The British newspaper announced that a man who bought 27$ of bitcoin in 2009 would recall this investment in 2013 and realize that he has a 886K $ asset. Actually, that guy bought 5000 bitcoin in exchange for 27$. Bitcoin exchange rate was 266 dollar when this was reported as news. Bitcoin current exchange rate is exceed the 6100 dollars while I am writing this post. Roughly, that guy has an asset costing more than 30M dollars if he would not change the currency.
Rise of the bitcoin price in last years steals the show in cryptocurreny world. Even though, Bitcoin is the first cryptocurreny, it is not the only cryptocurrency. Cryptocurrencies launched after Bitcoin is called as altcoin.
Cryptocurrencies can be bought in market in just the same way as they can be mined. Crytocurrency mining process resembles to gold mining. Gold could be picked up by hands in ancient times whereas ground has to be dug for miles and miles in today. Producing bitcoin can be handled by single user CPU at the beginning whereas it cannot be handled by GPU today. Custom hardware named as ASIC would handle to produce bitcoin.
Producing bitcoin individually is not realistic anymore. You have to invest on GPU or custom hardware. However, it is still realistic option when it comes to altcoins. Particularly, Monero exchange type attracts my attention and that money type is the reason of writing this post.
What if I said you do not have to invest any custom hardware including custom CPU! That cryptocurrency has a java script based mining solution. In other words, your audiences’ computation power would mine for you.
If you have blog attracts hundres of visitors daily, including two lines of java script code enables to mine this altcoin. Besides, your visitors might not be aware of involving in mining process for you. It seems that some bittorent sites have already embedded coin mining procedure. Of course, using your computation power without noticing is disputable. On the other hand, they provide ad-free content and bother no one. A kind of a win-win model. However, including this service might put your site in black list!
As already implied, some ad blockers and antivirus vendors start to block coinhive therefore coinhive provides same API on authedmine domain to ask user permission to use their computation power.
As an alternative to using clients’ computation power continuously, API also enables to use client CPU once per transaction. For instance, I am not Robot Captcha is a popular method to prevent to receive spam mails in interactions. Coinhive adds singular mining transaction behind this button. Thus, you can verify your client is not a spam robot meanwhile mine some coin.
Moreover, you might be familiar with link shortening services (links mostly have bit.ly or goo.gl domains). This authorities shorten long links to short ones to be shared easily. Coinhive shortens your long links, too. Sure, creating short links is not the purpose of API. Redirecting short link runs mining transaction for each click. In other words, you can have both short links and coins at the same time if you consume this service. BTW, I try to access a short link with my iPhone. Short link is produced with standard configuration (1024 hashes). Battery reduced 5% instantly.
So, monero is a powerful alternative to all other coins. In other cryptocurrencies, the more hardware investment means the more money you can earn. Monero offers to make money in the ratio of the crowd you have (visit, click or contact). Beyond the discussion of being ethic, that’s a novel approach. Nobody would object if client cpu is consumed for health studies or charities. Maybe, this approach would trigger new developments…
PS: Monero unit price was 88 USD while I was writing this post (2017, Oct 21). You can check its current price here.