If You Wish GPU Mining Could Be Profitble Check Out Bitcoiin
During a recent interview with “The Larry and Joe Show,” John McAfee took time out to promote a cryptocurrency platform many probably have not heard of. The platform is called Bitcoiin, or Bitcoiin2Gen (B2G), and while McAfee focused on the mining advantages the coin has, there is much more to it than that. So after finishing the interview, I took a deep dive for a close look at what B2G has to offer.
The inspiration of Bitcoiin2Gen was to make a superior and more advanced version of original Bitcoin, which remains the most popular cryptocurrency today. Bitcoiin2Gen proposed developing a self-sustaining cryptocurrency, which uses a digital ecosystem to support the platform, while at the same time solving some of the negative aspects of Bitcoin that continue to linger. These include longer transactions time, high transactions fees, difficult earning for miners, and blockchain security and integrity.
It might be natural to expect that a project aiming to improve the Bitcoin paradigm would begin life as a fork of Bitcoin. Instead, Bitcoiin is based on the Ethereum codebase, and uses the Ethash POW algorithm for blockchain integrity. The codebase has also been fortified with features from the original Bitcoin design.
The results are impressive. An analysis of the last 100,000 transactions on the blockchain reveals a median transaction time of 17.4 seconds and transaction cost of 0.0000054 USD per transaction. This is significantly faster and cheaper than the original Bitcoin design functions today, even with recent enhancements, some of which have been controversial and don’t run directly on the blockchain.
Another specter looming over the original Bitcoin blockchain is the threat of a 51% attack, made far more viable by the proliferation of ASIC mining pools. B2G addresses this issue on several fronts, and introduced code on block 2,000,000 to directly combat 51% attacks. Though the details are complicated, the essence of this code is an ability to recognize a hijacked chain and to issue penalties to prevent that chain from taking root, no matter how much mining support it has.
The B2G design also works against the reality of a 51% attack indirectly. In the real world, 51% attacks really only become a threat with the introduction of ASIC based miners, which give these miners a tremendous advantage over GPU mining. So much so, that GPU miners drop out of the chain because it is not profitable for them to continue to mine. Mining power is therefore concentrated in fewer and fewer hands, as the resources required to profitably mine the coin become more and more prohibitive.
B2G prevents this snowball effect by building in penalties for ASIC based mining. In other words, GPU mining is a protected activity on the B2G blockchain, allowing for a greater percentage of people that are able to participate. In theory, this should prevent the conditions that allow for ASIC based miners to take over the blockchain and consolidate hash power. And this theory appears to be working in practice.
So well, in fact, that B2G was one of the most profitable coins to mine using GPU mining during the last year. At was also the fastest growing, with new GPU rigs coming on line every day. Ans while ASICs are out, you can purchase purpose-built GPU rigs directly from their website. Once you’ve mined some coins, they can be used within the B2G digital ecosystem, used to buy B2G gear, or sold on exchanges like Cryptonex and LAToken.
The B2G platform includes all of the amenities you would expect from a well supported coin. These include its own wallet, mining pools, cloud mining, and a native block explorer. Development of mobile wallets for iOS and Android is underway, with launch targeted for the beginning of April. And if GPU mining isn’t for you, a partnership with DragonCloud Mining has been established, allowing anyone to begin mining B2G right away.
When John McAfee decides to work with and promote a platform, it is usually worth a second look. B2G may not be for everyone, and purists may thumb their nose. But the design is sound, the project is active, and unlike most cryptocurrencies out there, profits can be made. Check them out today at https://bitcoiin.com.