Data is the fuel that drives the cryptocurrency economy. In an industry formed around virtual currencies that are created and traded in digital form, participants are dependant upon accurate, real-time data from an array of sources. The binary and hexadecimal data that constitutes wallet addresses, private keys and blockchain headers, as well as that pertaining to network hashrate, coin velocity, UTXOs and a host of other metrics, is ripe for analysis.
The data derived from public blockchains is immensely valuable to entities that operate in multiple industry verticals. Valuable insights can be extrapolated from processed data and used to determine trading decisions, fee estimation, investment strategies, and to gauge everything from market cycles to the behavior of major ecosystem players such as cryptocurrency exchanges and so-called “whales”.
As the quality and scope of crypto-analytical tools has increased, so has the role played by data as a driver of key business strategies. Not every area of the cryptoconomy has been served by the growth in analytical services, with one sector in particular starved of high-quality data-driven insights ‒ the mining industry.
The tools available to cryptocurrency miners are largely unrefined, supplying little more than generic information regarding network hashrate, coin profitability, and hardware performance. The most valuable data of all ‒ the sort that has the potential to eke out greater efficiencies and to ease loss-making mining operations into profit ‒ lies deeper below the surface. Extracting this data and drawing actionable outcomes from it is a complex but lucrative task that has proven beyond the reach of mining service providers.
MineBee intends to change that. Through the use of big data, accrued with the aid of its mining rig management partners, MineBee will deliver valuable insights that will be licensed as technology support. From overclocking to temperature regulation and from coin selection to hardware optimization, MineBee will help to refine every last facet of the cryptocurrency mining business. The result will be less downtime, fewer performance-related hazards, greater hashrate, and ultimately greater profits.