Qtum and SpaceChain launch the satellites they were launched for cheap mining

February 19, 2018

Qtum and SpaceChain launch the satellites they were launched for cheap mining

Qtum and SpaceChain launch the satellites they were launched for cheap mining

Qtum Foundation in partnership with the Singapore startup SpaceChain launch a series of satellites, cube-Sats (format ultra-small artificial satellites for space exploration, having a volume of several liters and mass in units of kilograms), which will greatly cheapen the process of mining cryptocurrency.

The amount of power required for mining the cryptocurrency is growing. According to Digiconomist, Bitcoin’s energy consumption has increased by 56.2% in the last 4 months and costs $ 2.3 billion annually, amounting to 0.21% of the world’s energy consumption. However, the status of the mining industry in many countries is in question due to the lack of a regulatory framework.

Such volumes of energy, within the framework of the consensual Protocol Proof-of-Work (PoW), are necessary to confirm transactions in the blockchain. With the help of satellites and the use of the Proof-of-Stake Protocol, Qtum hopes to significantly reduce energy consumption and costs in the mining process and thereby promote the popularization of cryptocurrencies.

A network of satellites-cube-Sats, placed in space, as the validating nod, will allow users Qtum to get coins for cheap single-Board computers Raspberry Pi, not racing manufacturers mining equipment. In addition, the location of the validating nod in space allows not to get attached to a particular jurisdiction and to circumvent the issues of legal regulation.

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