Chinese miners set sights on Grin coin
The Grin cryptocurrency was launched less than two months ago but the market capitalization of the token has risen to 13.6 million and the everyday trading volume exceeds $20 million.
The creators of Grin use the Mimblewimble protocol to ensure a high level of anonymity and currency scalability. According to them, they are the only team to offer this so far.
Traders understand that Grin is not a panacea for volatility as it cannot boast of high liquidity at the moment but it is perfect for mining.
The market decline has had an adverse effect on miners and to stay afloat they are in need of new coins, especially the ones that have immunity from mining at ASIC-devices. Grin can provide this for a short time.
The profit from cryptocurrency mining is more than from Ethereum mining. Miners are aware that they need to advance into this market quickly because big players or coin owners may soon decide to collect money from the market. By the end of this year, ASIC for mining of Grin may enter a new market from Innosilicon company.
Forecasts concerning the future of this coin are vague which is normal for cryptocurrencies. But this does not prevent miners from China to mine Grin and earn money from it. That means that the pumping of the token is currently underway and the interest to it among miners is growing.
SAPPHIRE Technology, the famous Hong Kong-based video card producer, announced the launch of a new product line aimed to mine Grin.