Redistribution Options of Miner Capacity in the Context of the Cryptocurrency Market Collapse

Registered in Switzerland and the UAE, the Decentramind project creates a global marketplace for computing and data storage based on the principles of decentralization. Today it reports on its first success in attracting a global community of miners to its platform. Between the end of May and mid-June 2022, DecentraMind received over 230 applications from private miners and farm owners who intend to share their power through the platform’s capabilities.

As is well known, today’s world market is experiencing a shortage of computing power, which is increasingly taking into account the rise in electricity prices. Part of the problem is that a significant amount of electricity is spent on mining, which is becoming less and less profitable (taking into account the recent collapse in the cryptocurrency market, it is completely detrimental to the owners of mining farms). As an example, it takes 58.93 TWh per year to mine Bitcoin alone, which is comparable to the amount of electricity consumed per year by European countries such as the Czech Republic (62.34) and Switzerland (58.46).

A profitable way out of this difficult situation is offered by the DecentraMind project, which will redistribute this computing power for the benefit of those who need it more: various projects for metaverse activities based on Big Data, AI, and many others.

The DecentraMind analytical department notes that providing computing power for closed tasks at prices similar to those of small cloud services is 2.5 times more profitable than mining. For open tasks, it is 3.4 times more profitable. At the same time, the operating system developed by DecentraMind – MindOS – allows you to mine cryptocurrency by switching to external computing tasks.

During the first two weeks of accepting applications, open through internal channels, DecentraMind received over 230 requests from private miners and representatives of various farms. Currently, all applications are being processed, as a result of which new computing power will be added to the public marketplace part of the project.

DecentraMind will report separately about its volume and the results of further acceptance of applications for expanding its computing power.

CONTACT

info@decentramind.io.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.