The digital currency industry had been facing fears of centralization as BitMain, world’s largest crypto mining setup, had come to control about 70-80% of the entire scene and the ASIC miners were dominating the space. That made it questionable as to whether or not it would be possible for a decentralization of the space and allow for greater inclusivity.
Traditionally, the process of crypto-mining has been tedious and time-taking, needing a dedicated computer hardware to utilize the power of a specialized graphical processing unit (GPU) chip or an application-specific integrated circuit (ASIC) for doing so. Besides that, a miner would need a continuous internet connection, an original software for cryptocurrency mining and memberships with online crypto exchanges and mining pools. Using these, the miners are vying with each other to solve high order mathematical problems in order to record transactions and to generate fresh blocks of digital currency. Hash values for unique data identification are cracked by the miners to lay claim to a fresh block, while earning rewards for the same.
However, now, with new coins like the MIB Coin that allow smart mining with the help of mobile phones, we have a real chance of availing the advantages of decentralized mining. Offering power-saving up to 99.24% and allowing a penetration up to 94.4%, MIB is on the brink of successfully decentralizing the cryptocurrency mining scene.
MIB Coin saves power consumption by harnessing it from mobile phone hardware to generate hash rates up to 100 h/s or even more depending on the device specifications. This allows implementation of smart-mining even in areas that have a crunch of power sources and reach of the internet. Areas that have obstacles in these terms include countries in South America, Central Asia, Southeast Asia, Africa, etc. The new MIB Coin live with its ICO and is getting listed in major Hong Kong exchanges this month.
Smart-mining can definitely take the world of crypto mining further towards decentralization by allowing better adoption and power saving.
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