Cryptocurrency mining aka as POW is a procedure by which new coins are introduced into the existing flowing supply, in addition to a process utilized to secure the network the coin operates on. The people who mine a coin, are referred to as miners.
To get started with mining, cryptocurrency miners will undoubtedly need a special computer with a specialized graphical processing unit (GPU) chip or application-specific incorporated circuit (ASIC), adequate cooling means for the hardware, always-on net connection and so on.
As even more computer power is included in the network and also even more coins are mined, the typical number of computations required to produce a brand-new block increases, consequently raising the difficulty level for the miner to win a reward.
That’s not all, due to continuous technological development miners needs to upgrade their system continuously to secure their position in the race.
This additionally implies that they are needed to change/upgrade their mining equipment regularly.
Did you know electricity consumed to mine 1 BTC can power over 200k homes? Yeah, you heard it right. That’s just the electricity part, and we haven’t yet spoken about the heat that’s generated from these mining rigs.
To battle the expanding trouble of Proof of Job, developers thought of a new idea called Evidence of Risk. Proof-of-stake is a remedy created to incentivize transaction validation and storage procedures by needing a security deposit (stake) and also fulfilling genuine confirmation consensus, instead of rewarding miners for solving cryptographic calculations.
With time POS gained traction, and the crowd started seeing a rise in Proof of Stake projects. It was in Jan 2018, when a group of people came together to form a project called BeetleCoin.
What is BeetleCoin?
BeetleCoin is an open source decentralized cryptocurrency which provides an instant transaction with meager fees across the globe via its network.
Participation is open to all, and with just low computing power, one can start staking BeetleCoins off of their wallet.
On average, Beetle coin block network requires two minutes to generate a new block. All transactions are carried out over the internet via BeetleCoin network, unlike fiat money transactions which require intermediary financial institutions such as banks.
Let’s talk about some core characteristics that make BeetleCoin different from others-
==> Its a low supply coin; meaning the max cap is set to 500 Million Beet, and about 108,000 Beets are generated every day through blockchain rewards.
==> One not only can earn via staking Beet but this is also a MasterNode coin. In simple terms, one can run a node by locking 150k Beet in their wallet and earn passive income in the form of rewards each day. To run a node no high-end equipment is needed, and the step by step instructions make it a breeze even for a non-techy person to run a node.
==> Your coin gets matured and ready for staking after 60 minutes. This means you need not have to wait for hrs and days to start making a profit.
==> Low transaction fees guarantee that BeetleCoin can be sent from one part of the world to another without paying enormous fees. Unlike traditional banks which charge super high commissions.
==> BeetleCoin supports multiwallet which means it caters to different type of users.
==> DarkSend integration keeps your payments anonymous which prevents anyone from keeping track of your holdings.
==> Instant transfer is now possible with BeetleCoin as it supports
Currently, there are over 864 MasterNodes spread across 19 countries. More than 72% of coins are already locked in MasterNodes. What does this convey? Well, in a layman’s term, there will be fewer coins available on exchanges for people to buy.
When it comes to liquidity, the team has left no stones unturned.
BeetleCoin is currently traded on 11 exchanges.
BeetleCoin team is continuously working behind the scenes to bring in value and partnership with various projects across the globe. It’s their true dedication that currently BeetleCoin has gained much traction from all over the place.
With the recent launch of Woo-Commerce plugin, it opened the doors for WordPress website owners. Once can now accept BeetleCoin on individual websites without the need of any middle man. The plugin is fulling automated with API integration. With no intermediary involved, Merchants can cash in 100% of their payment.
So to sum up, BeetleCoin is a community-oriented project where its pstrength is derived from the teams’ dedication and community support.
Do stop by to say “Hello” to Beetle family.