Bitcoin mining has become a costly affair. Unlike the initial days bitcoin mining now requires specialized hardware with lots of processing power, which has made individual mining highly uneconomical.
As we know, most of the bitcoin mining is carried out by big mining companies with dedicated data centres running high powered bitcoin mining application specific integrated circuits (ASICs). Few cloud mining companies like Hashnet and ZenMiner had earlier offered options of individual users to buy hashrate and gain returns, proportional to their contribution of processing power to the mining pool. However, this model has failed to catch people’s attention especially after few companies suddenly shut shop in the past.
Individual bitcoin enthusiasts don’t despair, as there is still hope for you to be involved in bitcoin mining (either directly or indirectly). BITMIN, is a bitcoin mining project initiated by Sathes Kumar, a Chennai, India based techie. The BITMIN project involves setting up a high powered bitcoin mining setup with the help of funds raised from individuals over a crowdfunding campaign.
According to press release and other available reports, the BITMIN pool mining initiative is different from other pool mining concepts in terms of investment and returns mode. Conventional bitcoin pool mining model involves miners receiving bitcoin returns depending up the amount of processing power they have contributed to the mining operation. However, with BITMIN, pool miners will be receiving returns in the form of mined bitcoin proportional to their monetary contribution for which they will receive shares.
BITMIN project is currently a two member team who have recently created a fundraising campaign over Indiegogo a well-known crowdfunding platform. BITMIN is looking to raise $50,000 in the first round of crowdfunding campaign. Money raised from this round will be used to build mining rig of 50 TH/s capacity. As it grows, they plan to increase capacity gradually.
According to the timeline available on BITMIN’s Indiegogo campaign page, initial BITMIN setup and testing phase is completed. We can expect BITMIN to hit full potential by the end of this year.