STANDING STRONG: Leading Industrial Crypto Miner Ormeus Increases Hash Power Capacity
AT a time when some Bitcoin mining farms are shutting down, one big-name industrial-scale miner is standing strong and increasing capacity. Against the backdrop of the New York Stock Exchange Chairman’s announcement today that Crypto will survive and “Bitcoin is still the yardstick”, it was revealed that leading Crypto Miner Ormeus is doubling down on its mining capacity.
The company behind Ormeus Coin (ORME) has signed a new partnership agreement to create a formidable mining ‘pool’ operation in the US and China that will make it a leading global player in hash power.
“Some might see the recent bear market as an obstacle, we see it as an opportunity, and those miners who can stick in there will benefit later,” a spokesperson for Ormeus told the Crypto Times of London.
Ormeus has hit the headlines in the past for sourcing cheap renewable energy from a hydro dam near the Niagara Falls on the American/Canadian border to power its crypto mining operation.
Bitcoin’s fundamental design ensures that if there are mining rig shutdowns, the coin’s protocol enhances incentives for miners to remain online. The mining process adjusts dynamically with a delay of about 14 days, and the latest data from Blockchain.com shows that Bitcoin mining difficulty has already declined by 5 percent within the past 72 hours.
The global price of bitcoin has plunged more than 70 percent since January, dragging the rest of the cryptocurrency market down with it. Companies involved in mining or selling mining hardware have been hit hard with numerous reports of bankruptcy.
“The game is not over by a long way,” the Ormeus spokesperson continued. “The new deal we’ve just signed for example triples the company’s current mining capacity. We believe in the future of cryptocurrency and the vision of a trustless, blockchain-based economy, so we’re in this for the long haul”.
Ormeus will be joining forces with its new partner to form a mining conglomerate, or pool, that will create a leading global player. Unlike many other cryptocurrencies, the company never held an Initial Coin Offering (ICO). Instead, it relied upon its mining capacity for profits to invest into expansion.
Revenue from the mining farms is cryptographically tied to the Ormeus Reserve Vault (ORV) through proof of asset technology and self-executing Ethereum Blockchain smart contracts, (ERC20 compliant). The result is a coin that is currently withstanding the downturn in bear market territory.
Last week, the founder of the third-largest mining pool, F2Pool, estimated that around 600,000 bitcoin miners have shut down since mid-November. Mao Shixing said the estimate takes into account the total network hash rate drop and the average hash power of older mining machines that are having a hard time generating profits.
The current crypto market is comparable to the infamous dot-com bubble of 2000 that left the global economy shaken when it finally collapsed. Speculation experts are referencing that scenario as a model for the current state of cryptocurrency. However, as Ormeus and other companies hanging tough point out, the firms that weathered the dot-com bubble eventually became the household names we revere today: Amazon, Google, eBay, and many others.