IceToken is a venture which will allow miners to collaborate and work as a cohesive unit to minimize algorithm complexity, power wastage, eventually sharing the reward of a block mined together.
Crypto mining for the masses
The initiative of Icetoken is to create cryptocurrency mining for the masses. It is a derivative which operates from the UK mining facility and a staunch believer of the opportunities and growth which decentralized economy shall bring about. It hopes to deliver on this initiative by purchasing a limited number of Icetoken.
The Icetoken initiative is developed in the backdrop of energy issues during the process of crypto mining. The need to resolve complex mathematical problems in order to mine cryptocurrency results in consumption of massive computational power and heat effusion. Additionally, an increase in the number of miners automatically increases the complexity of the algorithm and creates larger mathematical problems to resolve.
Derivative mining as a solution
In order to overcome issues of multiplicity and further complications, individual miners are undertaking to team together or form mining pools which will mine for digital assets. Thus, pools of miners co-work to bring down the complexity by appearing to be a single miner lower the complexity of the mining algorithm.
In order to take this co-working objective forward, IceToken has since announced an Initial Coin Offering (ICO) to raise the necessary capital for the project.
One of the main actions to be taken after the funding process is the shifting of operations to the cooler climatic conditions of Iceland. Here 3MW facility will be used to run the facility, at Grundarhverfi. Immediate merits achieved by this process are cost-effectiveness and lowering of the Green House Gases. The facility will be sustainable since nearly 100% of the energy used will be recyclable besides optimizing the use of energy resources.
At a time where every alternate mining organization is opting to exit the business, IceToken and its initiatives are refreshing in their perspective. The focus and emphasis of the project are currently on the de-regularization of the economy due to these decentralized ledger technology assets. Icetoken’s mining pools will be highly efficient and green initiatives around in crypto mining industry in the world. Chinese miners have already backed out of mining in large numbers as in the early months of 2018.
Cryptocurrency is no longer a single vertical industry but a composition of several secondary components such as exchanges and more importantly cryptocurrency mining industry.