The Outlook on Cryptocurrency Mining by VoskCoin

in cryptocurrency •  5 months ago

VoskCoin began as a hobby project to document my journey into the crazy world of cryptocurrency and crypto mining. My original mission was to build a mining farm as large as I could, as fast as I could. I was so confident in the gamble I risked everything that I ever had . . and then a ton of additional debt in pursuit of this dream. Ethereum was $40 then and what a wild ride it has been since.

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Over the last year, cryptocurrency has morphed numerous times and with that the entire landscape of cryptocurrency mining has as well. I have been fortunate that VoskCoin, has had exponential growth trending with the cryptocurrency market cap. It has been exciting that others are interested in what I have to say and thus I have been dedicating immense time to VoskCoin with the goal of becoming the leading cryptocurrency YouTube channel.

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For those that do not follow VoskCoin, my Shiba Inu, Tails developed severe thrombocytopenia that was life-threatening and it flipped my world upside down. I chose taking care of her over my previous job and it threw me face first into working from home with cryptocurrency as my full-time job. Since then, I've worked an average of 16 hours day, 7 days a week.

Cryptocurrency became the easiest way to pass time while I was treating Tails. It gave me something to keep my mind off of her condition, while driving me to provide for her and pay for her medical expenses. Even as Tails' condition has improved, I still find myself entirely consumed with cryptocurrency work. Regardless of market conditions, the technological advancements of cryptocurrency projects are still rapidly advancing.

The "bear" market or overall stagnant cryptocurrency we are experiencing will be a small blip on the chart as cryptocurrency adoption continues to reach new heights of technological advancement and usability. With this in mind, I hope the community can band together. A more unified community will more effectively showcase how cryptocurrency will change the world, or should I say continue to? Unfortunately with an ever changing and evolving sector, divides will inevitably form. Hundreds of thousands of individuals take part in what is called cryptocurrency mining. Cryptocurrency mining is essentially users dedicating their hardware resources to ensure the cryptocurrency networks are operating properly and are paid in the cryptocurrency of the network that they support. This incentive of receiving cryptocurrency in exchange for dedicating your own hardware fuels the phenomenon of "mining."

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Cryptocurrency mining is vital, due to proof-of-work and even more so for overall exposure and growth. There is nothing more grassroots than building a mining rig with graphics cards in your basement because you want to learn and earn cryptocurrency.One glance at my YouTube channel instantly reveals that I am huge advocate of GPU mining. However GPU mining is not perfect; there is still an economic barrier to entry and with operations like Genesis Mining, GPU mining is not entirely decentralized. A better alternative to GPU mining would be CPU only mining or perhaps even hard drive mining if explored more. Regardless of the hardware used, the mining algorithm would need to be ASIC and FPGA miner immune.

ASIC and FPGA are changing the mining landscape


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Bitmain is the world-renowned and dominant Application-Specific Integrated Circuit (ASIC) miner producer under their Antminer brand. ASIC miners are built for one purpose which is to mine a specific mining algorithm. Purpose built ASIC miners are much more efficient than using graphics cards which are multi-purpose hardware. Similar to graphics cards, Field-Programmable Gate Arrays (FPGA) are multi-purpose hardware. FPGA miners are much more powerful and complex compared to GPU miners. Currently the only miners the majority of the public can operate with no advanced training are GPU miners and ASIC miners. The concern many cryptocurrency miners have is not with the actual ASIC mining device, it is the fact there are very few manufacturers that sell these miners directly to the public. ASIC miners now threaten to consume essentially every cryptocurrency mining algorithm. Complacent projects like Zcash that toted "ASIC resistance" are now struggling with how to properly respond to new ASIC miners.

The outlook on cryptocurrency mining


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Cryptocurrency mining is more popular than ever, but GPU mining is under attack. Fortunately there are promising new solutions surfacing such as ProgPOW by OhGodACompany. Unfortunately due to the ignorance of most of the top mineable cryptocurrencies, their networks will be in jeopardy. Massive mining power will be rapidly entering and leaving their networks causing instability, slowing transaction times, and increasing risks of 51% attacks. Monero was the only high market cap cryptocurrency to quickly respond to the threats on their network following the public release of cryptonight asic miners and keep their stance of ASIC-resistance.

The reward incentive for miners will decrease in the short-term, unless you are speculating on newer and smaller cryptocurrencies. The current ASIC and FPGA producers are too few and foreign to be trusted to provide all of the hardware to operate the world of cryptocurrency. Therefore the only realistic solution to currently move forward with cryptocurrency is to maintain the networks with graphics cards. More emphasis needs to be placed on this aspect of cryptocurrency and less on partnering with pornographic websites. The next plan of action should be to support the projects that are aiming to further cryptocurrency as a whole as opposed to just their own pockets. If truly ASIC and FPGA immune algorithms are produced and implemented, then this will certainly create another "golden era" of mining profitability.

Tails never fails

It is easy to lose motivation when the market is in a downtrend however I remain positive by researching and sharing new promising projects every other day on the VoskCoin YouTube channel. I will continue to the cover entire spectrum of cryptocurrency, but as always, with a focus on cryptocurrency mining. It is clear that if I am in favor of GPU mining and maintain my own personal farm that has more GPU miners than ASIC miners. I will continue to acquire and review the latest and greatest mining rigs no matter their origin. VoskCoin will continue to evolve, keeping pace with the ever-changing world of cryptocurrency. Subscribe to the VoskCoin YouTube channel to stay up to date,as I continue to bring the most updated and informative content possible.

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Hey Vosk, I have followed your youtube for quiet some time now! Glad to see you post on here as well! Great article as well, and really great job on the pictures. :)

I'm a big fan too. Been following you for quite some time and it seems we started our journeys together at about the same time. Looking forward to hearing more from you... Happy Mining.

Congrats on your Steemit approval. Mine took like 3 weeks. Hopefully you'll make a ton of Steem that will help your ecosystem flourish. There's a couple people that dual upload everything they produce. I think you'll do well in this community too. You're in my feed.

keep up the good work, love your videos!!

Will you start uploading your videos to d.tube?

Also, I just noticed your BRZ/FRS's name. What came first, the doge or the car?

Welcome Vosk!

If you successfully make the jump to Steem. You'll see how valuable interacting with each post can be in addition to just making the post.

Glad to see you here.

Love your videos man. Thanks for all your work!

Your journey is what made me get more into crypto and to want to build a rig. Still working on saving up to build but it won't be long now. Keep up the good work.

Been following you from YouTube. Keep up the great work!

Thanks a lot for those awesome videos and articules. I am currently doing some research about mining. I'm kind of a noob at this topic right now. I have been watching your content, but I am still confused about a bunch of things. Will love to see a video for truly beginners (how to choose a pool, what GPU's to choose right now, how to choose a coin to mine, specifications on mining rig parts because there are tons). I know you have covered some of these topics, but for a real beginner, I think it's still too advanced.

Thanks a lot vosk! Say hi to tails!

Coins mentioned in post:

CoinPrice (USD)📈 24h📉 7d
BTCBitcoin7395.430$0.98%-13.09%
ETHEthereum570.626$-2.37%-20.25%
XMRMonero167.927$3.78%-16.99%
ZECZcash263.354$-1.27%-24.24%