Bitmain and Elastos combine mining efforts


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What does "merged mining" mean for miners and Elastos

Bitmain is, with a considerable margin, the world's largest cryptocurrency mining company, which designs, manufactures and he sells miners, manages some of the largest mining basins and does much of the mine itself.

And lastos is a decentralized "Cyber ​​Republic", built with emphasis on cross-platform compatibility and ownership of digital assets, intended to give app creators more control over their creations and users more control over everything.

"We are starting an online country that will allow entrepreneurs and builders to build the new internet democratically," says Elastos chief marketing officer Fay Li.

Elastos is the third currency to which Bitmain will join in a mining partnership, which could be a strong vote of confidence by the mining giant

"In Bitmain, we strive to be at the forefront in recognizing new innovative technologies in the blockchain space and in the cutting-edge teams that open the door to mainstream adoption – Elastos is one of those projects, "said Bitmain co-founder Jihan Wu. "There are very few projects in which we have opened our community, and currently there are only three mines united with Bitmain, I have a huge confidence in the potential impact of Elastos, which is not limited to the blockchain space. 39; time to continue to be part of the community that promotes the Elastos ecosystem. "

What does" merged mining "mean?

Forgive alliteration.

Mining is essentially a way of putting mining power to more than one coin at a time, provided they use the same algorithm. In this case both Elastos and bitcoin, and others, all use the SHA-256 mining algorithm.

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It is a technically complicated, but often mutually beneficial, maneuver. It brings additional profits for the miners who take part in it, paying them both with bitcoins and with Elastos. This could be particularly important in the narrow margins of the mining world. Bitmain benefits from this with a tempting card to attract miners into its pools. With Bitmain cutting profits from the pools offered, this translates directly into more revenue for the company.

Elastos also benefits from it. The most significant benefits could be additional hashing power to better protect the network from 51% attacks, as well as some publicity and what could be interpreted as strong support from an industry giant. This additional security could be particularly important for Elastos, which has just entered live with its "cybernetic republic" and now needs the safest environment to start and build.

In this case, BTC will act as the main chain while ELA will function as an auxiliary chain. With this partnership, the miners of and AntPool can merge my both BTC and ELA using Auxpow consent.

"Elastos is the first new internet infrastructure to be completed since the original launch of the World Wide Web thirty-five years. We are proud to provide a safer Internet landscape, allowing users to control peer to peer interactions without an intermediary, which commemorate the our one-year anniversary, but they will project our project for many years to come, "Li said.

"The results of our first year are indicative of the potential of Elastos to make waves far beyond the blockchain space: we are on track to change the entire Internet sector, its users, the ecosystem digital and create an industrial IOT network strength, "said the founder of Elastos Rong Chen. "This is the Internet of the future, where people will own their data and connect directly and securely."

Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VET, XLM, BTC, ADA

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