cryptovest.com
Cryptocurrency mining has taken a huge dive in the last three months. Rock bottom market prices, disproportionately high hashing difficulty and growing concerns of a ‘Bitcoin Death Spiral’ have made GPU mining largely unprofitable and highly unattractive.
Not only have countless small hobbyist miners been forced to shut down operations - unable to turn a profit anymore after running costs - but even giant crypto mining facilities are struggling to stay above water as Bitcoin’s value sinks to a 16-month low.
Bitmain, one of the world’s largest ASIC chip manufacturers and operator of two of the biggest crypto mining pools, recently reported massive Q3 losses estimated in the region of $724 million and has been forced to subsequently close its Israeli R&D facility. Blockchain Mining Ltd has decidedly merged and rebranded under Canadian owned mining company Bitfarms, in a bid to recuperate a -90% fall in share price, and major U.S mining firm Giga Watt filed for bankruptcy on November 19, after the company could no longer pay its debts to energy suppliers when due.
As a result of this mass exodus, there has been little incentive for miners to hold onto their redundant machines, and many have resorted to selling off their expensive equipment at a fraction of its original price just to recover losses.
Distributed supercomputing platform Tatau is offering an innovative solution to this problem by leveraging out-of-action crypto mining equipment to revolutionize the cloud computing industry. Tatau is a blockchain-based ecosystem which incentivizes people to contribute their unused GPU computational power to process AI and predictive analytic data - both of which represent an exponentially growing market that is set to explode over the next few years.
Owners of crypto mining assets that had previously been axed out of the computational market, now have the opportunity to join the Tatau supplier network and earn the platform’s native TATAU token for offering their computational resources. The TATAU token has two functions. Firstly, it can be a payment tool which crypto miners can cash out of and spend, and secondly, it can be staked by Validator nodes to prove their trustworthiness and prevent malicious activity.
By utilizing dormant mining machines, the Tatau platform can offer customers a vastly more cost-effective service than the current delivery model of hiring expensive cloud servers, as well as directly benefit crypto miners with a new alternative revenue stream. Not only will this radically reshape the cloud computing landscape and challenge the select few big tech firms that lead this space, but also assist in helping the crypto community climb out of one of the biggest collapses in the technology’s history.