Cryptocurrencies have become a booming market that attracts people from all walks of life. From hedge fund investors to pensioners to housewives, all are joining the rush. But what of the mining community?
Mining is a major part of the digital currency ecosystem. However, the very nature of the process has made it harder and harder to stay profitable. Advanced hardware, time, and expertise are necessary just to stay in the black.
While digital currencies have gone up tremendously in popularity, the mining industry—due to the constant rise in difficulty—has actually become less inclusive. This is where easyMINE hopes to step in. With what it calls the first Intelligent Mine Management Platform, easyMINE wants to make mining profitable again.
Cutting out the human factor
Trying to run a mine, whether a single rig or an entire interconnected network, is a difficult, complex, and time-consuming task. For the person in charge, it can be a very hit-or-miss process.
Human errors and inefficiencies in an area that requires robotic precision can quickly make a mining operation a drain on resources. But the easyMINE team believes that with their software, anyone—from hobby miners to more hardcore enthusiasts—can run a crypto mine at a profit.
easyMINE’s dedicated operating system monitors and manages the entire process, removing the potential for human error. This is not just automation; the system is actually capable of learning. Says the company’s machine learning expert, Dr. Andrzej Buller:
“What we have in mind reaches far beyond simple automation. Our system will be capable of ‘learning’ from prior ‘experience,’ drawing informed conclusions from accumulated data and applying them to new situations.”
A triple threat to inefficiency
While easyMINE does include some straightforward automation in its management framework, actual optimization is performed by three layers of underlying “smart” technology.
On the most fundamental level, the system prevents downtime by controlling factors that can lead to freezing, shutdowns, and crashes of the mining hardware.
But where the envelope is really pushed is the ability of easyMINE’s Autonomous Cryptocurrency Mining Controller (ACMC) to actively make improvements in the overall efficiency of the mining process, both on a short- and long-term scale.
The second level of ACMC’s algorithms allows the system to deliberately perform risky actions—in other words, to experiment—in order to learn from its own mistakes or increase the chances of finding an unexpected solution.
Then, on the third level, the idea is taken even further, as the ACMC is responsible for the refinement and execution of long-term operating strategies. This involves selecting optimal configuration settings based upon general performance recommendations provided by a human operator.
Coming soon to a mine near you
In preparation for the approaching beta tests, the company has partnered with several large cryptocurrency mines. According to the current estimates, the easyMINE platform will be used to manage at least one thousand machines by the end of October.
Funding for the project comes in large part from a community-driven crowdsale. Its ICO launched on August 24 and has so far raised nearly one million USD. “We still have some time to go but we’re already very happy with the results,” says project co-founder and CFO Andrzej Belczak. “The interest we’re seeing shows there’s a need for a platform like easyMINE.”
Disclosure: This is a sponsored post.