New OnMiners Cryptocurrency Mining Scheme Could Wreak of a ‘Endothermic Chips’ Scam
The cost and efficiency of cryptocurrency mining have always been at the forefront of most mining conversations. People are constantly looking for new ways to reduce both the total cost and the sheer amount of energy consumed, during the process of mining.
A Luxembourg-based company known as OnMiners recently announced a substantial investment in the production of a new and improved Endothermic Multi-Algorithm CHIP. This is through a process where energy in the environs is collected and used, reducing the amount of power that needs to be generated for the process and also consider reducing the temperature generated by the hardware.
Some Details On The Mining Rigs
The company revealed three rigs calling them the On2U, On4U and also the OnTower. It was announced that these rigs can mine different cryptocurrencies including Zcash (ZEC), Dash (DASH), Monero (XMR), Litecoin (LTC), Ethereum (ETH) and also Bitcoin (BTC).
Other specifics about the supposed capacities of these rigs are:
1. OnTower: Bitcoin – 1620 TH/s, Litecoin – 450 GH/s, Ethereum – 54 GH/s, Monero – 2700 KH/s, Dash – 15 TH/s
2. On4U: Bitcoin – 270 TH/s, Litecoin – 75 GH/s, Ethereum – 9 GH/s, Monero – 450 KH/s, Dash – 2.5 TH/s.
3. On2U: Bitcoin – 140TH/s, Litecoin – 38GH/s, Ethereum – 5 GH/s, Monero – 230 KH/s, Dash – 1.3 TH/s.
Speaking about their hardware and their proposed efficiency, the OnMiners CEO, Hisao Saito said:
“With hash-power rates like never before, we are extremely confident that our mining rigs will have a game-changing impact on the market.”
Is OnMiners A Scam?
After the announcement by OnMiners was made, a few things that didn’t make sense to most people seemed to stick out. The major problem that made many raise suspicions was the proposed capacity of the mining rigs. Compared to the speediest rigs produced by other companies, it just might be a ridiculous figure because the best haven’t successfully outdone 50 terahashes.
Furthermore, there are also no specific details about the firm’s base and no verifiable information about ownership and it was noticed that the photos of its management staff were stock photos and couldn’t possibly belong to any real staff. Furthermore, the names of these supposed staff are fake.
The Future Of Crypto Mining
The lucrativeness of mining seems to be dropping significantly because of the current state of the cryptocurrency market. This has driven miners to constantly look out for new innovations and technology so as to increase profitability. If the general cost of mining is significantly dropped, mining would become a bit more profitable.
Whether or not OnMiner is really a scam, a conversation about the mining of cryptocurrencies needs to be had very soon. The current state of the market and the cost of mining have been a bit stagnant for a while and improvement is expressly needed.