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Bitcoin’s mining sentiment has been closely associated with expense limitations and centralization. Even though Bitcoin is promoting decentralization, the platform’s mining ecosystem is highly centralized. Two mining firms, Antpool and Foundry USA, control more than 50% of Bitcoin’s mining operations. This phenomenon puts the blockchain network at risk. Antpool and Foundry USA could compromise the network’s security through a 51% attack if they decide to team up and alter the blockchain’s infrastructure. A new Bitcoin alternative intends to further decentralize the mining ecosystem by eliminating such a monopoly.
What is an Accumulation Phase?
The accumulation phase refers to a state of the cryptocurrency market where asset prices are down and everyone is getting scared, but smart investors are accumulating their portfolios. Small price changes with minor fluctuations typically characterize the accumulation phase. The phase is also closely associated with a steady increase in whale activity and little contribution from retail investors.
What is Bitcoin Mining?
Bitcoin mining is a complex process. It involves the creation of new Bitcoins by using sophisticated computers to solve complex math problems and validate new transactions in the network. The process has a high affinity for energy and electricity. It uses approximately 121 terawatt-hours annually. Bitcoin is the largest blockchain-powered crypto project. Miners compete to solve the complex mathematical algorithms to earn mining rewards in the BTC token. However, this new DeFi project is bringing changes into the mining arena.
Bitcoin Spark Signals were changing Bitcoin Mining Sentiment.
Bitcoin mining is famous for its profitability. However, the process has a massive entry barrier. The equipment used to mine the digital asset is expensive and difficult to obtain. Moreover, the activity has a high affinity for electricity and thus consumes much power. With Bitcoin Spark, these shortcomings are subject to change. The Bitcoin Spark network has a native digital asset called the BTCS token. The token is the native digital asset of the platform and also acts as a utility token.
Bitcoin Spark uses a modern and advanced validation method called Proof-of-Process. It involves both mining and staking activities happening at the same time in a single network. In other words, proof-of-process is a blend of proof-of-work in Bitcoin’s infrastructure and proof-of-stake in Ethereum’s ecosystem. Bitcoin Spark is the first project regarding the proof of process validation method. A special algorithm will be introduced as part of the validation system to fairly oversee the distribution of BTCS rewards between miners and validators.
Bitcoin Spark’s ecosystem has been designed so that early adoption yields the most rewards. This concept applies to the ongoing BTCS presale ICO, where investors who join the bandwagon early get the BTCS tokens at a fairer price than those who join later.
Additionally, there are ten ICO phases, and the project is in the fourth phase, where each BTCS token is going for a retail price of $2.25. During this phase, the entrepreneurs who get involved will also receive a 10% bonus for their early adoption. By just holding until the launch day, investors will have made 486% gains since BTCS tokens will retail at $10.
Bitcoin Spark’s tokenomics resemble Bitcoin’s, where the max supply of both projects is capped at 21 million coins. The only difference between the two is the amount allocated to mining rewards. In the case of Bitcoin Spark, the developers have allocated most of the tokens to the mining pools. It will take approximately 120 years to deplete them! The ongoing BTCS ICO plans to distribute 4 million tokens, which will be bridged to the Bitcoin Spark network upon mainnet release.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
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