If you are one of those interested in telecommuting, this news from the Japanese firm GMO will certainly interest you. The Japanese tech giant announced last Friday that its Cryptoknocker will allow people with decent GPU chips to mine Zcash (ZEC). But, it doesn’t end with Zcash alone. GMO pointed out that the tool also enables holders of other equihash-based algorithm virtual currencies to mine them from the comfort of their homes. To achieve this, you have to download the software onto your computer if you have installed NVIDIA graphics cards, most especially GeForce 8 or the later series. Additionally, your OS must support the software for Cryptoknocker to run smoothly on it.
You Should Know This before Downloading Cryptoknocker
In an official statement made public on September 28th, the mining firm stated that it will charge 2% of all the cryptocurrencies harvested using the tool. Note that Cryptoknocker is free to download. No, you don’t need to pay for it! In the cryptocurrency market, ZEC takes the 21st position, and it currently trades at $120 USD with an MCAP of $593M USD.
The Potential of Zcash (ZEC)
Experts see Zcash as a private coin, which has a limited circulating supply of 4.9 million. As a result, they say ZEC has the potential to attain greatness over the next decade. The reason, they say, is that governments all over the world are increasingly tightening cryptocurrency regulations. Notice that users are always placing a premium on privacy and freedom while carrying out online transactions. Perhaps this explains why an ICO advisory firm, Satis Group, was extremely bullish about ZEC in their recent report; on the possible prices of virtual currencies over the next decade.
Possible Challenges
Despite the positives hovering around Zcash’s ZEC, there is also a certain degree of uncertainty lurking. The thing is, Chinese cryptocurrency mining tool maker, Bitmain, which dominates global mining rig supply, made a similar announcement recently. Indeed, the company disclosed that it would launch its custom-made ASIC mining hardware for ZEC.
However, what remains unclear is the tool (Cryptoknocker or other) the community is likely going to settle for. This is due to nobody knowing the terms and conditions of using Bitman’s ZEC mining setup. Regardless of the uncertainty the two competitors are bringing into the “Zcash mines,” the cryptocurrency gives the advantage of allowing anyone to harvest it from the comfort of their homes. Looking at the stats, Bitmain enjoys some 75% market share of the global mining rig supply. With this announcement, it is abundantly clear that it is not resting on its laurels.
RISK DISCLOSURE
This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
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