Grin and BEAM are the first two full Mimblewimble implementations — an advanced privacy and efficiency blockchain development protocol. Recently launched this month, significant interest has surrounded both cryptocurrencies, particularly the shifting focus to mining them.
Many mainstream users are precluded from mining proof of work cryptocurrencies today as they are largely dominated by ASIC mining markets where large companies can operate with economies of scale. However, Grin and BEAM are targeting GPU mining in their first couple of years, designed to give mainstream GPU miners a head start on the ASIC industry.
Both cryptocurrencies offer some unique advantages in privacy, Cyber Security services, and their use cases are explicitly tailored towards different audiences. If you or your business is looking to get into mining a cryptocurrency in its early stages, Grin and BEAM are ripe opportunities.
BEAM Catering Toward Businesses
BEAM is an interesting opportunity for businesses because of its BEAM Compliance initiative that allows the privacy of transactions to be optional. For instance, enterprises can leverage BEAM for anonymous payments but unveil a trail of financial history in the case of needing to comply with auditors or regulators. Further, BEAM is targeting integration with merchants, service providers, and other business applications.
BEAM uses an optimized form of the Equihash mining algorithm, which can be mined using their desktop wallet. In fact, mining can even be performed using a CPU, but a GPU is likely your best bet. Mining cryptocurrencies early in their development is a compelling opportunity, and the market for BEAM and Grin has drawn significant interest from VC firms and several institutions. Mining BEAM can also help offset costs in the native currency that you can use for cross-border payments or a stable and secure store of value.
At Sara Technologies, we have significant experience in helping clients to set up mining rigs and the requisite software. Navigating the technical documentation for mining can be challenging for businesses not familiar with the cryptocurrency sector, but we’re here to help guide you on your path towards bringing in multiple revenue streams from mining.
Grin Mining Targeted by Several Manufacturers Already
Grin is designed as more of an anonymous means of payment that store of value — differing from BEAM. However, Grin is aiming at GPU-only mining for the first two years of its existence. As such, mining Grin is feasible for many independent miners or small companies looking to bring in additional revenue streams without having to establish costly ASIC warehouses.
Sapphire Tech — a graphics card producer — has already announced a new line of mining GPU hardware for Grin, an important step towards incentivizing miners to the young chain. Grin uses a dual hash algorithm — Cuckoo Cycle and Equihash to mine.
Grin is less user-friendly than BEAM, and its primary audience is developers. However, there is substantial hype around Grin due to its unique monetary policy and viable means as a more stable payment method than most cryptocurrencies. Grin has also already received interest from several capital firms, including Iterative Capital — who focuses primarily on mining investments.
Although the barrier to mining Grin is high — since it only has a CLI wallet available currently — we understand the complexities and nuances of mining well and can help you or your organization get started quickly.
The initial mining investments in Bitcoin and Ethereum turned out to be some of the most lucrative investment opportunities in history. While many other cryptocurrencies are already dominated by ASIC mining or do not have useful applications, Grin and BEAM present fundamentally different opportunities.
Whether you’re looking to mine for additional revenue streams or are looking to set up a local mining rig system with BEAM or Grin, we have you covered.
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