2023’s Top 3 Crypto Mining Trends
Many exciting crypto mining trends have emerged this year, with new projects bringing fresh use cases, technologies, and tokenomics that address issues around older mining models.
Both novice and veteran miners will find significant benefits in these solutions, so below we’ll review them one by one and discuss how they are reshaping crypto mining. These trends include:
- DePIN mining
- NFT mining
- Sustainable mining
DePIN Mining
One trending type of Web3 infrastructure project is the deployment of DePINs, or decentralized physical infrastructure networks. These innovative networks provide unique and diverse mining opportunities.
DePINs leverage token incentives to motivate individuals to invest in network infrastructure for which there’s existing real-world demand. For instance, DePINs are now providing infrastructure for WiFi, energy markets, research, and data storage, to name a few.
Since DePINs consist of infrastructure that is not designed purely for supporting crypto transactions, they require nodes that offer benefits over conventional miners.
For instance, MetaBlox’s miners are WiFi routers that provide OpenRoaming coverage, and now you can even turn your existing WiFi router into a miner by adding it as a node to the MetaBlox DePIN.
DePINs decentralize network-based services by executing the data flows involved in such services decentrally on the blockchain, which generates tokens in the process.
The DePIN model also lets existing infrastructure become bootstrapped to deploy a given decentralized service-network. Personal, consumer devices can even devote processing power to support blockchains and their DePIN applications.
NFT Mining
NFT mining is a new type of cloud mining where ownership of a non-fungible token secures for the holder the rights to mining yields from a particular miner or mining pool.
For instance, the MetaBlox NFT secures cloud mining rights to MetaBlox’s WiFi miners.
Like with regular cloud mining, MetaBlox maintains and operates the (NFT-bonded) miners.
Mining rewards earned by NFT holders will become convertible to MetaBlox tokens after the project’s token listing in 2024.
Sustainable Mining
The crypto mining industry is finally responding to the growing need for environmental sustainability. Traditional mining with ASIC rigs makes large and expensive energy demands, with the associated hardware often requiring a 1.5 gigawatt electricity supply. And because such supplies typically come from burning fossil fuels, crypto mining can generate considerable emissions.
As concerns around global heating rise, mining practices and providers are beginning to adapt.
For instance, sustainable mining methods like using renewable energy to power and cool rigs is becoming more popular. Mining companies that implement these more environmental technologies could see more success than those that don’t in the market of tomorrow.
Conclusion
2023 has seen the emergence of some significant new trends in crypto mining: DePIN mining, NFT mining, and sustainable mining. DePINs offer unique mining opportunities that aid in the provision of crucial infrastructure-based services. NFT mining, on the other hand, is a convenient way to secure cloud mining rights in a Web3 native way. Finally, sustainable mining addresses environmental concerns by incorporating renewable energy sources and repurposing existing hardware. These trends highlight the evolving landscape of crypto mining and the industry’s efforts to adapt to new technologies, business models, and sustainability practices.
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