Burstcoin- The Green Mining Cryptocurrency
As a professional it the IT industry it’s impossible not hear about Bitcoin and cryptocurrencies. Personally I started back when Bitcoin was worth less then a dollar by mining with video cards and USB miners. I cashed out when Bitcoin hit $150 a piece thinking that it could go above that…. Well I was wrong. I cashed out my last bitcoin when Mt.Gox got hacked and never got paid for it.
Fast forward a couple years and I decided to mine dogecoin. I can’t recall why exactly but it was an excuse to buy a new videocard back in 2014. I mined 320,000 and tried to sit on them longer then bitcoin. I checked in on dogecoin in 2016 and saw that they were worth only a faction of what they were when I initially mined them. So i found an online casino that accepted Dogecoin and lost 300,000 Dogecoins playing blackjack. I’ve done the math, you doing have to rub salt into the wound I know how much I gambled away when dogecoin hit a penny. Hopefully Dogecoin hits $1 because i still have a little bit in my wallet.
In between, dogecoin and know I got interesting in Forex trading and gave that a try. My actually success from the forex trading didn’t pan out to any “second incomes” like the ads from Online Trading Academy (OTA) tries to sell. I didn’t go to OTA because it didn’t have the $20,000 to pay for the classes to give their sales pitch a try, but i did read multiple books and watched cheaper training from udemy classes. In turn I did learn technical analyst which has has been profitable for cryptocurrency trading. This blog isn’t going to turn into cryptocurrency trading blog, I just mentioned this as full disclosure.
So at the end of 2017 I got back into cryptocurrency trading, and as a part of that the system builder side of me was curious about what the current requirements and products are out of mining rigs. Some how through random google searches and links to other resources I stumbled upon Burstcoin.
What interested me about burstcoin was that it’s mined using hard drives instead of videocards or ASICs. Burstcoin is the green option of mining because hard drives us way less power then videocards. The following quote from steemit describes it the best so i’m not going to try and come up with something that says basically the same thing.
“The Burst mining system is unlike any other coin in existence. Burst uses a new algorithm for proof of HDD capacity (POC) mining, which means that Burst is the first crypto-currency mined using free space on your hard drive! Instead of buying expansive mining equipment, like graphic cards all you need to mine Burst is some free space on your device. Because of this, it is naturally more decentralized, and it is also very low on power usage (as hard disks are only average 5w power, just like a cell phone). Miners pre-generate chunks of data known as ‘plots’ which are then saved to their disk. The number of plots you store is effectively your mining speed. Every block the miner will skim through the saved plots, and come up with an amount of time until it is able to mine a block if another block hasn’t yet been found. After reading through the plots is complete, your hardware can just sit idle until the newest block is found. And if you ever decide to stop mining Burst you can delete your plots at any time and use your HDD-space again. The mining process is very easy on hardware, and to date not a single piece of hardware has been reported to have issues due to the BURST mining process running on it. This means that you won’t have to worry about burning up your CPU or GPU like you would if you were mining the other types of algorithms.”
After I stumbled on this crypto coin I was discussing it with a couple of co workers, and after looking at some of the over kill mining rig videos on YouTube and doing some math with the online Burstcoin Calculator I decided to see if the numbers lined up. With this crazy idea in my head, my number one concern was to reduce costs during the fact checking stage so I wasn’t overly committed to something if it didn’t work out. Luckily because I’m in IT, some how over the last 10 years I’ve acquired 20 TBs of raw capacity for this experiment. I’ll be detailing the process of the experiment for you to follow along and some of the tips and tricks I’ve learned along the way.
I believe the Burstcoin has a solid chance of being a cryptocurrency that stands the test of time because it protects the privacy of it’s users, Its efficient to mine, and it has a really awesome community behind it.
In the mean time check out the following sources to learn more about it.