Bitcoin (BTC) is undeniably the largest and most popular cryptocurrency, but as a first-generation crypto, it has many limitations. Bitcoin Spark (BTCS)
Bitcoin relies on a Proof of Work consensus mechanism, where miners compete to solve complex mathematical puzzles, and the first one to solve it gets the right to add a new block to the blockchain, earning newly minted Bitcoins and transaction fees. However, PoW has long been criticized due to the immense computational power required and its effect on the environment. Additionally, PoW has the risk of centralization due to the electricity and significant investments required to mine.
The miners’ processing power will be rented out to the network’s clients as remote computing power, ensuring the power used in mining gets actual work done in the real world. The rewards for miners are then calculated as a blend between their individual stake and the work done by those using the network for remote computing.
Notably, those who use the network for remote computing pay for the service using BTCS, which is forwarded to the mining pool. The BTCS minting rewards runs on an elastic system that factors in the revenue generated within the network. If more revenue is earned, the BTCS minting rewards are reduced proportionally, and the minting endpoint moves further. This ensures that Bitcoin Spark miners remain profitable in the long term.
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