For anyone that has considered cryptocurrency mining, then dismissed it as being a complex prospect or potentially requiring additional hardware, WinMiner is a breakthrough.
Remote or cloud-based mining is on the rise and usually requires either the lease of a mining machine hosted by the cryptocurrency mining services provider, running a virtual private server with mining software, or leasing the hashing power of a PC to a cryptocurrency mining setup. WinMiner may have a simpler solution to attract more people into cryptocurrency.
Windows application and interface
WinMiner is slightly different, it provides an all in one solution for mining cryptocurrency in the form of a Windows Application that can run on most systems.
Once the application is installed, WinMiner analyzes a computer’s hardware, its processor type and graphics card, and in the background fetches the appropriate mining software. It will then use available computing power to mine cryptocurrencies. The mining software will only run when the PC is not in use, according to the team. When the PC needs to be used, WinMiner will instantly stop, so users don’t lose processing speed when they need their computers.
When in use, WinMiner will automatically select the most profitable altcoin, from a range of 40 coins, including Ethereum, AION, and Monero, but not Bitcoin. A normal PC is just not powerful enough to mine, or validate, Bitcoin’s network.
The interface gives detailed statistics including estimating the earning rate in real time and showing the balance of cryptocurrency mined.
Another notable feature, WinMiner can run on more than one PC or laptop and the interface will track the combined revenue from all systems.
Getting paid for cryptocurrency mining
Users have to balance this income with the electricity costs of running a PC and cryptocurrency mining software, not to mention the wear and tear on the PC. Running cryptocurrency mining software increases both electricity costs and makes a PC’s system work harder.
Alex McDougall is the Chief Investment Officer at Bicameral Ventures, a VC firm that recently invested $1 million in WinMiner. asked McDougall about the profitability of using WinMiner taking into account electricity prices.
“WinMiner already displays the power consumption in real time for every hardware component so users can exactly see their power consumption in mining and make smart decisions,” said McDougall. “A further development of the software will see WinMiner allow users to set the level of profitability they expect and instruct WinMiner only to mine when this profitability level can be achieved.”
The cryptocurrency balance earned can be withdrawn at anytime in Bitcoin, Litecoin, Ethereum or BitcoinCash. You can also withdraw in fiat balances of Amazon, Steam and iTunes gift cards, or through the payment platform Payeer. The range of withdrawal options is part of a commitment by WinMiner to provide familiar payment solutions for new cryptocurrency market participants. WinMiner charges a 3% fee for each withdrawal.
Earnings estimates are given in US dollars and balances can be held in dollars to avoid Bitcoin’s price volatility.
Behind the scenes of WinMiner
McDougall explained to how WinMiner, though not a protocol itself, intersects with the 40 blockchains of the coins available for mining. By operating “at the heart” of these chains it decentralizes mining, enhancing security and stability.
“Mining is the living fabric of any POW [Proof of Work] blockchain network and WinMiner operates right where it matters most,” said McDougall. “WinMiner runs wallets and transactions across all coins and interfaces with some 50 Crypto exchanges.”
“As it often happens the “behind the scenes” of an easy and simple experience is way more complex,” said McDougall. “WinMiner operates a dedicated pool, wallet and trading environment for every coin supported on the platform.”
WinMiner is positioned to become an “onboarding platform for mass audiences” into cryptocurrency and blockchain, said McDougall.
The WinMiner ICO and team
WinMiner has already launched the WinMiner application for Windows and the application is in use by around 190,000 to date compared to many ICOs which will seek funding before developing a product. WinMiner is raising capital in its ICO to continue developing the platform and to add new features.
Phase one of the ICO is for accredited investors only. In Phase two, WinMiner users will be able to change their altcoin earnings into the WinMiner BEE token to earn an additional 40% on mining revenue. Phase three will allow anyone to purchase the BEE token and invest.
The platform was launched by co-founders Idan Feigenbaum and Ariel Yarnitsky. Feigenbaum is the creator of download management software Download Accelerator Plus which has seen over 400 million installs worldwide. Yarnitsky is also highly experienced in software applications, as the ex-General Manager of ICQ and the current CEO of Speedbit.
The platform has already signed a lucrative deal with a publicly traded security company which has millions of active users, but they are not disclosing the partner.
“This deal is not only significant for both parties, it is very significant for the Crypto space as a whole,” said McDougall. WinMiner hopes to encourage the users of its new partner to get involved with cryptocurrencies.
“Crypto is a great thing but it is still only a niche,” he added. “Crypto as a technology will truly prevail only when it becomes an every household thing. This is our mission in WinMiner.”
WinMiner is seeing early success with its test user base of 190,000, Bicameral’s investment, and the new partnership.
The first AION token sale
The project is a further step forward for blockchain platform AION, which launched its own blockchain away from Ethereum earlier this year. WinMiner and BEE will be one of the first token sales and tokens to be launched on the AION blockchain.
“The BEE token will be a pioneer of the ATS (Aion Token Standard), which is roughly equivalent to Ethereum’s ERC-20 tokens,” said McDougall.
AION co-founder Kesem Frank is on the advisory board for WinMiner and is also the co-founder of WinMiner investors Bicameral Ventures. McDougall explained Bicameral’s aspirations for WinMiner.
“This is a team we’ve known for a long time and our aspirations for them are to do what they did with download accelerator and ICQ: take a complicated back end process and wrap it in an incredibly easy user interface and scale it for mass adoption,” said McDougall.
Bicameral is also the leading investor in ClanPlay, an ambitious project set to reward players of Clash Royale and Fortnite for their in-game actions. Clan Play’s Good Game token “GG” will also be based on the AION blockchain.
“WinMiner, ClanPlay and other Bicameral investments are forming the nucleus of projects building in the Aion ecosystem, but we estimate there will be double digit dApps in the Aion ecosystem by early 2019,” said McDougall.
Image credit: Win Miner logo
Editor’s note: This piece was edited to reflect that Alex McDougall is the Chief Investment Officer at Bicameral. The article originally stated he was an Investment Manager.
Source: Coin Square