Why Cloud Rush Chooses Filecoin?
Bitcoin’s Energy Problem: Why Cloud Rush Chooses Filecoin?
The Filecoin Foundation is dedicated to developing and supporting the ecosystem setup to ensure the goals of storage service providers, developers, and end-users are aligned. The Filecoin network comprises a total storage service of more than 12EIB with 3,404 active nodes including Cloud Rush’s. The issue of cryptocurrency’s energy consumption has been in the spotlight since Tesla-SpaceX founder and world’s richest man Elon Musk complained about Bitcoin’s high energy consumption in a Tweet.
The single Tweet caused shock waves in the market and tanked the currency’s value by nearly 35% before rebounding only months later.
How much energy does Bitcoin really use to power its network and complete transactions?
According to Coindesk, Bitcoin consumes 81.51 terawatt hours (TWh) annually. For scale, this would make Bitcoin a larger consumer of electricity than countries like Austria and Venezuela.
Indeed, Digiconomist’s Bitcoin Energy Consumption Index found that Bitcoin uses enough energy to power a country with a population in the tens of millions, resulting in an environmental burden of over 50 megatons of carbon emissions.
Compared to the traditional banking industry, the Bitcoin ecosystem uses substantially less — around less than half of what the former system uses. However, Bitcoin is also not nearly as widely adopted — nor is it really used as a currency for daily transactions. If it were, one could expect the energy demand to rival or even dwarf current payment systems.
This begs the question: Why Cloud Rush Chooses Filecoin vs Bitcoin?
Bitcoin relies on a Proof-of-Work (PoW) protocol to achieve consensus of the blockchain. This means that high-powered computers must solve complex mathematical problems as a form of work that then grants miners the right to add the next block of Bitcoin transactions to the chain.
This energy-intensive process is necessary to incentivize miners with newly minted BTC, and also acts as a deterrent for those who may want to hack the network.
In Bitcoin’s early days, due to there being fewer miners, computations were easier to solve and required much less energy. In fact, miners could even use their home computer to mine BTC. However, as more miners joined the system to make profits, the computations became much more difficult, requiring more powerful computers and consuming much more energy.
At present, it’s no longer feasible to mine BTC on your own. Most BTC miners contribute their resources to mining pools in order to have a greater chance of being selected to mine the next block and receive a share of the profits proportional to their contributions.
With the rise of altcoins in the cryptocurrency space, there are plenty of environmentally-friendly projects that rely on “greener” consensus algorithms — a popular one being Proof-of Stake (PoS).
With the establishment of the headquarters in Los Angeles in 2021, Cloud Rush USA is one of the emerging digital technology companies that was funded by CR Capital VCC, Singapore. Cloud Rush USA also has offices located in Asia like Singapore, Hong Kong, Shanghai, Malaysia to date.
Cloud Rush USA uses artificial intelligence (also commonly known as AI) to create a super-arithmetic aggregate one-stop service mining platform to realize the constant rapid changes in blockchain technology.
The underlying construction of blockchain technology, projects, and mining pool incubations also aids in the strong economic growth of the industry.
Mining companies like Cloud Rush USA have chosen to mine Filecoin in part because of its eco-friendly appeal.
Filecoin, a cryptocurrency project launched last year, aims to decentralize cloud storage through blockchain technology enabling anyone, anywhere to access and store files in the cloud without relying on a centralized provider.
Filecoin uses a unique consensus mechanism called Proof-of-Spacetime (PoST) and Proof-of-Replication (PoR), which are mathematical proofs that Filecoin storage providers solve to prove they are providing data storage space and receiving and encoding data on the network for a period of time.
In other words, Filecoin miners must prove that they are financially invested in the network to have a chance to validate transactions.
Such a consensus algorithm requires significantly less energy that Bitcoin. Whereas Bitcoin miners require CPUs and GPUs that consume a high amount of energy, Filecoin miners just need static hard-drives and a stable electricity source to store data.
Cloud Rush USA believes that industries, including blockchain, must become more sustainable. That’s why we’re choosing to mine a Green Currency like Filecoin in the United States, a country with abundant renewable energy.
The setup of the IPFS distributed mining and server storage allows 24/7 support for hosting, maintenance, and operations of the mining machines. In addition, digital asset trading and consultancy services can be accessed using the Cloud Rush mobile application.
Cloud Rush identifies IPFS & Filecoin as the key factors between underlying cyberspace communications and cyberspace 3.0. With this, it has partnered with Cyxtera, the second-largest data centre in the United States, to create a premium Filecoin storage service.
“Cloud Rush USA has been very pleased with the results from our Supermicro and ASUS equipment,” says Ms. Mi. “The machines are very fast and very reliable. We don’t see any problems with the mining machines we are currently using in the long term.
We are confident that our mining machines will provide world-class service that will meet the needs of our mining customers.”
Cloud Rush USA has created a unique mining ecosystem where people who are interested in buying mining equipment can be part of Cloud Rush’s mining platform. Cloud Rush USA has partnered with Cyxtera, the second-largest datacenter in the United States, knowing that Cyxtera is fully capable of providing the most reliable and secure mining infrastructure in the United States.
Mining Digital Currency in the US
Cloud Rush USA has created a unique mining ecosystem where people who are interested in buying mining equipment can be part of Cloud Rush’s mining platform.
Cloud Rush USA has partnered with Cyxtera, the second-largest datacenter in the United States, knowing that Cyxtera is fully capable of providing the most reliable and secure mining infrastructure in the United States.
Cloud Rush USA thrives to Be the Leading Filecoin Storage Service Provider in North America
Cloud Rush USA: Top Mining Digital Currency in the United States 2022
Contact Cloud Rush USA for more information.
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