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Bytom started as an ERC-20 token on Ethereum and is a network that aims to connect on and off-chain assets. Since then, it has had its separate blockchain and can be mined with specialized mining machines—ASICs (application-specific integrated circuits). The great thing about Bytom is that anyone can mine it with any graphics card they have.
However, the process requires a lot of hashing power, which is something that isn’t achievable for an average user. Joining a top BTM (Bytom) mining pool will help you estimate your profits. All you need to do is enter a few values including hash rate, pool fee percentage, power consumption of your hardware in watts, and electricity cost per kW/h.
The following article will give you detailed information about BTM, and why and when you should start mining it.
Bytom Overview
Bytom is a public blockchain that is based on the UTXO model. It provides a decentralized platform for trading and exchanging assets. The current use cases of Bytom are:
- Financial Assets Exchange. It provides a secure and convenient way for institutions to trade with each other without the need for a central authority.
- Digital Asset Registration. It stores digital assets in an interactive and distributed ledger system. This enables users to verify transactions without third-party involvement, as well as confirm ownership of digital assets through registration authorities.
- Data Exchange Protocols. Bytom allows data to be exchanged between systems in an efficient, trustless manner while respecting user privacy through secure methods.
What Makes Bytom Unique?
Bytom is a blockchain project that focuses on the mining and trading of AI tokens. The project’s goal is to create a decentralized network where AI data and models can be shared among different parties.
Why Should You Start Mining Bytom?
Bytom has a groundbreaking interactive protocol that is full of growth potential because it can incorporate AI in the blockchain industry. This will change our world in major ways. AI can reduce its reliance on expensive resources by using the newly implemented Tensority algorithm and Bytom’s mining equipment. The consensus mechanisms of Bytom are achieved through a Proof-of-Work system, which ensures security and can allow miners to earn more money by verifying transactions on the network.
The Best Way to Mine Bytom
Bytom is a blockchain platform that is designed to be friendly with ASIC mining hardware, giving miners the opportunity for easy profit. There are different ASIC miners available on the market, and you can choose the one that best fits your needs. By joining a pool, you’re increasing your chances of earning a bigger profit.
There are statements that the Tensority algorithm can provide a higher hash rate at lower energy consumption, which would benefit miners. But for now, we suggest you stay on the safe side by continuing to use ASICs.
Things You Need in Order to Start Mining
For mining any cryptocurrency, you need two things: the best hardware equipment and a stable internet connection. Low latency connectivity can prevent you from stale or rejected shares as well as guarantee uninterrupted mining.
You’ll also need a wallet to store all of your coins, as well as perform tasks such as sending, receiving, and exchanging BTMs. The wallet is a digital address book for all of your coins, with their values and descriptions. You can download wallets on your computer, and there is an official Bytom wallet that is available for Linux, Windows, and Mac.
Things You Need to Know Before You Start Bytom Mining
Bytom can be ASIC-mined, meaning you should set up proper cooling and ventilation to ensure your hardware runs safely and efficiently. Soundproofing is a good idea as the devices produce a lot of noise. Make sure you find the best cooling systems and noise solutions so that you can work without complaints.
It is recommended that you join a Bytom mining pool to get started. You will split the rewards but you will receive regular payments when a block is found by the pool. Pool mining works in a way that pool members use the same hash rate. You can also get rewards faster than solo mining. Pool mining will allow you to work with other miners, giving you enough time to gather experience and knowledge in the process.
At the moment, Bytom doesn’t support cloud mining, but hopefully, it’ll become an option in the near future.
Bottom Line
Bytom mining is a promising cryptocurrency to invest in. It has a great team and advisors, a solid use case, and an active community. If you are looking for a cryptocurrency to invest in, Bytom mining should be on your list.
Reviewed and edited by Albert Fang.
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Article Title: Bytom: Why and When to Mine It
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