What is the Use of Blockchain Mining (New Blockchain Mining Project)

What is the use of blockchain mining? In traditional computers, mining can be done directly through the computer. However, for cryptocurrencies, this process is much more complex. For example, you need to buy a machine to run your Bitcoin network or find other nodes and store these digital assets in them. But when your computer is hacked, you can no longer use it. So, how can you keep this system going?

Blockchain technology is the process of putting data and transaction records on the chain and using cryptographic methods to protect them. This is done to ensure that there are no malicious or fraudulent activities. Therefore, people have different understandings of Bitcoin, but in reality, they are maintained through an immutable, traceable, and secure distributed ledger system. Therefore, blockchain mining has the following uses:

1. It is a method for mining digital currencies, such as Bitcoin.

2. It serves as a reward system (similar to cash).

3. It is used to pay for electricity and other fees.

New Blockchain Mining Project

Recently, many new projects have emerged in the domestic blockchain industry.

One of them is a mining platform called “Starfire Mining Pool” that has launched a new product called “Stellar Mining (The Tron Mining)” – Stellar Cloud Hashrate S9. This product, based on the Samsung Galaxy S10 processor and Ethereum Virtual Machine, is dedicated to ensuring the worry-free operation of the Bitcoin network by providing low-energy electricity. “Starfire” is a brand new mining machine designed using Samsung’s latest 7nm chip design. This technology has the characteristics of high throughput, high speed, and cost-effectiveness. “Stellar Mining Pool” uses a new type of algorithm and GPU assembly with GPU drivers for cryptocurrency mining services. Another digital asset exchange called “Perpetual Technology” is also considering joining this plan. On January 18th, according to media reports, Stellar has started expanding overseas, and its parent company, iBTCLabs, has announced plans to move from the United States to the United Kingdom, focusing on investing in and incubating one of the world’s largest decentralized digital finance funds, ICG Capital Funds. Currently, the company has hired Professor Amin Shaman from the National University of Singapore as CEO and founder.

In addition, there is another piece of news worth noting. According to official information, Stellar’s spot trading volume is about 1.07 billion US dollars. In addition, according to Binance market data, Stellar’s current price is $0.035 per coin.

Earlier, it was reported that this year, due to increased global market volatility, the price of Bitcoin reached its highest level in nearly two years when Bitcoin prices fell to around $3,000. However, with the increasing demand from investors and the increasing support for Bitcoin ETF by mainstream institutions, the price of Bitcoin soared to a new high in March this year. It has risen more than 20% since December last year, but this bull market is not over yet, and it was prompted by an ecological experiment initiated by F2Pool.

According to CoinMarketCap data statistics, as of mid-November, the total issued quantity reached 130,000, with a circulation total of over 600 million. The most concentrated of these is BCH. As of the end of November, Bitcoin, ranked 21st in market value, has still not been mined. Therefore, apart from halving, the production of Bitcoin has not reduced much, but its price has continued to rise.