Grin is one of the latest privacy-oriented virtual coin. Its recent launch has now drawn the attention of deep-pocketed capitalists and cypherpunks in this vast market. This new network was officially introduced to the market on Tuesday, 15th January and is already making good progress. However, there is a new group that has turned in force to mine on this new network.
Details About The Grin’s Launch
This new launch has gotten some of the bigwigs in the market talking about it. One of them is Dovey Wan, an employee of Primitive Ventures. He states that they have been watching the show the whole day. This, according to him, was the most expensive genesis block one that has ever been witnessed. There are also a bunch of other investors who were watching the Tuesday launch of the privacy-focused virtual coin. Grin has been developed using a special technology known as mimblewimble. One of Wan’s partners was Eric Meltzer, a partner at Primitive Ventures. He also had something to say. He stated that $100 million dollars is invested in a special purpose investment that is used to mine the coin. But this does a number of strange things. Eric Meltzer clarified that the early holder roaster’s composition is changed. This implies that the chain will be dropped with amazing top notch. That can only be possible if huge machines of security through the high PoW hashrate.
Reasons For The High Demand
This is the type of things that only come close to the leading virtual coin, Bitcoin. Those were the sentiments of one of the top crypto investors. In the minds of many cryptocurrency investors, it greatly resembles a type of pattern matches to Bitcoin 2.0. Finally, the investors that had his company join up with other Tier 1 investors to mine BTC had something to say. He says a perfect storm is now stocking demand for the newly released cryptocurrency. This is a technology that excited a number of old time adopters. In addition to that, there is an excess data center and GPU capacity that miners are waiting to use in the new Grin network. There are also certain serious downsides that might be attempting to rock the process of this new network. However, the investor states that Grin has been designed to be very inflationary, especially in its first years.
Grin Could Have Been Overmined
It is true that Primitive Ventures has already invested in the ecosystem. However, it has confirmed that it won’t be mining Grin. According to one of the partners, the economics do not just look right for them at the moment. A mining entrepreneur by the name Josh Metnick, however, had a different observation. He feels that Grin has been overmined and there might not be any need to mine it. His company is known as Randon Crypto. The company has been heavily investing in mining proof-of-work coins, driven by the thesis that the right time is during the bear market.