Bitcoin miners are on a winning spree. They successfully survived the 2020 pandemic, rolled through the Bitcoin halving and now the network is seeing some of the best hash rates ever as these operations are trying to reach new levels of decentralization. Bitcoin mining almost in its second decade of operation has its tables turned through ups and downs, scams and great technology. From notorious scams to billions of dollars being invested by heavyweights in the Bitcoin Mining sector, this industry is filled with impressive projects. One project which is taking Bitcoin Mining up a notch is Zionodes.
Transparency, user control, and Decentralization – top priorities of Zionodes
Even though there are positive signs that Bitcoin mining is becoming more decentralized there is still a long way to go before this industry can be considered purely decentralized. Bitcoin mining is still at risk of powered centralization through possible state-level coercion with vertical/horizontal integration. Like most profitable enterprises within the industry, the natural pull of Bitcoin mining is towards more control by one or a small number of controlling bodies.
Two friends, Matvii Sovoraksha (CEO of Madfish, Creator of Thanos wallet for Tezos) and Olga Kochmar (Founding member of Bitcoin Association of Hong Kong) who are Blockchain and Cryptocurrency enthusiasts started Zionodes with the understanding that decentralization needs to be the core value given. Zionodes is decentralizing Bitcoin Mining with its marketplace and tokenized ASICs platform.
Zionodes gives miners the power of information. Nothing is kept hidden from them as all the operations are independently managed on your own pools, wallets, and earnings. It doesn’t follow the industry norms of hidden fees and hash rate contracts. Zionodes does not believe in this and has changed the terms of these contracts. This means that the user becomes the complete owner of the equipment. Even when the one-year contract expires with the data center, the user can submit physical delivery of machines to the designated locations. This is something not all of them give.
All the resellers and data centres are verified and all the ASICs are immediately available after two weeks of installation. Equipment performance data is tracked over a period of 10 days before it is being made available. The users are made aware of this information and they can thus act based on this information.
The platform provides open statistics on farm operators and resellers based on which decisions can be taken. The platform follows a transparent policy method of involving any type of users at all stages and giving them the liberty to decide based on the information.
Bitcoin mining is expensive, can get technical, requires heavy infrastructure to begin with. Hence Zionodes’ unique DeFi offering brings in an easier, cheaper and more flexible way to get into mining in a far more lucrative manner than imagined.
The Zionodes new offering brings to light how easily one can buy a Bitcoin Mining Machine such as the Antminer S15 and reap in rewards daily. The only issue right now faced is the high gas fees on the Ethereum network. The team at Zionodes suggest holding your rewards instead of withdrawing them for at least a week or month as it can then consolidate and present a stronger case in terms of profit.
The solution is not just for those who are technically sound. For those who are interested in Crypto can easily become a part of the Zionodes community. In addition to this, there are no barriers to entry and exit making it simpler to diversify risks and reinvesting rewards in a flexible way.
Bitcoin Mining machines call for heavy machinery, needing larger spaces and technical support to ensure it runs smoothly. Matvii and Olga believe that it is high time that there is disruption and change from age-old mining ways. It is now time to come out of these recurrent problems and make it easier for users and miners alike.
With Bitcoin becoming popular, the Mining industry actively needs more players and such developments in the space is a breath of fresh air to invite young talent, and make for a more environmentally friendly mining solution.