Cryptomining is the process whereby cryptocurrency transactions are verified and added as new blocks on the decentralized ledger known as the Blockchain.
Mining cryptocurrencies is a costly business, in terms of energy usage. As of 2017, it is estimated that Bitcoin mining’s annual electricity consumption was somewhere in the region of 29.05TWh. To put it into perspective, this figure roughly equals to 0.13% of the global electricity usage in the same year.
The rapid growth of cryptocurrencies has caused the requirement of energy to also grow exponentially. This has induced a stress factor on electricity grids around the world, and as cryptocurrencies continue to gain further ground, the demand for power is only going to grow larger. Future projections indicate that electricity might become a scarce and precious resource in the near future, which may drive prices up big time.
The main issue with electricity production is that it cannot be shipped or transported like fossil fuels, for instance. Power generation relies on a network of thousands of local substations to move electricity around via high voltage cables. This method is effective for short distances. Long distance transmission of electricity incurs losses due to resistance, quality of conductors, etc., which reduces the cost-effectiveness coefficient. Theoretically, electricity can be distributed in a cost-effective manner between 2,500 to 4,300 miles, depending on the type of current. In reality, however, profitable distances are far shorter than these.
Energy-efficient mining rigs are therefore a must, to ensure the longevity and profitability of any mining operation. Enter MiningFriendly, a Norway-based cryptomining company managed from Switzerland.
A Bit Of Cryptomining History: The Market In 2018
The cryptocurrency market has seen its ups and downs throughout its turbulent history. From the lows of $0.10 back in 2010 to the dizzying heights of almost $20,000 in 2017, cryptos are known for their extreme volatility.
Cryptocurrencies experienced somewhat of a bloodbath in 2018, with large chunks of money being wiped out of mining outfits in Asia virtually overnight. This, coupled with an overall bearish market stance through most of the year, means 2018 was not a particularly prosperous one for cryptos.
Nevertheless, the crypto market remains alive in 2019. Most of the small-time mining players, along with a few big names, have now exited the market, creating a viable space for larger and well-funded mining operators.
MiningFriendly has arisen from this fertile landscape offering a new value proposition for the mining community.
How MiningFriendly Operates
Minimizing the cost of energy consumption is key to an effective cryptomining operation. MiningFrienly offers a mining solution both for individuals and larger entities that is cost-effective, offering yields according to the amount invested.
MiningFriendly’s business model is built upon the purchase of shares of mining capacity, also referred to as ‘mining rights.’ The customer acquires a smaller or larger share of mining rights, according to a set of financial plans, and receives small or large crypto yields (payouts). It’s that simple. Rights remain valid for 12 months (for most plans) and the customer always receives the rights back plus the earned income.
MiningFriendly does not use customers’ capital to speculate in cryptocurrencies. Instead, the company mines cryptoassets and sells the mining profit for fiat currencies through cryptoexchanges. Right now, MiningFriendly offers returns in four currencies: US Dollars (USD), British Pound (GBP), Euro (EUR), and Swiss Francs (CHF) so payouts are always assured, regardless of market fluctuations.
The Solid Pillar Supporting MiningFriendly
The MiningFriendly value proposition is supported by Stonewell AS, a company headquartered in Norway and managed by a Swiss gentleman Dr. Jurg Richards, an experienced business manager, chief financial officer, money- and pension fund manager with a passion for risk evaluation and risk management, currently focusing on cryptocurrency markets and mining.
Stonewell AS stores its data in Switzerland, which enables its customers to benefit from the most advanced data protection law and the country’s neutrality.
MiningFriendly differs from other mining operations in a number of ways. It does not charge any fees, for instance. Instead, they pay out the respective mining return based on the customer’s mining capacity. All surplus capital is used to cover costs, pay salaries, and build reserves.
The company offers a lot of flexibility too, through its payout plans, which is an attractive option for customers looking to make a quick return and for those considering a more longer-term investment.
And finally, MiningFriendly data pool is securely stored and maintained in Switzerland, a country long associated with financial stability and liquidity, which makes for a rather interesting proposition indeed.
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