Living in Georgia long enough and you grow accustomed to stories surrounding bitcoin, blockchain and mining, but just two nights ago my girlfriend’s uncle and aunty told me something I had to include here. Maybe due to the cosmic (or simply chronological) alignment of their story and my research for this article, or simply because I think it’s a nice introduction to this piece. They told me of their investment in bitcoin mining hardware, their complete failure at processing on the bitcoin network and their eventual sale and subsequent financial loss from the whole experience. They were understandably a little frustrated. Unfortunately this is the current state of cryptomining, a difficult and expensive market to crack. Fortunately I can now inform my girlfriend’s aunt and uncle about Bitforx, a company that aims to simplify and democratize crypto mining.
Mining, simply put, is the process of verifying transactions within blockchain networks, it is also the means through which new coins are released. A miner is successful when they compile recent transactions and solve a computational puzzle. The miner who first succeeds in this adds a new block to the chain and is rewarded with the newly created coins and any transaction fees associated with the block. The difficulty of the puzzle and therefore the computational power needed to solve it is proportional to the amount of computational power on the network as a whole, so as the popularity of mining has risen, so has the processing power necessary to compete in mining. The ever-rising difficulty has made it next to impossible for individuals to be able to successfully mine cryptocurrencies, Bitforx aims to be ‘your gateway into the crypto world’ through cloud-mining.
Bitforx enables people to become involved with mining on scale, instead of owning one or two pieces of their own mining hardware, individuals can invest and own a share of Bitforx’s pool of 23,000 miners. Apart from this computational advantage, cloud-mining with Bitforx is convenient; initial investment is reduced; a hardware pool also takes advantage of economies of scale, enabling a greater number of people to become more involved. The hardware is in a safe and secure location with no need to learn the technical knowledge necessary for deployment and maintenance. Additionally the heating and cooling issues and electricity costs surrounding mining are all taken care of for you. To be convinced of the investment necessary to keep a facility of Bitforx capacity running, check out this video of their mining farm. Bitforx also has a proven track record, with an incredible 99% uptime of their facilities.
In addition to a streamlined cloud-mining, Bitforx aims to bring innovation to Georgia through blockchain. It doesn’t take too much reading of Bitforx’s blog to see they have a deep belief in the power of blockchain. Their posts, such as Unleashing Creativity and Privacy, Surveillance and Money represent a philosophical and ethical confidence in blockchain technologies. In June this year, Bitforx was the Gold Sponsor to the Tbilisi Blockchain and Bitcoin Conference, showing a deep commitment not just to blockchain but to Georgia as well. Giorgi Avaliani, project manager of Bitforx, spoke of the transformative potential, benefits and different applications of blockchain technology; “Georgia has the potential to play a major role in building a more open, transparent, decentralized, fair and cohesive society”.
Introduced at the conference was Proofus, Bitforx’s supply chain logistics project. The application of blockchain to supply chain management is a major step toward more modern, efficient and safer logistics, as discussed in a previous article. Bitforx first use-case of Proofus will be its implementation to the Georgian wine supply chain; “Over the last several years, Georgian wine export has tripled. And so, it has become significantly important to tackle the counterfeiting problem and preserve the excellent reputation of Georgian wine. The utilization of blockchain can ensure consumers worldwide that they can trust and rely on Georgian wine. Wine is our first inspiration and the greater challenge is to provide transparency in the global supply chain systems” Proofus represents a belief in the value of the national treasure of Georgian wine and Bitforx are taking impressive steps in ensuring its legitimacy and legacy.
Bitforx currently supports the cloud-mining of Bitcoin, Litecoin and Bitcoin Cash, with wallet services including those and additionally Cardano and Dash coins. Check out their website to see their straightforward and efficient hashrate purchasing slider, and just how simple it is to sign up with them and begin mining.