Crypto Mining Gets Expensive, Minting Is a More Sustainable Solution

Crypto minting is an innovative solution that is simplified and energy efficient to produce cryptocurrency. Platforms like PLC Ultima, a trusted cryptosystem focussed at creating a seamless system of transactions and payments, offer unique solutions to produce coins while rewarding their loyal community.

According to Bitinfocharts.com, a crypto tracking website, profitability from Bitcoin mining sank to a multi-month low in July. The rise in global energy prices and falling crypto prices is declining the profits from mining. Further, the amount of crypto earned from mining gets slashed gradually.

There have been reports of several mining firms halting their operations in the United States last month in order to minimise the energy costs and reduce the power overload. As a result of curtailing its output, Riot Blockchain successfully gained $9.5 million in power credits.

Crypto mining involves validating a transaction on a blockchain by solving a highly complex mathematical problem in exchange for crypto rewards. This is also the proof-of-work consensus mechanism.

Mining crypto, as a result, requires a lot of energy consumption. And with soaring expenses for mining, the rising energy costs might spell a further crisis. As an opportunity for a more sustainable option, minting emerges as the most plausible alternative.

Crypto minting: A sustainable way

Instead of mining, cryptocurrencies can be effectively minted using proof-of-stake (PoS) consensus mechanisms. Speaking of its modus operandi, a validator stakes a specific number of tokens as collateral, that may or may not be predetermined by the blockchain, and locks them for an agreed period of time. The validator receives a portion of the fees from approving a transaction. This is how crypto is minted (and not mined) in a blockchain.

For example, PLC Ultima issues Ultima Minter digital certificates for their users to participate in the minting process. As a result, the platform offers the user to freeze a certain number of PLCU coins for a certain period in order to receive new PLCU coins during this time that go to the user’s wallet, ensured by smart contracts.

According to Alex Reinhardt, founder of PLCU, a crypto visionary, and venture investor, “PLC Ultima enables the user to receive a guaranteed reward strictly equal to a certain percentage of his existing PLCUs involved in minting. This is achieved by using a smart contract.”

Minting: A way to combat market anxiety

Amid disappointing earnings from major players like Micron Technology, Coinbase, and Nvidia, the market is suffering jitters. A further unexpected alteration in the dynamics could drive it to further decline.

Minting technology focuses on raising the general standard of living.

PLC Ultima is offering its Ultima Minters Pack until September 1, 2022. The minting will continue after September for the next 12 months, after which the minting will be discontinued as per the laws of crypto market. PLCU products are being used by over 1.4 million users worldwide.