One of the most ingenious elements of the cryptocurrency movement is its emphasis on empowering users. While sending transactions to friends, family, and customers through a bank transfer relies on the bank itself, a crypto transaction gives complete autonomy to the recipient and sender, thanks to peer-to-peer decentralized technology.
Many digital assets are able to stay decentralized thanks to a process known as cryptocurrency mining. This process works by temporarily using a device’s resources in order to verify the integrity of all transactions on a cryptocurrency network.
Back in the early days of Bitcoin, the average user was able to earn money as a reward for running mining software on their computer or device. While this is still the case to some degree, the popularity of the cryptocurrency landscape has led to the emergence of businesses dedicated solely to crypto mining.
As a result of the influx of crypto mining businesses, the average user or small mining farm in 2019 can usually earn just a small fraction of the amount that large crypto mining operations are able to.
In addition, running crypto mining software from your computer can prove extremely costly once you receive your energy bill, as the process is quite resource-intensive. At-home electricity costs can, in many cases, entirely negate the amount of profit earned while crypto mining.
Furthermore, security is a concern with crypto mining—to withstand the required loads, the electrical wiring in a home facility should be strong to mitigate the risks of fire. Ventilation is also critical to keep the miners cooled. Moreover, crypto mining can be noisy due to the operation of the processors.
Finally, the feasibility of crypto mining is limited to one’s engineering abilities. More specifically, if a miner breaks down, you can expect additional expenses in hiring a specialist to fix the miner.
“Mining hotels” have emerged as a way of making crypto mining profitable again for the average user
So-called cryptocurrency “mining hotels” have emerged as a solution to many of the woes that prevent users from earning money while crypto mining. Similar to a regular hotel, mining hotels provide accommodation. This accommodation, however, is not designed for people. Instead, it is designed to house dedicated cryptocurrency mining equipment and is often situated in locations that are crypto-friendly or provide cheap deals on electricity.
There are numerous benefits to leveraging mining hotels. They often provide cheaper electricity costs, a safe and dry atmosphere to operate powerful devices designed for crypto mining, and may even have additional features such as on-site technical support and 24-hour security.
How projects are improving upon the concept of “mining hotels” to provide better services
While crypto mining in your own home is no longer a viable or profitable option, innovative services are finding new ways to empower users who want to take part in the crypto movement. By having professionals establish dedicated mining equipment on your behalf in locations with affordable electricity, you can easily mine digital assets and earn a profit.
Cryptouniverse, a service with expertise in the field of crypto mining, is expanding on the idea of mining hotels in order to provide more efficient mining services for everyday consumers.
By allowing ordinary users to leverage its dedicated mining center and state-of-the-art hardware, Cryptouniverse is empowering the community and restoring a time when users were truly in control of the crypto landscape and their own mining profits.
“It gets more expensive every single year to deploy mining farms for individuals, and profitability leaves much to be desired,” said Cryptouniverse VP, Nikita Gribkov. “Buying used hardware can lead to even higher losses because of low durability due to extended usage. And organizing a profitable business requires cheap electricity that only companies can afford.”
Addressing these issues was a priority for Cryptouniverse, a company that has grown to operate seven branch offices in major Russian cities — and an additional office in Edinburgh, Scotland and Tallinn, Estonia — since its launch in 2017.
Cryptouniverse’s mining center is located in Kirishi, near Saint Petersburg, Russia, allowing its mining operations to benefit from affordable electricity. When users get involved with this service, they are purchasing brand new equipment, and benefit from 24/7 online equipment monitoring, 6 degrees of automatic protection against overloads and high temperatures, and ready-to-go physical hardware.
There are various hardware options available for users, all of which are designed to efficiently engage in around-the-clock cryptocurrency mining. These options currently include the ASIC Bitmain Antminer S9k, Antminer S9 SE, Avalon 1041, Avalon 1041 (turbo), Antminer T17, and the Antminer S17.
Their devices represent some of the best options on the market right now for crypto mining. On Cryptouniverse’s website, users can weigh their options by considering the cost, maintenance fee, hash rate, and daily profit associated with purchasing each miner. Since these are physical pieces of equipment that users purchase to run in Cryptouniverse’s mining center, they are subject to availability.
Ultimately, cryptocurrency mining doesn’t have to just be a money-making tool for massive mining farms. Thanks to innovative new services, users and smaller mining operations can once again start earning money through mining digital assets like Bitcoin and Litecoin.