JASMINER: Now is the best time to mine Ethereum
Currently, cryptocurrency has entered the investment mainstream as an emerging asset class, and its popularity is skyrocketing. While they used to appeal to a very small audience a few years ago, today everyone and even their families want to learn how to invest. Because cryptocurrency is currently unregulated, many people think investing in it feels wilder than some financial products on Wall Street.
As a digital currency, cryptocurrencies do not rely on a central authority to verify transactions or create new units. Instead, it relies on cryptography to prevent counterfeiting and is powered by blockchain technology.
A blockchain consists of individual blocks of data that can contain information about anything, such as transactions made in a specific cryptocurrency. Each block of data references the previous block, creating a chain of blocks. The reference uses cryptography to ensure the chain remains immutable, so hackers cannot change the data.
Now, there are thousands of cryptocurrencies in existence, mainly due to the ease of creating new currencies through the use of smart contracts. The new currency can simply piggyback on an existing blockchain that already has a well-established network of computers to verify blocks.
For the majority of investors, it is important to first understand how to choose a good cryptocurrency. What drives cryptocurrency prices up or down is simple supply and demand. If demand increases and supply is limited, prices will rise. If supply is constrained, prices go up and vice versa. Therefore, when evaluating cryptocurrencies, the most important questions to answer are how supply will increase, and what will drive increased demand for the coin.
It is also important to consider the funds that have flowed into cryptocurrencies. If the market capitalization is already high, there may not be much potential for growth. High prices will dampen demand and increase supply, as early investors look to take money off the table.
As a novice investor in cryptocurrencies, people shouldn’t try to find a diamond in the rough either, people should use more established cryptocurrencies that have well-established networks to back them. At the same time, this will make people more familiar with the mechanics of cryptocurrency investing and how it fits into people portfolio.
Taking these points into consideration, Ethereum (ETH) and its sibling, Ethereum Classic (ETC), are definitely invaluable investments in 2022, and are also good choices for beginner investors. The Ethereum blockchain utilizes a PoW system to ensure network state. Network participants, called nodes or miners, continuously validate the network. So each node tries to solve a complex mathematical equation to prove that they are working hard to secure the network.
Just like Bitcoin, the more miners on the network, the harder it is to participate. Nodes that add the next block to the network receive rewards proportional to the hash power they contribute to the network. Unlike Bitcoin, which verifies blocks of new transactions every 10 minutes, Ethereum verifies blocks every 15 seconds. Additionally, miners who create the latest block will receive 3 ETH as a reward for their efforts.
Mining is the best option if people want to make a significant investment in ETH or ETC, or if people plan to hold this cryptocurrency for the long term. For miners, the timing of entering the market is very important, and now is the best time to enter the market. At present, professional ASIC equipment that supports mining ETC and ETH is very rare in the world. Now, the JASMINER X4 High-throughput 1U server supports the dual algorithms of ETCHASH and ETHASH. It has a hash rate power of 520MH/s±10%, while the power consumption is only 240W±10%, and the overall electricity cost is only 3%.The dual advantages of “high hash rate and low power consumption” have thus established double insurance for mining ETH and ETC. It is worth noting that miners also have the dominance of the mined coins, when digging coins, people can choose not to sell them directly, and people will get the most benefit from selling them when people can sell them at a psychological price. The earlier people enter the market, the more coins people can store.
Investing in cryptocurrencies requires investors to do their research and have enough confidence in their investments to persevere through what is sure to be a wild ride. If this can be done, the returns may be worthwhile, as the expected returns will be higher than most other asset classes.
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Country: China
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