People place a great emphasis on anonymity in the world of cryptocurrency. Since there tends be a lot of trust issues, it makes perfect sense!
But it’s important to remember that many people in the Altcoin vertical work hard and have a true passion for what they do.
One such person is Napalm from MiningRigRentals.com.
Our new ’4 Question Interview’ series gives us the opportunity to learn more about real professionals in the alternative cryptocurrency movement in their own words, and Napalm from MiningRigRentals.com is our first.
What’s The Story Behind The Creation Of Your Business?
I started mining in the middle of November after some persuasion from friends.
In December I saw a BitcoinTalk thread with the mention of a new Multipool “TradeMyBit” and decided to check it out. I met Daniel aka ‘merc’ and Randy aka ‘cncr04s’ in their TradeMyBit IRC channel. There were only a few users at that time but it quickly grew into a fantastic community of programmers, designers and of course miners.
Daniel evolved TradeMyBit over the course of the following months and seemed very eager to tackle the next project.
I reached out to Daniel who is close friends with Randy and together we sketched out a napkin plan to develop a unique mining rental service. A short month later and we released it for public beta. It’s an ongoing project that all of three of us care very much about.
What Makes Your Services Different From Other Rig Rental Providers?
After using some of the other rental services available to us, we decided that the implementation of renting rigs was fundamentally flawed.
While the mining community as a whole has proven time and time again that there is honest individuals in the game, there will always be bad apples.
Renting a mining rig with hard earned bitcoin is a scary proposition when you have relatively no idea what you might receive in return.
In simple terms for a not so simple concept, Randy had previously developed a proprietary stratum that allowed anonymous connections to be forwarded to new locations.
It was decided then that we would tap this connection to provide backup pools, pool managers and hash rate graphs as a fundamental change to how renting rigs had been previously approached.
This would allow not only more tools to the renter and rig owners but also a way to track data that would reflect the reliability of the service you would receive in return for your bitcoin payments.
Above these core developments, we’ve also added multiple server options from the U.S. to Europe and as far away as Singapore. We’re also proud to offer “instant payment” options for purchasing rentals without wait times of bitcoin confirmations.
What Rig(s) is/are Most Popular Or Seeing The Most Growth/Demand?
Currently standard scrypt based mining rigs have the most traffic.
We were surprised to see that X11 mining rigs would surge past nscrypt. However, it seems that whatever is hot at the moment is what’s being used.
This tells us that miners are adapting their mining capabilities on the fly and switching for what they feel is most profitable or desirable in the moment.
Is There Anything You’d Like To Add?
I would like to add that most of this wouldn’t be possible without the TradeMyBit community of members and I personally would like to thank each and everyone of them that spent hours upon hours helping us beta test our concepts.
We enjoy mining so our goal has always been to provide a value adding service to the community we’ve grown to love. Happy hashing!
These in-depth answers give everyone greater insight to the creation of their business model. Both rig owners and miners benefit from this win/win service.
Mining Rig owners can lease their extra equipment easily at the site for extra BTC and miners that want to increase their hash power on their favorite altcoins or boost their mining capabilities have a way to do it without breaking their virtual wallets.
They support multiple algorithms including Scrypt, nFactor, X11, Scrypt-Jane, SHA256 and SHA3.
Thanks Napalm for taking the time to talk with us about your services!
