A startup blockchain company, with a team featuring former executives from Samsung Electronics, have unveiled plans to invigorate the way cryptocurrency mining is performed – creating an infrastructure designed to enhance profit and help blockchain technology become more prolific in everyday life.
12SHIPS says it wants to tackle some of the issues that miners currently face as they use air cooling systems. The company claims many of the methods used at present are incredibly energy intensive[1] and create dust – byproducts which have a detrimental effect on the performance of semiconductor chips. To maximize their output, the firm is introducing an immersion cooling method which reduces levels of heat generation substantially.
“Transparent and democratic”
12SHIPS says three smart operations have been decided upon as their core policies for managing its mining pool “transparently and democratically.”
The first is smart monitoring. This allows users to access a real-time dashboard where they can check the current status of mining, and assess how well the infrastructure is performing. Real-time footage from CCTV cameras can also be analyzed.
According to the company, token holders will also receive earnings on a monthly basis in line with the terms set out in an Ethereum-based smart contract. This is the income left over once costs such as maintenance have been accounted for. Users enjoy transparency through smart monitoring, as they will be able to see itemized expenses and ensure that the finances are all in order. 12SHIPS says 10 percent of the cryptocurrency mined through its pool would be spent on operating costs, 30 percent would be reinvested, with the remaining 60 percent being distributed proportionally to contributors based on how many tokens they hold.
Finally, a smart voting feature enables token holders
