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Speculative mining, if done right, can lead to some major profits. The thought process behind spec mining is simple: find and mine a new cryptocurrency before it has been priced, valued and placed on a market. Spec mining allows the miner to have a very low ROI on the mined coin, thus becoming profitable quicker than ever.
I am currently CPU/GPU spec mining InterPlanetary Broadcast Coin ($IPBC) which utilizes the Cryptonight algorithm. Although I am not a fan of the coin’s name, after reading their white paper I was immediately intrigued. The purpose of IPBC is to monetize your video content by using a fair use reward system for data content. IPBC has hopes of making data independent from data storage companies and securing the worldwide right of free speech without censorship. Not only does IPBC have a solid mission, but they have a full development team and advisory board. This is very rare with coins at this stage. There was no ICO or premine and the website already has a working product along with many other functioning features:
- IPBC Platform – the portal for all services full responsive for all devices.
- IPBC Broadcast – the streaming platform for gaming and entertainment.
- IPBC TV – the streaming channel for TV stations.
- IPBC Education – the streaming channel for schools, universities and training.
- IPBC Video – the video portal with a rewarding system.
- IPBC Upload – the interface to the IPFS network.
- IPBC Remote control – the browser based remote control system.
- IPBC Blockchain – the underlying technology behind the systems.
- IPBC Coin – the new IPBC cryptocurrency to run the reward system.
- IPBC Pool – the cryptocurrency management system.
- IPBC Mining – the player based media mining technology and the stand alone miner.
- IPBC Blockchain explorer – for verifying payments and examining the blockchain.
- IPBC Offline GUI Wallet – for managing the wallet.
IPBC also has a few other creative ways to generate revenue for both the content providers and viewers:
Spec mining is well worth it if you come across a hidden gem. However, it’s a lot easier said than done. There are a lot of “shitcoins” and scams out there so I wouldn’t suggest mining every new coin that you come across. As with any investment of cash or hash, do your own research. Read the whitepapers, track their roadmap, check out their website, make sure you have access to the coins development team via slack or discord, etc. Most importantly YOU have to feel good about the coin that you’re mining. Make sure to give me a follow @CoachCryptos and Happy Mining!