoS. Mining is conducted by validators or miners embedded in the network.
These validations get rewards in return for partaking in confirming new blocks and generating new coins. The platform has a mining algorithm that seeks to maintain a linear reward distribution method. This will allow both large-scale and small-scale users to accumulate rewards.
The reward mechanism functions in a manner entailing the higher you stake, the higher the chances of the reward being distributed. However, this will take place in a more balanced way.
Revenue generation is another crucial factor for developing a digital currency startup. In this case, Bitcoin Spark has an effective revenue generation method. The method administers two tactics: advertisement and renting processing power. The network has set out an unused part of its application and website, which will be utilized for running ads that promote other brands. The ad promotion mechanism will function elastically as the demand increase leads to a price surge.
On the other hand, when the demand decreases, the platform will reduce the price and increase the time of conducting an advert. In promoting user motivation, the project has a voting system. Participants with issues with an advert can vote for removal.
The team will then check the authenticity and eligibility of the advert and then flag it out. Community members are also rewarded for partaking in the voting system. Furthermore, Bitcoin Spark’s team will collect 50% of the revenue for income and upkeep.
Bitcoin Spark also rents CPU/ GPU power to individuals and corporations to perform work, including video rendering and solving intrinsic computation equations. The team behind the network will take 3% of the revenue generated from renting processing power for maintenance and income. The project is currently in phase 4 of Initial coin offering.
Learn about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
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