At Amaze Mining and Research Ltd, we started doing Bitcoin Mining in 2014. Currently we run GBMiners and are also mining bitcoin at other mining pools like 1hash, bw, f2pool, etc.
When we started doing Bitcoin Mining, the market capitalization of Bitcoin was around $5 Billion. Today Bitcoin is at a total market capitalization is around $19 Billion. Ethereum, Monereo, Ripple, Litecoin, Dash together have a market capitalization of more than $6 Billion. They are called alt-coins.
Alt-coins are blockchain based virtual currencies like Bitcoin. There are more than 300 active alt-coins with the total market capitalization of more than $9 Billion.
Our interest in alt-coins started in the mid of 2016. We started understanding the underlying proposition behind these alt-coins and the value that they are adding in the ecosystem. Some of these alt-coins and their value proposition really got our attention. Some of the examples are like Smart contracts based decentralized autonomous organization on Ethereum’s Blockchain or the promise of decentralized internet by MaidSafe.
If you imagine Blockchain to be the internet, each of these alt-coins are like a website. Many of these alt-coins are here to stay. That’s what we believe. We are the first one to believe in Bitcoins in India at such a high scale.
We have been aggressively investing in the research of alt-coins’ mining.
Today, I am excited to announce AmazeMiners, World’s Most Intelligent Alt-coin Mining Technology. At Amaze Miners, we mine alt-coins and then convert them into Bitcoins at the most opportunistic moments.
At AmazeMiners, we have implemented merged mining processes. Merged mining is the process of allowing two different alt-coins based on the same algorithm to be mined simultaneously. Litecoin and Dogecoin is mined together with merged mining as they both have scrypt based mining whereas Bitcoin has SHA256 based mining. This is a quite complex process. All the transactions for both networks are ordered and their merkle trees hashed out.
We have developed patent pending proprietary algorithms that determine what coin should be mined when and for what duration and then servers automatically keep switching between the small basket of most profitable coins to be mined at that time, considering their price in bitcoin at the moment and their difficulty.
We have invested in RockMiners in China, they build the mining hardware. We are working closely with them on the development of new mining servers.
We have been able to get exclusive chips made from our existing manufacturers because of the scale we operate at. Many of these chips are nowhere available in the market and are unlikely to be available for next one year owing to the contract. These specialized chips are then assembled into rigs by our team and have been able to give us much more hashing power per unit area utilized, capital deployed and heat generated giving us a massive edge over most other miners or even setting up your own independent rig.
This is a big step in the journey of us as a group. I would like to congratulate the whole team of Amaze Mining and Research Ltd for making this dream possible.