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Hydro mining is a method of cryptocurrency mining. Hydroelectric power and water cooling systems are where hydro mining relies on. They depend on that power and cooling system to come up with a mining operation which is energy-efficient and highly-profitable.
Simultaneously, cryptocurrency mining generates new digital coins and confirming these transactions. The blockchain is a network where cryptocurrencies like Bitcoin are being sent by users.
The Blockchain network collected all transactions during a particular duration of time into a “block” for monitoring. The miner`s role is to verify transactions and put them in a public ledger through solving uneasy mathematical equations.
Great computing power is needed for the process to burns big amount of electrical energy.
How is cryptocurrency mining changed?
The extent of operations is really significant though it has the same process.
Cryptocurrency mining is no compare in usage with non-specialized hardware. But as the growth of the marketplace, miners find effective systems and graphics cards to favourably process computations.
Before, users were really productive to mine cryptocurrencies on a desktop computer. But it becomes large-scale mining farms that use a big amount of energy. For single miners at home, this change has become expensive and results to not a good choice anymore.
Cryptocurrency mining becomes bigger as time goes by, this means it requires more electrical power for big mining farms. If it continues using exhaustible non-renewable fuel sources, it will cause pollution and greenhouse gases that can damage the environment.
What is the importance of hydro-mining on cryptocurrency mining?
Hydro mining gives an energy source which is environment-friendly.
People who are environmentally conscious is not pleased with cryptocurrency mining since it uses large quantities of electricity.
The most critical cryptocurrencies like Mining Bitcoin and Ethereum are using the same amount of energy as Morocco. Morocco is a country with a huge population of almost 36 million.
One transaction in Ethereum uses 53 kWh and a dishwashing machine uses 88 kWh a year. This means that for only 5 Ethereum transactions is equivalent to a whole year usage of a dishwashing machine.
Based on the collected data of Digiconomist, one transaction on Ethereum network is equal to the power usage of American home for 1 and half days. Bitcoin uses more energy at 5.5 days per transaction.
The chart below shows the increase in Bitcoin mining energy usage in one month.
Bitcoin Energy Consumption Index Chart
Blockchain technology fails to keep its main advantage without cryptography. This main advantage is security.
But to solve the uneasy algorithms for a better understanding of cryptography, it needs a big quantity of electricity. Most of the time, it is from non-renewable energy sources.
HydroMiner uses hydropower for its mining operations. Hydropower is the cheapest and most efficient renewable resource resources in the world. It is also environment-friendly.
And using water to cool mining equipment can lessen the cost by 85% compared to Europe’s average cost of electrical energy.
Cryptocurrency mining change to an energy source which more environmentally friendly, not only to reduce the cost but also reduce the carbon emission of such activity.
What are the advantages of cryptocurrency hydro mining?
Hydro mining is not only environment-friendly but also reduce the cost, increased dependability, and enhanced performance.
Cryptocurrency mining experience unsuccessful operation due to overheating. This is because the computer system device needs to work continually for the whole day with high loads.
Each time there is a downtime, it also means a loss of money.
Using water-cooling systems in the hydro-mining procedure warrants that devices are in safe operating temperature at a reduced cost. In that case, this kind of mining environment will definitely enhance performance.
Like HydroMiner, which is using an enhanced cooling system, it consistently, maintain a lower temperature at a high density. As a result, it also gives enhanced performance.
Electrical power is really important in any mining operation.
Using hydropower as electrical energy is probably a good choice than traditional mining farms. It is affordable and environment-friendly. Lower energy consumptions also mean higher profit since it also saves expenses.
What are provably fair games?
An online game is provably fair when a system in location is present. This system in location will allow the gamers to verify the procedure`s fairness in a video game.
The idea of “provably reasonable” is related to the growth of online cryptocurrency betting such as casinos and lottery games and online games.
Provably fair games started as soon after the appearance of Bitcoins. These games guarantee fairness as one of their main selling points, in contrast to traditional online gaming that can be manipulated.
On the contrary, a Blockchain is reliable. All transactions are in a public ledger and can`t be fabricated. Smart contract platforms like Ethereum has program code that is controlling the whole game. That program code is impossible for anyone to manipulate.
A casino or a lottery video game doesn’t have such transactions and some processes are hidden from the users. But what makes it “provably reasonable” is providing tools to the players to verify the fairness of the procedures. Additionally, they also reveal information further – e.g. the process of presenting the winning numbers in Lotto.
How provably fair games possible?
Blockchain technology and goodwill of the video game organizers is what makes it possible.
Basically, it is hard to prove fairness if it is not reliable. A videogame can be made with a requirement for a specific basic level of fairness. The Blockchain innovation has that needed level because of being stable and transparent.
The Blockchain-based platform has an effective set that makes it impossible for the organizers to trick the gamers.
Owners of the said platforms guarantee that there is no space for cheating. They publish the source code in open access. And they provide confirmation tools for casino and lottery draws. These approaches are offered to prove the level of fairness.
How is the popularity of these games?
Provably reasonable games are growing in number that shows how in-demand it is.
Online gaming can be dangerous. Video games give the player a sense of excitement by winning an opportunity. It urges people to play these video games. Yet, having uncertain practices and intransparent games is not a good idea to make it difficult.
Imagine you win a video game but never receive a prize. You can`t justify to anyone that it’s a scam. A platform is a cheater because they make no payments for its gamers. But you can`t recognize such because they are good at tricking.
Situations mentioned above are not good for the users. To end those unpleasant situations, gamers will likely be transferring to a provably fair platform.
How to identify a fair game
First, the platform will have a list of methods to verify the claims of being provably reasonable.
Here`s a good example of that claim: the True Flip Blockchain lottery game. It has ongoing ICO project that is very successful. They preserve fairness and exceptional practices. Because of that, doing some research at True Flip is advantageous.
The main page has a link to the open source code of the lottery by Github. All the functions which govern the game can be found in the repository. It includes the procedure of drawing the winning numbers and making prize payments.
Owners of the platform must be aware that not everyone is programming professionals. Proving the fairness can be done in a few ways. For example, the True Flip is using a tool which anyone can confirm the winning numbers. They can use it through publicly available Bitcoin hash which owners of the platform have no way to manipulate it.
The examples presented are not just the ways of how online game organizers can show its fairness. The other elements of any video game can be used to cheat gamers. Provably fair can guarantee video games which is more transparent.
In conclusion, it is up to the player to identify a reasonable game to entrust their loan. Choose at your own risk and be mindful.
What’s the current situation of the service industry?
The service industry is growing slowly.
The service industry is trying to be advanced and updated like other businesses. But some issues are affecting the speed of its development.
The first concern is cash. Having enough cash to start a new company or to extend the current one is not simple. Getting a loan from banks is not always possible because they also take considerations on your age, credit history, etc.
The second concern is its personnel. High-qualified staff is a must in any service industry. Finding capable ones and train them is not enough. If you are working with organizations, making an effort to let them work as one is needed.
Details are one of the important resources these days. The Internet provides this essential resource faster and accessible.
How can Blockchain help?
The current innovation of Blockchain can find a solution to the concerns cited above.
Introducing your own ICO to earn money for establishing a company or extending the current one is a good start. Hedge and venture funds are into Blockchain.
Blockchain makes checking of someone’s relevant background simpler. Improving personnel management is easier through its innovation. It provides communication among departments and supervisors.
Their decentralized system can quickly disseminate information between nodes. Gathered data in Blockchain can’t be altered. There is pleasant transparency on what’s going on the processes of the company.
How can Blockchain help the hospitality industry?
Blockchain will help to assist the progress of check-ins and getting more guests’ information.
Blockchains keeps the information through its ledger. It monitors and updates the availability and numbers of bookings all the time. Guests, hotels’ and its staffs’ credibility can be check before having any appointments.
And what about the catering company?
They can monitor the data of their supplies.
A catering business needs to communicate with numbers of food and logistics companies. The decentralized system of Blockchain can provide needed information quickly and therefore affects the speed of the process.
Blockchain can help monitor important information about food, storage conditions and time of delivery. It also updates which are already expired products and rotten items.
Lack of communication is an issue among participant of the vehicle business.
The automobile industry is actively establishing service. They have relevant information for other participants.
Different decentralized platforms exist like Uservice. It brings participants together and makes a database about automobiles. You can register your automobile and get paid for the data you provided to the platform. Every record of signed up vehicles will be updated. Platform’s users can monitor existing issues about this design.
Can the decentralized innovation be used in insurance coverage?
It can avoid scams that will surely boost trust among customers and insurer.
Trust issues among customers is a common issue an insurer keeps in mind. Discouragement of customers starts with the low performance, high costs and not pleasant system of insurance calculation. Blockchain technology can help this problem through its transparency and having smart contracts. If something happens, the code will promptly do its work. Blockchain can confirm credibility through its decentralized register that is visible to anyone involved.
How can Blockchain assist e-commerce?
The system of decentralization will lead to prompt transactions and low fees. It will also bring transparency and trustworthiness.
Blockchain provides transparency to everyone that is vital in trading which is from various part of the world. Smart contracts guarantee that you receive the desired loan or services.
Connecting Online Sentiment Towards the Cryptocurrency Industry with Global Market Capitalisation
Recently, BlockchainDefender released a report examining the impact of online sentiment on the cryptocurrency industry, including how it affects the industry’s global market capitalisation. The report takes advantage of BlockchainDefender’s experience of analysing online sentiment.
Online Sentiment Affects Market Capitalisation
The first study in the BlockchainDefender report confirms that online sentiment towards cryptocurrency impacts the industry’s market capitalisation. The report illustrates this connection via a graph with different lines for search volume, sentiment and market capitalisation. The three lines all move together, both in terms of increases and decreases. This correlation is most obvious in the rises of late 2017 and the dip from January to March 2018. The last several months of the graph shows all figures stabilising.
Differences in Online Sentiment by Country
The report looks at the online sentiment regarding cryptocurrency in Japan, the USA, Germany and the UAE. Of these, the USA has the most negative sentiment and Japan has the least. The report indicates that most negative online sentiment comes from cryptocurrency industry news websites, social media platforms, blogs, forums, crypto review websites, and crypto company directories and websites.
Online Sentiment for Specific Cryptocurrencies
BlockchainDefender also examines individual cryptocurrencies in the report. Looking at Bitcoin in the same four countries, the most positive results are in the UAE, followed by Germany, the USA, then Japan. The most negative results are in the USA, followed by Germany, the UAE and Japan.
From a global perspective, Iconomi is the cryptocurrency with the most positive online sentiment. Bitcoin Cash sits at the other end of the spectrum with the most negative online sentiment.
The report ends with a look at online sentiment for a specific yet unnamed cryptocurrency that faced a hacking attack and subsequent crisis in 2018. Following the crisis, positive online content decreased while negative online content increased. Interestingly, these changes were more significant in the West than in the East.
Online Sentiment Towards Traditional and Cryptocurrency Exchanges
BlockchainDefender also evaluates online sentiment towards cryptocurrency exchanges with the sentiment towards traditional exchanges that are well-established. The team analysed data in four countries regarding ten of each exchange type. The analysis indicates that Google search results have much more negativity for cryptocurrency exchanges than traditional exchanges.
The report indicates that a key influence in this disparity is the lack of ownership of online sentiment for cryptocurrency exchanges. While traditional exchanges have ownership of 34.88% of their search results, crypto exchanges only own 17.75% of their results. That leads to a reduction in control, which translates to more online negativity.
The BlockchainDefender crypto industry report is available to view or download online.