The Layer 2 Solution Polygon launches Liquidity Mining 2.0

The blockchain industry is a world of innovation, and every day there are new developments that bring in more utility and usability for the users. Polygon, the popular blockchain network, is one of the leaders of this innovation and has recently announced another development that will add more utility to the network. 

After the impressive success of Polygon Liquidity Mining 1.0, Polygon has announced the launch of the Liquidity Mining 2.0 campaign. This campaign is the first-ever KPI-based campaign in the form of yield farming for protocols. Some of the noteworthy features of the campaigns include:

  • All the dApps are selected based on their KPIs performance, such as the weekly average users and total value locked. 
  • All the dApps that failed to get liquidity mining earlier were automatically eligible for the campaign.
  • The new campaign is fully transparent and verifiable.
  • The dApps do not require KYC to participate. However, Polygon ensures the security of all the parties involved. 

This campaign will be extremely beneficial for dApps that are building on Polygon or aim to migrate to the blockchain network. Any anonymous team can apply for the campaign, and every month, the distribution is evaluated to give hard-working teams and dApps more allocation the following month. Moreover, the projects will have complete freedom over choosing the use of funds. 

In the initial EPOC, Polygon has selected 28 teams that include prominent names such as Impermax Finance, ODAP, pNetwork, Clipper, Gains Network, Mimo DeFi, etc. dApps who are looking to migrate to Polygon can still participate in the campaign. The dApps that perform well over the next six months will get a chance to receive something special every month. 

About Polygon Network

Polygon is a decentralized Ethereum scaling solution that believes in Web 3 for all. The blockchain network enables developers to build scalable and user-friendly dApps with exceptional security and low transaction fees. Polygon Network is built for developers and by the developers. 

To learn more about Polygon Network, visit https://polygon.technology/

Hashpower migration from East to West could be a possibility

The mining industry has been witnessing a lot of correctional transitions especially when the sphere of its market is growing in up to now unknown territories. Recently Ripple SBI Asia head honcho spoke about how the mining industry will see the hash rate migration from east to west as indications of the same have already started to show. 

Adam Traidman was positive when he implied that there was a group of Chinese miners who were interested and were paying anywhere between $0.03 to $0.05 per kilowatt-hour. The texas rate was low at $0.025 and below. Traidman stated that the relationship between Texas and firms overseas has not been the steadiest due to earlier business failures. There is a bit of ambiguity here but when more money is infused things will see north as it has always.

Traidman also highlighted that the tariffs imposed by the Trump government on China have also been one of the reasons for the slowing down. But once these tariffs have been lifted, there will be a huge growth almost immediately which is encouraging. The entourage of hash rate migrations from east to west has been the case as many of the big mining hardware providers are located in China. More than 90% of the shipments still belong to China. 

He also noted that Europe had attracted and did their best in tempting the top companies of the mining industry but the operating costs have been high enough to prevent them to enter the region. The power rates in Europe are relatively higher compared to that of America.

Traidman also gave another perspective on high operating costs in Europe. He said that the overtly inflated operating costs could also be that the nations do not want the sector to invade its region too much. There could be many jurisdictions that are protesting because they are usually not efficient and eco-friendly which would ultimately have long-term repercussions. 

With a continuous migration being witnessed from east to west, as also noted by the head of Ripple SBI Asia head, the tension between the USA and Chinese firms is yet to tackled and countered. 

Image Source – Nikkei Asian Review

Iranian Ministry gives green signal to Bitcoin mining

iMiner – the Turkey-based company has been sanctioned a license from the Iranian ministry to mine cryptocurrencies in Iran. Tabnak, which is the local news source reported that the Ministry of Industry, Mine, and Trade has apparently allowed the company to operate up to 6000 mining rigs in Semnan. A close to 311 billion rials equivalent to $7.3 billion has already been spent on setting up this huge mining operation in the country.

Among the sanctions, the ministry also has allowed the company to offer cryptocurrency trading and custody within the country. The official website of the company claims that it has become the first as well the biggest bitcoin mining and extraction system in Iran. As of now, a total of 2000 mining machines have already been installed with additional operations being planned in Russia, Turkey, the US, and Canada.

Bitcoin’s interest, a much subsidized Iranian power rate system has seen the influx of investment from countries like China and France. Bitcoin mining also is increasing as well as its market value, which could also be a likely trigger for it. Past history has not been quite generous to mining operations as the government cracked down every little mining operation. It had initial fears that with what the cryptocurrency could do it could pose a major risk by crippling its national fiat currency. 

But July last year, the ministry made a sound judgment and introduced legislation that would include mining activity as an official industrial activity. The ministry also has been careful enough to regulate this from the beginning and has already issued 1000 licenses for local operations in the month of January.

Another perspective that is being discussed is the possibility of evasion of US sanctions that have been affecting the Iranian economy for a longer time much before Trump came into power. A few days ago a positive vote to modify and amend the Monetary and Banking Act of Iran was reported as Iran is currently grappling with the issue of Hyper-inflation. The parliamentarians and the lawmakers of the nation voted unanimously for the amendment to take place. Under the current amendment, the nation’s currency will be renamed as the toman. One unit of it will be worth 10,000 rials.

Fearless Crypto Mining thanks to Cloud Mining Services

Crypto Mining was founded in April 2015, with the motive of cryptocurrency cloud mining services. With the Proof of Work (PoW) as a mechanism, the company launched mining devices that can dig coin variants from different sources.  The objective was to encourage a large number of users who want to make a profit and earn through the mining. Users can invest in the Crypto Mining platform and take the excavated coins, which will eventually make them a profit partner for the company. As an organization, that company is growing in all aspects in terms of profit-making, team size, adapting to new technology, and bringing the crypto mining concept to a wider pool of potential users. 

Cloud Mining Concept

The concept of cloud mining was an instinctive thought that led to the power of profit-making today. Cloud mining provides a common share for the hash power that is available without any substantial cost and operational expenses for the individual user. The users investing in cloud mining are away from many difficulties and challenges that come with large capital investments. By becoming part of digging and hashing the power, the user can start earning faster.

Crypto Mining for everyone

By understanding problems faced by the users, the Crypto mining platform got rid of the many challenges. Now users can use the platform for mining efficiently without any disadvantage. Starting from running mining devices until meeting the energy cost, almost all the critical decisions are assisted by the platform. The Crypto mining platform will take care of the operational costs, security measures, and also other expenses involved in mining. Now the company has firmly established that cryptocurrencies are now accessible to all the people and have a secured ecosystem of a decentralized network. The company and its users are growing stronger and quicker. The individual growth of the users is contributing significantly to the overall development of the company.

The Team

The Crypto Mining Cloud Services Company believes that many people have contributed in abundance for the development of this platform. Majorly the software developers, investors from across the world, tech geeks, economists, and block chain enthusiasts have a significant role in building the platform. Now the organization has reached its sustainable development that is scalable in all the aspects of the company. Every decision in the company was taken by the team of experts who are mainly leaders, talented embodies, and other tech expertise. As the team grows, the motivation for developing and implying the technology has grown stronger. The faster and smarter is the important vision that keeps the company moving forward.

Features of Crypto Mining platform

The Crypto Mining platform was introduced in the market for the motive of ‘Mining for everyone.’ All the operational activities, such as installing and managing the long processes under the safe and insured area, are essential features of the platform. As the team expands, the employment and administration level was guaranteed. The equipment and machines were renewed and are upgraded to the latest trend and technology. The users of today can obtain regular income and have the freedom to dig the coin from everywhere. The platform is featured with the earning calculator that helps to provide an estimation of the value for each crypto mining far ahead. This will remove the fear of uncertainty in investing in mining.

The platform of Crypto mining and cloud solution has installed hash rate mining facilities that will push the sources from optimal locations. Apart from which the mining farms are also established in different parts of the word, which can help in accessing security and energy. Year by year, the growth of the company is always on the upscale, and the facilities for the users are never compromised. Similarly, the competition is much more significant in the market, creating a profitable business for anyone. However, the company majorly looks out for the intensity and high hash forces that help in moving forward rather than the peak of saturation.

Wrap Up

Crypto Mining is one of the oldest companies that established 360-degree services in mining activities. The organization took the responsibility and risk of investing in the company to ensure that it reaches a wide range of audiences. Only very few companies saw the deep of the insights far ahead and the Crypto Mining Cloud solution was one among them. Even though now there is a pool of companies in the market, the Crypto mining solutions have implied standard results until now. With continuous investment, the company has grown more extensive with trust and reliability. Thus Crypto Mining cloud solution is one of the well-established companies that take every step in assuring that the mining is taken a step closer to the users. 

Picture Credits – Flickr

U-Turn For Chinese Bitcoin (BTC) Miners

China may be tough on Cryptocurrency trading; however, Bitcoin mining is seen to be a significant operation amongst Chinese cryptocurrency enthusiasts. In the last few months, BTC miners have been slowly fading off in China due to the bear markets, even going to the extreme of selling off their mining equipment by the kilos.

According to 8btc, a Chinese blockchain and crypto news source,  miners in China have been stocking up on Application-Specific Integrated Circuit (ASIC) chips. The main reason cited is the anticipation of the Bitcoin halving which is expected in May 2020.

Current Bitcoin Mining Profitability

As of now, Bitcoin mining may have almost zero profits. However, as the halving gets closer, it is expected to rise dramatically.

Bitcoin’s halving is expected to reduce inflation by 50%, and according to past statistics, Bitcoin will rise in price. Currently, miners receive 12.5 Bitcoins per block mined, and this will further drop to 6.25 Bitcoins in the next halving.

Companies such as Bitmain has faced a severe turn of events due to the bear markets in Cryptocurrency, with significant downsizing and delays in their IPO. However, with things picking up, Bitmain may start to walk.

Chinese Bitcoin Miners Getting Creative

The Chinese Bitcoin miners are doing all they can to reduce the costs of mining. From negotiating the best rates of buying used mining equipment to making deals with hydroelectric plants and mining farms.

Hydroelectric plants are bound to gain excess electricity generated thanks to a heavy rainy season this year.

It’s pretty clear bull season is around the corner, and both Cryptocurrency investors and miners are getting ready.  Mining equipment makers, on the other hand, will not profit as much as second-hand mining equipment are rising in demand.

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