Many years ago, when people were questioning Internet technology, the rise of series of giants namely Amazon, Microsoft, Apple, Google, and Alibaba disrupted traditional industries with huge innovations and changes that they brought along, and its shocking effect continues to this day. Nowadays, with the rapid development of blockchain technology, major encrypted digital ecosystems such as spot, contract, leverage, financial management, and mining are also ushering in a new round of outbreaks. In the above-mentioned encrypted digital field, mining investment is undoubtedly the safest and most substantial form of revenue. Of course, “multinational regulatory policies” and “high investment thresholds” have become the biggest obstacles to mining development.
BTC/ETH miners are brutally suppressed, IPFS/Filecoin miners may be an opportunity
Singapore, 26th Nov 2021, ZEXPRWIRE, Nowadays, high-energy-consuming mining machines based on BTC and ETH have been restricted by many countries. China, India, Iran, Spain and other regions in the world have restricted Bitcoin mining. With the most stringent supervision imposed by Chinese government, immigrating their mining machines overseas has become one of the first choices for local miners.
Statistics have shown that “mining” has accounted for 0.13% of global electricity consumption. 80% of the total expenditures of cryptocurrency miners around the world are spent on electricity. Calculated according to the Bitcoin market in January this year, the entire Bitcoin network may consume up to 184 terawatt hours (1 terawatt hour ≈ 1 billion kilowatt hours) of energy each year, which is equivalent to the total energy consumption of all data centers in the world. At the same time, the energy consumed by “mining” also produced 90.2 million tons of carbon dioxide, a huge greenhouse gas emission.
On the other hand, getting rewards by merely solving math problems through huge computing power does make inexperienced people suspect its validity. The long-term development of BTC mining is in an adverse situation because it lacks of real-life scenarios. However, the emergence of IPFS/Filecoin mining machines has navigated a new direction for investing in the mining market, and has also broken the curse of “mining machines cannot be integrated with applicable scenarios”.
When it comes to IPFS/Filecoin mining machines, the first thing to mention is “FIL” coin. It went from 22 US dollars in February to 238 US dollars in April. The increase of more than 10 times drove many miners into buying IPFS/Filecoin mining machines. Compared with BTC or ETH mining machine’s high energy consumption, IPFS/Filecoin mining machine consumes much less energy, which is the main reason why it is not subject to mining machine withdrawal policies. On the other hand, Filecoin has a real storage ecological & applicable scenario. Since its launch in October 2020, it has accumulated up to 8.8EiB of storage.
Therefore, in the double-dimensional competition of “energy consumption” and “scenario landing”, Filecoin clearly wins over BTC and ETH. However, the high prerequisites of Filecoin mining has also become the biggest challenge for ordinary investors. Although some service providers have launched mining machine leasing, mining machine proxy agency, cloud hashrate services, and even some mining-related financial services, their platform compliance, security and business standardization still make them not quite convincible for ordinary users.
Frequent pain points on the cloud hashrate market
Unlike mining machines, cloud hashrate is invisible and intangible. How much hashrate a user buys, and how much hashrate is authentically provided, are difficult for users to verify. The only thing Users can rely on is the data from the service provider. If users do not know the real hashrate they own, they cannot calculate the real profit. Therefore, the hashrate revenue is highly opaque.
Especially for Filecoin mining machines, the hashrate required for mining is closely related to storage space, but storage space is not the only criterion. Only if the storage space is filled with data, and a certain amount of Filecoin is used as pledge, then this storage space can be counted as “effective” and Filecoin can be mined. Therefore, for users, even if they purchase Filecoin cloud hashrate services, they may not be able to mine Filecoin, hence not able to ensure effective daily Filecoin output.
In addition, there are still some service platforms on the market that sell fake hashrate to users under the name of “Cloud Hashrate.” They don’t even have any products, all they do is acting as distributors who package hashrate into financial products to sell to users at high prices. Working with them will invisibly increase user’s investment cost.
These pain points have had a very bad impact on the cloud hashrate industry. Then how to solve these problems? For this, LuckyHash (www.luckyhash.com) has a solution: focusing on the global regional cloud hashrate investment service platform.
Three solutions from LuckyHash
- LuckyHash allows users in all regions of the world to take advantage of localized Filecoin cloud hashrate services.
That’s why LuckyHash is gradually establishing its own mines around the world. This is not only in line with the need to open up the global market, but also to avoid possible hazards caused by stricter policies in a certain region. Today, LuckyHash took South Korea as the starting point for its global development. Not only has it been immigrating real mining machines to South Korea, but it also operates and maintains its own server room locally to complete the early stage construction of the decentralized storage ecological infrastructure.
In this way, not only can users in South Korea purchase cloud hashrate products with one-click on LuckyHash, but can also supervise the local machine rooms in real time to ensure the cloud hashrate services they purchase are rather real than fake.
- LuckyHash has a complete industrial chain and provides butler-style services.
LuckyHash has a complete industrial chain of “independent mining machines production”, “independent systems innovation”, “self-owned mines”, “self server room management”, and “self sale hashrate”, which can reduce the costs of hardware procurement, configuration, operation and maintenance as much as possible, so as to promote cost efficiency for all users. It is because Luckyhash has this series of industrial chains that it can provide users with high-quality butler-style services. In other words, users only need to buy ready-made products, dig ready-made mines, skip the seal off period, and get block rewards directly. They no longer need to care about the operation and maintenance of either hardware or software. It greatly reduces the prerequisites for new miners to participate, and allows ordinary users to take part in FIL Mining, which is as easy as online shopping!
- LuckyHash launched minimum 1T to purchase Filecoin full storage cloud hashrate service package to lower the investment threshold, high-end hardware facilities & software systems, and strong cooperative operators to ensure mining revenue.
LuckyHash adheres to the principle of “everyone can mine” and has launched a low-level product service package. Specifically: Filecoin can be purchased from 1T with full cloud hashrate, with convenient participation methods and extremely flexible costs compared to direct investment in mining machines.
In LuckyHash’s initial full storage hashrate product, the contract period is 540 days. LuckyHash provides pre-collateralized coins. There is no sealing off or filling period. On the day of purchase, the effective storage of the TiB quota purchased by the user is used to calculate the profit, and the follow-up expenses such as operation and maintenance are uniformly charged in the form of “technical service fees”-technical service fees are charged for the output during the 540-day normal contract period, and the rate is 20% of the total daily income, which saves worries and troubles.
In addition, in order to ensure high-performance cluster computing power, cost-effective loosely coupled structure, flexible scalability and 7×24 hours high availability, LuckyHash has deployed Filecoin mining machines to five-star IDC rooms in a clustered manner, and provides platform-level solutions for open-source super mining pools. Therefore, LuckyHash is superior to Filecoin’s official mining standards in terms of hardware, software, and machine room equipment, thereby creating greater space for making profits. What’s more worth mentioning is that LuckyHash has also reached in-depth cooperation with the world’s largest decentralized network operator, making LuckyHash’s service efficiency at least 4 times higher than that of its peers.
In short, LuckyHash is the first batch of cloud hashrate platforms dedicated to both global and regional operations in the industry. Through the on-site construction of distributed storage infrastructure to achieve a transparent, secure and compliant cloud hashrate market. It not only lowers the threshold of ordinary users participating in hashrate mining, but is also convincingly trust worthy, thereby making it a likely candidate to expand the market and reshape the whole cloud hashrate mining industry.
In short, LuckyHash’s ambition of breaking the black box of the Filecoin mining, encapsulating the “high technology and capital threshold” for ordinary investors, and making Filecon mining no longer complicated, in a way that everyone can participate in Filecoin mining, are undoubtedly the best way to promote the development of the IPFS/Filecon industry.
Fast registry: https://luckyhash.com/createAcc
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Emerald Journal journalist was involved in the writing and production of this article.