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Despite more and more cryptocurrencies moving to alternative consensus models, cryptocurrency mining remains a legitimate and relevant opportunity for blockchain business in 2024.
ViaBTC, a highly reputable all-in-one service, is changing the way the industry perceives mining in 2024 and lowering barriers to entry for newcomers. Also, its novel revenue models pave the way to more inclusive and fair profit-sharing.
Initially introduced in 2016 as a Bitcoin (BTC) mining pool, ViaBTC has evolved into a full-stack cryptocurrency ecosystem.
As such, ViaBTC merges the benefits of the best PoW mining pool practices with the novelties of the DeFi epoch in Web3.
Cryptocurrency mining is the process of new unit creation and transaction verification on blockchain networks. It involves using computer power to solve complex mathematical puzzles. When these puzzles are solved, a new block of transactions is added to the blockchain, and the miner is rewarded with a certain amount of cryptocurrency.
This process requires substantial computational power and electricity, as the puzzles have become increasingly difficult over time. Miners often use specialized hardware, including GPUs and ASICs, to optimize their mining efficiency.
In terms of business, mining should be considered as offering specific hardware for maintaining the integrity of blockchains in order to get rewards in some blockchain’s currency.
Proof of work (PoW) is a consensus mechanism (agreement between multiple elements) used by some blockchain networks, most notably Bitcoin (BTC) and its forks, to validate transactions and add new blocks to the blockchain.
In PoW, miners compete to solve complex cryptographic puzzles using computational power. The first miner to solve the puzzle gets the right to add a new block to the blockchain and is able to grab a mining reward.
This process ensures network security and integrity, as altering any block would require redoing the work of that block and all subsequent blocks, which is computationally irrational.
For the first time, cryptocurrency mining went mainstream amids the 2016-2017 bull run of Bitcoin (BTC). During the two Crypto Winters that occurred in 2018-2020 and 2022-2023, interest in crypto mining reduced. As such, we need to consider both positive and negative catalysts for the crypto mining segment in 2024.
Nevertheless, in 2024, cryptocurrency mining shows no signs of becoming irrelevant. The sphere continues to flourish in an elaborated legal context and is fueled by advanced hardware components.
In recent years, numerous cryptocurrencies have decided to replace proof of work with more energy-efficient types of consensus. Ethereum’s (ETH) migration toward proof of stake (PoS) is a textbook example.
However, we can identify some groups of cryptocurrencies that can still be mined on PoW equipment.
Cryptocurrencies
Tickers
Mining algorithm
1
Bitcoin, Bitcoin Cash, Bitcoin Cash ABC
BTC, BCH, XEC
SHA-256d
2
Ethereum Classic
ETC
ETCHASH
3
ZCash, Horizen
ZEC, ZEN
Equihash
Mining pools, i.e., entities responsible for coordination of computational power, remain go-to methods for enthusiasts of these cryptos.
With its unmatched expertise and holistic approach, ViaBTC offers a wide range of solutions for mining and other cryptocurrency services. ViaBTC mining pool is one of the largest and most influential entities in the Bitcoin (BTC) and Litecoin (LTC) mining segments.
Launched on June 5, 2016, ViaBTC is among the oldest and most reputable cryptocurrency mining ecosystems in the entire industry. It delivers various services for cryptocurrency enthusiasts, but mining pool business remains its primary focus and the backbone element of its platform.
ViaBTC pools support mining of various proof-of-work (PoW) cryptocurrencies that work on top of almost all mainstream mining algorithms. That said, it supports Bitcoin (BTC) mining, together with its forks Bitcoin Cash (BCH) and Bitcoin Cash ABC (XEC); all three are SHA-256d cryptocurrencies.
In addition, it supports Scrypt-based Bitcoin fork Litecoin (LTC); ViaBTC is by far the largest Litecoin (LTC) miner in existence. Its dominance in this segment has been undisputed for years.
Besides mainstream cryptos, ViaBTC supports the mining of niche altcoins such as privacy coin ZCash (ZEC), hybrid cryptos Dash (DASH) and Horizen (ZEN), new-gen PoW cryptocurrencies Nervos Network (CKB) and Kaspa (KAS), as well as Ethereum Classic (ETC), an original version of the Ethereum (ETH) protocol.
The full list of assets supported is published on ViaBTC’s main webpage.
Unlike the majority of its rivals, ViaBTC supports hourly profit settlement for mining, providing automatic withdrawal and exchange functions. Miners can quickly process their assets, reducing losses due to market fluctuations, even in extreme market conditions.
ViaBTC introduced a mining revenue-sharing tool, allowing miners to proportionally distribute their mining income to mining pool operators or partners, creating an efficient and transparent revenue-sharing model.
In its operations, ViaBTC offers clients the three most popular schemes for profit calculations, namely, PPS+, PPLNS and SOLO. While the PPS+ design is preset as the default one, every scheme has its own benefits and, therefore, caters to a particular group of miners. Every enthusiast is able to find a fitting scheme with ViaBTC.
ViaBTC pioneered the concept of smart mining for its most popular BTC, BCH, ZEN and ZEC mining pools. Users can easily switch between mining currencies with a single click and can automatically switch their hashrate to mine more profitable currencies based on real-time mining income.
ViaBTC offers unique industry advantages, enabling the withdrawal of mining assets to CoinEx exchange with zero fees.
Also, for some cryptocurrencies, additional bonuses can be claimed alongside cryptocurrencies from mining rewards. Namely, for mining one Bitcoin (BTC) block, you can grab an extra bonus of 1 NMC, 5 SYS or 0.4 ELA; in the Bitcoin Cash (BCH) pool, 1 SYS is set as an extra reward.
In ViaBTC’s premium product — the Litecoin (LTC) pool — customers can also mine Dogecoin (DOGE), the largest meme coin by market capitalization and the most popular cryptocurrency in this segment. DOGE rewards are settled in the PPLNS method.
Building an industry-leading product, ViaBTC attempts to consider the requirements of various customer segments. For instance, large-scale investors interested in purchasing extra hashrate for maximum rewards are invited to apply for VIP Hashrate mode.
The platform employs a high-standard, multilevel risk control system, while its mining nodes are deployed all over the world for the lowest possible latency. To make income strategies predictable, ViaBTC developed seamless mining calculators and crypto conversion tooling.
ViaBTC is seamlessly integrated with CoinEx, one of the fastest growing centralized cryptocurrency exchanges, and with its open-source EVM blockchain, CoinEx Chain. Auto-withdrawal instruments and transaction accelerators are also designed to make cryptocurrency mining more efficient than ever before.
To sum up, ViaBTC is a Tier 1 cryptocurrency mining ecosystem for Bitcoin (BTC) and altcoins. Its variety of revenue sharing schemes is designed to achieve the highest possible income for investors with no regard to their deposit size and previous backgrounds.
In 2024, ViaBTC is poised to be a newbie-friendly and easy-to-join gateway to the cryptocurrency mining business for newcomers and professionals in Web3. Customers are invited to join a limited ViaBTC referral campaign and enjoy periodical rewards.
Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.
Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)
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