There are many ways to make money in the world of cryptocurrencies. Commercial cryptography is one-way, but another is the extraction of currencies created through blockchain technology.
Mining involves two distinct functions: adding blockchain transactions and issuing new currencies. But mining needs a powerful computer and a usually complex program that helps miners compete with their peers in solving complicated mathematical problems. Notoriously, mining requires a lot of computer resources and power.
Ultimately, using traditional mining methods, it could cost more to the mine currency than the profit you make out of it.
A mining optimization platform called WinMiner has announced a one-click solution that allows anyone, anywhere, to make money with their computer instead of simply being inactive. Designed in such a way that anyone can use it, the WinMiner platform offers inexperienced users a place to extract the blockchain and maintain total control over when and how WinMiner works.
Mining is a critical element of the blockchain functionality. Without mining, it is not possible to exchange cryptocurrencies, as the chain will break. But the mining sector has become enormously centralized and owned by a handful of people, running from large private data centers. It is a complicated process for most people to understand and benefit from it.
"The difficulty that an average user experiences is not only technical, but also conceptual," WinMiner co-founder Ariel Yarnitsky told me. "I heard someone summarize the crypto the other day by saying" It's all you do not know in math, combined with everything you do not know about computers. "
The goal for WinMiner was to democratize the extraction process and break those oligopolies that the process seems to be creating.
"In the creation of WinMiner, we imagined a platform that anyone can easily use which means not only operate it with a single click, but also absolutely no need to know anything about cryptography and mining to enjoy its benefits , until paid in real US dollars, "said Yarnitsky. "To do this we broke the whole process of phased extraction, automated each part and then integrated it all in one step.We added a large selection of payments and an intelligent algorithm to extract the most profitable currency ever . "
As with many things that seem simple, the platform itself includes complex algorithms and technologies to make the best use of user resources.
"The ease of use of WinMiner is the result of a very complex and intense mechanism that runs without interruptions in the background," said Yarnitsky. "All the coins supported by WinMiner (over 40 at the moment) are continuously monitored to make sure each user is extracting the most profitable coin for his hardware at any time.The mineral pools are spread across different continents for each coin extracted on WinMiner. Automated trading algorithms work on many cryptographic exchanges all over the world to exchange mined coins on their way to becoming difficult dollars.A user only needs to install the software and have an email address, the platform does the rest. "
Although it still works in test mode, the application has created a base of over 160,000 registered users. Individuals using the platform can choose to be paid in Bitcoin or Ethereum, among other significant cryptocurrencies, or they can receive an Amazon or iTunes voucher, as well as other forms of fiat payment.
Of course, it takes a lot of time and a lot of computational energy to extract a Bitcoin, which places that particular lens out of the reach of normal chipsets.
"The direct extraction of bitcoins has been out of the reach of personal computers for a long time, with dedicated machines called ASICs that dominate the extraction of it," said Yarnitsky. "However, there are many coins out there that are actually mines from personal computers, and we're adding more and more coins to the platform all the time." WinMiner users do not have to worry about the time it takes to extract a particular coin, because in WinMiner We run a pool for each coin that is extracted, which means that all users collaborate in the mining of that currency and are rewarded based on the processing power generated (on a proportional basis) .Thus, users are paid for their participation even if their computer was not the one that solved the computational challenge for which coins are rewarded. "
WinMiner also solves the other main problem of cryptocurrency, the volatility.
"We wanted our users to have an account balance in a" language "that they understand, so the WinMiner account balance is in US dollars so users can know exactly how much they have earned and their earnings are not reduced suddenly when the encrypted prices collapse, "said Yarnitsky. "An estimate of the real-time gain for each user is displayed on the software and on the remote dashboard, providing visibility and complete control from the user."
What will happen next for WinMiner?
"We have big projects for WinMiner" Yarnitsky said. "Ultimately, we would like to see the computing power become an ubiquitous exchangeable product for different use cases.We see the encryption as a critical area we love and we have big projects, but we see other areas that need power. of calculation as a commodity on which we want to play an important role.We want to bring an economic promise to those new areas and opportunities offer to everyone, everywhere.We want to lower the barrier of passive income from "sharing the house" to "sharing the computer", making every computer owner a small "landlord" that can generate income from the resource. "
Yarnitsky is a former executive of the popular ICQ platform messaging. He co-founded WinMiner with Idan Feigenbaum, founder of Speedbit and creator of Download Accelerator Plus, the download manager that has 400 million installations worldwide.
"There is more satisfaction than building something that brings sweat and tears and then seeing people all over the world embrace it joyfully while it changes, albeit small, in their lives," said Yarnitsky. "We've been there before, and there's nothing like it."