BFC wins 2019 Most Innovative Blockchain Award
Everyone wants to know what’s next for GPU miners
Mining Industry’s profits have shrunk sharply every winter and 2019 is no exception. In addition, ETH announced that it plans to switch from PoW to POS. Everyone wants to know what’s next for GPU miners.
The Shenzhen ‘Rebuild the Future’ International Digital Mining Summit Forum evaluated the outstanding representatives of the digital mining industry in 2019. Among them, BFC won the Most Innovative Blockchain Award. BFC invents CPoW (Conditional Proof of Work) mining mechanism raised great attention during the summit. BFC GPU mining revenue ranks first for the last three months.
BFC: The world’s first CPoW mortgage coin
BFC Cuckaroo29 adopts a mortgage system and improves PoW into CPoW. Hence BFC could effectively resist ASIC and avoid over-concentration or overgrowth of computing power which makes BFC a perfect choice for the upcoming graphics card idle.
CPoW mechanism prevents mining collapse
Normally, new coins attract a lot of attention which will cause computing power concentration and mining tyrant. This is a typical way of death mode for normal coins. In contrast, CPoW mortgage mode effectively reduces the market circulation rate and inhabits computing power monopoly which could protect of retailer’s interests.
CPoW details
Miners mortgage a certain amount of BFC according to GPU computing power. Currently, miners are required to mortgage 300 BFC per 1K computing power, otherwise, only 30% of mining revenue can be obtained. Moreover, bare mining revenue decreased by 1% each week and reaches 25% by today.
The CPoW adopts a separate contract and others cannot operate on the mortgaged BFC except the coin owner who can release the mortgaged BFC at any time. In addition, mortgage difficulty 1K/300BFC is the initial rate and will decrease when the computing power of the whole network reaches a threshold. Currently, 6000K computing power triggers dynamic mortgage and adjusted every two weeks.
As mentioned above, In the future, bare mining revenue will decrease gradually. In this way, BFC system pushes GPU miners to purchase coins or cooperate with other coin owners. As such CPoW mortgage builds its own closed-loop self-enhancement ecosystem as below:
High mining revenue → more miners → computing power increase → purchase BFC to mortgage → BFC price increase → higher mining revenue.
The CPoW mortgage mining mechanism not only ensures the value of BFC but also reduces market circulation through the mortgage mechanism, as such to realize the long-term rise of BFC.
BFC GPU mining revenue ranks first for the last three months
The unique CPoW model has made BFC rank first in GPU mining since its birth. Correspondingly, ETH mining revenue keeps falling, let alone there are electricity bills.
Currently, there are around 12,000 GPU machines mining BFC. As ETH plan to change from PoW to PoS, there will be around 3 million machines idle. If 10% of the idle GPU machines turn to BFC, it will deliver a total of 150,000K computing power and demand a total of 44 million BFC under 1K/300 BFC. Hence, there will be a huge price potential considering the BFC maximum supply is 21 million.
At present, there are about 1.2 million BFCs mortgaged which resulting in BFC’s low circulation rate. The situation will only get intensify as many miners hold insufficient coins who choose to cooperate with coin holders. Currently, the revenue split quotes come from miner have reached miner32%, coin owner68%. BFC’s deflationary gene gives BFC huge potential.
Application
BFC mechanism to chain up all the mortgage information, together with the Turing machine, BFC satisfies complex requirements in the business world such as bank bills, credit loans, leasing services, credit guarantees, risk control, etc.
Finally, BFC currently has more than 4,000 coin holders, 100,000 members community with a long market consensus. BFC brings hope during the cold winter and could be the next main coin after BTC and ETH.
