Recently, Bitcoin Spark (BTCS) has gained attention in the crypto community, being compared to Ethereum (ETH) and Bitcoin (BTC). Miners believe this new Bitcoin fork outperforms the established players.
Mining Bitcoin requires specialized hardware called ASIC (Application-Specific Integrated Circuit), as general-purpose computers are no longer efficient for this process. To begin mining, set up the mining rig and connect it to a reliable power source and the internet. When the rig successfully solves a puzzle, you will be rewarded with the transaction fees for that block and a certain amount of BTC. It is important to note that Bitcoin mining has become highly competitive, requiring significant investment in equipment and power.
With the transition from Proof-of-Work to Proof-of-Stake (PoS), Ethereum miners can no longer mine Ethereum in the traditional sense. Instead, Ethereum holders can become validators by staking a minimum of 32 ETH as collateral and contributing to the network’s consensus process. Those who validate transactions will receive rewards in the form of interest on their staked coins. This shift is aimed at reducing power consumption, improving scalability, and making Ethereum more environment-friendly.
Bitcoin Spark utilizes a new consensus mechanism, the Proof-of-Process (PoP), which integrates features of Proof-of-Work and Proof-of-Stake. PoP rewards miners for verifying blocks and contributing to the processing power of their devices. The network has a vast number of nodes to ensure it can accommodate many miners. In addition, PoP is combined with an algorithm that exponentially decreases rewards per additional power, ensuring a fairer distribution of rewards. Also, the Bitcoin Spark network is highly lightweight, allowing for low-power devices to run the network. BTCS mining will be done through the Bitcoin Spark software, which will become open source for third-party software development after the network’s launch.
To mine BTCS, you will need to install the Bitcoin Spark software and grant it access to your machine’s processing unit. The app will be compatible with Windows, Mac OS, Linux, iOS, and Android. Once installed and granted access, the application will create a virtual environment isolated from the machine’s operating system functions to ensure security. You will also be able to manually set the amount of machine resources allowed for mining use. With the ease of the application, you will be able to get started very quickly. Bitcoin Spark’s approach greatly reduces the work and energy consumption required for mining, essentially opening it up to anyone with a smart device.
Miner’s collective power will be safely ‘rented out’ to Bitcoin Spark’s customers undertaking high CPU/GPU tasks, such as 3D rendering, machine learning, and running servers. Those using the network for remote computing will pay with BTCS, which will be sent to the mining pool. This means miners within the Bitcoin Spark network will be rewarded with transaction fees, new BTCS coins, and income from leasing their processing power. Hence, BTCS miners should be able to turn a profit regardless of power or asset costs, which is one of the issues facing crypto miners today.
Bitcoin Spark is offering investors an opportunity to get BTCS early and at discounted prices through its Initial Coin Offering (ICO). Analysts who have reviewed the project suggest it is a sound venture with great potential for growth and adoption, which could prove to be extremely rewarding for early investors.
In conclusion, Bitcoin Spark provides a true route to decentralization, where mining is accessible to all. The network also increases the need for network validation by providing multiple ways for miners to earn. As crypto miners continue to search for more sustainable and efficient alternatives, Bitcoin Spark’s vision could see it rank high.