EXTRABIT is a crypto mining company which has been making quite a mark in the cryptocurrency arcadia. In the recent months, the aspiring company has been successful at acquiring a contract from the local supplier which entitles them to free electricity usage over the course of the initial five years the supplement the mining functionality by virtue of complex hardware systems. Following the completion of the initial five years, the company is entitled to cheap electricity for a lifetime by virtue of the contract.
EXTRABIT emphasizes on secure investments and profitable mining aspects sighting an expected ROI of 185% on a yearly basis. The blockchain development company is presently at the brink of the cryptocurrency boom which glorifies the prospects of exponential returns in the years to come.
PROBLEMS
- Centralized Exchanges: When Centralized exchanges do not hand over private keys, users cannot be expected to manage and keep those. Holding digital assets on a centralized exchange will increasingly resemble one’s relationship with a bank who assumes responsibility for customers’ funds by law. The decision to withdraw funds from a centralized exchange then becomes more of an ideological one in line with reasons for why we designed decentralized systems in the first place
- Payments: The major problem associated with decentralization was inability to cash the shares often by the miners. According to Belcher this problem can be overcome by making payments off-Blockchain through a payment channel hum. Opening individual channels for each miner will not only make small payments more flexible but miners will get paid each time the pool finds a block.
- Centralized mining: 3rd Party Hosting High maintenance fees and set up costs. You need to have access to buy equipment. Complex contracts. Cloud Mining Hash Rate prices too high, Electricity and maintenance costs too high, hidden contract clauses, operation once canceled is never given back if profitable again. Security and Fraud risks. Extremely low efficiency
- Centralized mining pools: Centralized mining is the biggest obstacle for Bitcoin Miners. It Needs special insider connections and a large amount of investment in mining equipment. Even then, you are faced with bigger problems such as location, setup, and maintenance of running a Bitcoin mining datacenter. The biggest challenge of all is finding and paying for an electricity source that can handle hundreds of high resource exhausting miners.
SOLUTION
To fix Bitcoin mining, developers have thought about an idea that will not only display evolution of Bitcoin as a technology but will also play a promising role in solving issues associated with Bitcoin mining. Some of the serious issues associated with Bitcoin mining is centralized mining, how decentralization can help resolve certain issues and the solutions of problems faced in decentralization of Bitcoin Mining.
Thank you for reading.
To know more about this project, you can visit:
- Website: https://extrabit.io/
- Whitepaper: https://extrabit.io/assets/files/Whitepaper.pdf
- Telegram: https://t.me/ExtrabitLtd
- Facebook: https://www.facebook.com/ExtrabitLtd
- Twitter: https://twitter.com/ExtrabitLtd
- Instagram: https://www.instagram.com/extrabitltd/
- ANN Thread: https://bitcointalk.org/index.php?topic=3316527
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1956531
ETH Address: 0xAb5501225C2E6c0500d6bc5Aaf419a9D34b40EB0