All About BTC, LTC, ETH mining as well as other alternative crypto currencies
Yesterday, during the Black Friday, when everyone was looking for discounts GAW Miners have introduced something new – the HashStaker. The successor of the Hashlet you may say, but instead of cloud mining the HashStaker will be doing colud staking, generating you profit from the PayCoins that you will store in it over time. So it all sounds like an wallet for a PoS coin that you need to hold in your wallet to get additional revenue in the form of staked coins over time. So HashStakers are essentially cloud based wallets and they require coins to start staking, but you need to purchase space for the specific amount of coins in your cloud wallet that you will store for staking at $9.95 USD per PayCoin strage space in the HashStaker for 3 months or $17.95 for 6 months. The first HashStaker is for PayCoin, GAW’s own crypto currency, but apparently they do plan to add HashStakers for other crypto currencies as well. In order for you to use the HashStakers you would also need to purchase some PayCoin and then leave the coins inside the staking wallet for the duration of the period you have choosen – 3 or 6 months. So you will not only have to get a HashStaker, but also get some PayCoins either from the ICO or when the PayBase platform launches and then store them inside the HashStaker, so that it will start to stake for you. Also there will be an option available for Hashlet owners to upgrade to HashStaker announced soon.
GAW Miners have been getting some criticism when they have announced the Hashlets earlier this year as a different form for cloud mining, and now they will probably be getting some for the HashStaker. What they are doing however is not just announcing some random products hoping that they can make miners happy with them by giving them the chance to make some profit, they are creating a whole ecosystem for the miners and users of their crypto currency. You can think about the PayCoin as an altcoin that comes with the services and support it needs to actually succeed and not only with empty promises about a bright future by some random new developer. Now, do note that there are no 100% guarantees for that, but the chances that PayCoin has to actually be a successful one and take space among top crypto currencies compared to many other altcoins, especially ones with very short lifespan, are much higher. Unfortunately it all comes with the cost of some centralization, but that could be the necessary evil to make thing run smoother and problem free in the case of PayCoin. If everything works out fine we could see PayCoin ranking among the top crypto currencies, but we don’t think that it would be able to replace BitCoin, but why not be a viable alternative. Bitcoin has a different philosophy and goals behind it, very different from what PayCoin is and promotes, but that does not mean you should ignore PayCoin if you are in crypto currencies just to make profit. It is up to you to decide what will you do with PayCoin, like it or not, invest in it or not, but don’t dismiss it without first checking out what it is all about and not just PayCoin, but the ecosystem that GAW is building around it to support it such as the HashStaker and PayBase. Try to look at the whole picture and not just to focus on the marketing messages.
One thing that is clear already regarding the mining of Bitcoins and what is also happening with Litecoin mining is that it is getting centralized in the hands of large mining farms and is getting harder and harder for the average small home miner to make it. So looking for other alternatives is not a bad idea and as usual the recommendation not go all in for a single thing as crypto currencies are still risky investments and you better be safe than sorry. We are going to be checking out the PayCoin, HashStaker and PayBase to see how well they will work out together, so stay tuned for more information from our experience with them.
PayCoin is a peer-to-peer (P2P) Internet currency that enables instant payments to anyone in the world. It runs off the popular scrypt protocol which gives it unmatched stability and easy accessibility. PayCoin uses memory-hard, scrypt-based mining with both proof-of-work and proof of stake algorithm to target the regular computers and GPUs most people already have. The PayCoin network is scheduled to produce 30 million currency units.
Block Explorer / Crawler
– at GitHub