Crypto mining: proof of space as a solution?

Cryptocurrency mining is going through dark times, strongly conditioned by ecological concerns and the crisis in the sector. However, a company now offers an alternative.

Crypto without the need for your own mining

Cryptocurrency mining continues to experience some difficulties despite a slight improvement on the Bitcoin side. Ethereum remains very uncertain about the future of mining, especially as the ecological impact of mining is increasingly criticized. The large energy consumption necessary for the proper functioning of farms continues to be questioned.

However, there are solutions, especially on the consent side. If The Merge could make Vitalik Buterin’s coin less energy-intensive, a mining facility offers another alternative. The EcoWay company has opened its own photovoltaic-based business and allows its users to rent land. These can be acquired through the purchase of ECY tokens.

The principle of EcoWay is close to crypto farming. It is possible to bet coins and profit from their return. In fact, according to the company, the adoption of the proof of space would lead to big savings.

Proof of space and time is a very similar concept to proof of work (PoW). Instead of complex and energy-intensive cryptographic computations performed by different types of processors, we are dealing with hard drives. Let’s compare with the traditional Bitcoin or Ethereum mining process. They derive their source of computing power from antminers or graphics cards. With the space test, we base the computing power on the amount of disk space.

Excerpt from EcoWay’s Medium article explaining the principle of its operation

However, EcoWay is also gaining a foothold in the mining sector. However, it’s not about generating Bitcoin right away. For now, the operation is based on the CHIA blockchain, which is considered economic and ecological. However, it plans to mine as many cryptocurrencies as possible in the future thanks to its numerous forks.

Source: EcoWay Twitter account

A new way of doing mine?

While EcoWay’s business focuses solely on agriculture for now, the company’s evolution gives a good idea of ​​the ecological concerns within the crypto sphere. Many farms are becoming greener, using energy recovery systems or renewable energy. Space testing could be a new way to improve the sector.

An urgent and necessary initiative since crypto mining is questioned in many countries, both in Sweden and in the United States where greater transparency is required for operations. Their energy consumption and environmental impact will be strictly monitored as well as in Europe where a tax will be applied.

Finally, the lack of profitability suffered by farms, which require a lot of energy for a small yield, only accentuates the discomfort of the miners. Forced to resell their parts to stay afloat, most of them may have to resort to more innovative solutions or risk disappearing.

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