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Sustainable Bitcoin Mining

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Bitcoin mining has become popular amongst people with large data processors and also fintech-geeks who are interested in the world of mining. Mining is at times not very profitable due to the increase in complexity of problems given to miners (as more and more Bitcoins are mined) and electricity and other expensive overheads. According to NZ Herald, "Bitcoin mining uses so much energy that it could cause blackouts". The repercussions due to this is that an American city known as Platssburgh has already banned cryptocurrency mining for 18 months and Iceland believes that more energy will be used to mine Bitcoin rather than power their houses this year! The need for a sustainable model for mining is prevalent. With the introduction of cloud mining, many "non-techy" users have been able to mine Bitcoins by buying Hash power from various companies and making them mine Bitcoins for you. All you need to do is invest a particular amount and leave the rest of the work to the experts (much like investing in mutual funds). Although, I have never done that (cloud mining), it is reported that this sort of business is profitable in the long run. An Indo-Canadian based company known as Cyfuture has launched a token known as HashGains that makes Bitcoin Mining profitable as well as sustainable.

HashGains is still in their ICO stages wherein they are selling their tokens (known as HashGains) to fund hash power for eco-friendly bitcoin mining. They are planning to launch data mining centres in Rajasthan, India and Quebec, Canada. The mining centres will be powered by renewable sources of energy like windmills and solar panels. Cyfuture boasts having a fifteen year long experience in data processing and believes that they have the ideal team to launch a green and eco-friendly mode of mining like this.
The idea and model behind HashGains is wonderful because it eliminates the existence of one of the most important threats to mining - legislation banning the use of electricity for mining as observed in Plattsburgh, New York, USA. Besides countering the anti-mining legislation, it also creates an eco-friendly way to mine Bitcoins and also provide investors with almost guaranteed returns.
They use the barren and non-economical land of Rajasthan and Quebec for economical purposes. The region of Rajasthan is a desert that is subjected to intense sunlight for a greater part of a day. Quebec has about 30% of Canada's windmills and this number is greatly increasing with more and more business installing windmills there. Canada's 2030 energy policy aims to reduce the use of fossil fuels by 40% and increase the generation of renewable sources by 25% at least. The two areas chosen by HashGains is ideal, keeping in mind the geographic factors as well as the policies of Governments that wish to promote sustainable businesses.



{UPDATE 1 – 29th March, 2018)
Quebec is known for its cheap and abundant supply of electricity. However, in the recent years many cryptocurrency companies have set  up their mining rigs in Quebec due to the cold conditions and the above two factors. About a week ago, the Government in Quebec has halted all new cryptocurrency mining operations due to the large amounts of electricity that is consumed by it. “This is in consideration of the fact that the state-owned utility company had actually been working on plans to double its revenue generation by 2030 by incorporating the blockchain sector being a major contributor in its increasing revenue generation”, said Crypto Daily, UK (https://cryptodaily.co.uk/2018/03/quebec-halts-cryptocurrency-mining/).
This is a huge blow to new companies that are being set up for mining. According to various different reports, the number of applicants for bitcoin mining operations has been on the rise.
This is where I believe that HashGains has a considerable advantage. As mentioned earlier, they will power their mining operations with renewable sources such as windmills and solar panels. This completely/partially reduces the burden on municipal electricity. I believe that HashGains should pitch to the Government in such a manner that their sustainable business model sweeps them of their feet. Quebec, one of the largest territories known for mining has created a regulatory hurdle for companies in such a business. However, HashGains has probably foreseen this sort of regulatory issue and created a perfect solution for the same.
I will not be surprised if many countries around the world adopt a similar stance. Even in China, regulators have moved to shut down many Bitcoin Mining rigs. Sichuan, China is popularly known as the capital of Bitcoin Mining and has been at the receiving end of many legislative problems. Although I do not believe that Canada is going to enforce a blanket ban on cryptocurrency mining, their stance on excessive power usage is indicative of some sort of rationing of electricity or some solution that they will reach shortly. With a lot of problems faced in China, I will not be surprised if more and more number of companies move to Quebec wherein they will face a problem while registering themselves itself. For all these reasons, I believe that HashGains has a huge advantage over all other companies.
----- (End of Update)----


HashGain tokens (HGS) have a hard cap set at $30 Million and are currently in the first main sale period out of two. They have already raised upwards of $7.5 Million out of $ 12 Million in their first main sale that ends on 31st March, 2018. As is expected of most ICOs, investing early yields bonus (20%-40%) tokens. They are expected to list on various famous exchanges such as Kraken, Bittrex, HitBTC and likewise. The price of HGSs will ideally go up during this period due to an expected increase in quantity demanded once the news of HGSs spread. The tokens purchased in the ICO can either be sold on these exchanges or held to use as Hash for mining.
The introduction of a sustainable and green mode for Bitcoin Cloud Mining is something to keep an eye on!

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