Crypto mining has become a coveted space in the crypto world. So, let’s explore how you can earn passive income with Bitcoin Spark and Ethereum.
What is crypto mining?
Crypto mining is the process by which several crypto projects generate new coins and validate transactions on their respective blockchain networks. It involves users solving complex mathematical puzzles to confirm and record transactions. Miners compete to solve these puzzles, and the first to successfully do so is rewarded with the newly created cryptocurrency coins and transaction fees from the network’s users.
What is Ethereum?
Ethereum is a blockchain platform that was the first to enable smart contracts and decentralized applications (DApps) to be built and executed on its network, revolutionizing the world of digital transactions.
How to mine Ethereum?
Traditional Ethereum mining is no longer possible since the blockchain transitioned to a proof-of-stake (PoS) consensus mechanism. With PoS, validators are chosen to create new blocks and validate transactions based on the amount of ETH they hold and are willing to stake as collateral. Validators who perform their duties honestly are rewarded with transaction fees and block rewards, similar to mining rewards, while those who attempt to manipulate the network lose part of their staked assets. To participate in Ethereum’s PoS system, you can become a validator by staking Ethereum and running a validator node. However, you will require at least 32 ETH to become an Ethereum validator. Nonetheless, you can use a staking-as-a-service platform, which enables you to delegate your ETH holdings to a validator and earn without extensive technical knowledge or running your own node.
What is Bitcoin Spark?
Bitcoin Spark is a new crypto project that seeks to bring forth a new era of digital transactions. It is inspired by Satoshi Nakamoto, the creator of Bitcoin, and therefore shares some characteristics with BTC, including mining as a concept and a maximum supply of 21 million. The network, however, does make changes to improve speed, security, and scalability.
The Bitcoin Spark network offers fast transaction processing and low gas fees due to its reduced block time, increased transaction capabilities per block, and significantly high number of nodes. It also includes a smart contract layer that allows developers to use multiple programming languages.
Notably, Bitcoin Spark will overlay several revenue-generating services within its network. This comes with the double benefit of Bitcoin Spark staying relatively stable in all market conditions and increasing the reward aspect for participating in the network validation.
How to mine Bitcoin Spark
Bitcoin Spark introduces a novel consensus mechanism known as the Proof-of-Process (PoP), which rewards miners for confirming blocks and contributing to the processing power of their mining devices. The PoP is combined with an algorithm that exponentially reduces rewards per additional power, creating a more equitable distribution. This, coupled with a massive number of nodes, opens up BTCS mining to many more individual miners. Before the network’s repository is made public for developers, the Bitcoin Spark application will be used to mine BTCS.
To mine, you will need to install the application and permit access to your device’s processing unit. The app will be lightweight and compatible with Windows, Mac OS, Linux, iOS, and Android devices. After being granted access, the application will create a separate virtual processing environment that doesn’t interfere or interact with any other part of the device. The app will also regularly adjust the processing power used to account for overheating, battery life, and simultaneous usage needs. You can also select the number of device resources permitted for mining use. For example, if you’re using your PC during the day, you might set light activity at around a 40% rate and set 85% at night to maximize income.
The Bitcoin Spark network will ‘rent out’ the miners’ contributed processing power to its clients, who will be required to pay with BTCS. And the revenue generated is transferred to the mining pool. This means miners will receive newly minted BTCS, transaction fees, and income from renting out their processing power.
The Bitcoin Spark Initial Coin Offering (ICO) also provides another way to get profits passively. The ICO is in Phase 4, selling BTCS at $2.25 and offering a 10% bonus. BTCS will launch at $10, which amounts to a 489% increase in investments.
For more on Bitcoin Spark:
Buy BTCS: https://network.bitcoinspark.org/register