When it comes to making money from cryptocurrency, there are many ways to do it; trading tokens, giving out loans, interest-bearing accounts, and so on. However, perhaps one of the most interesting is crypto mining.
Crypto mining is not just the way by which new tokens are brought into the world but is also a way to make money. In many ways, miners are the backbone of the industry and keep it going. At the same time, mining is often controversial, not least because of its cost.
Because of the specialized equipment and electricity needed to mine cryptocurrency, it is often inaccessible or difficult for miners. As the demand for cryptocurrency grows, however, the supply of tokens needs to match it and this means that miners have to be given more access to the resources they need.
One company taking an innovative approach to this is Cudos, which recently announced a partnership with MELD.
Details About the Partnership
Even prior to this new partnership, Cudos has already operated within blockchain-focused communities. The company’s goal is to provide services for the metaverse, DeFi, NFTs, and gaming experiences that will be an integral part of Web3.
Web3, by its very nature, will require a lot of computing power (some estimate several hundred times what Web2 uses) and Cudos is working to supply this power. Operating as both a layer-1 and a layer-2 network, Cudos provides decentralized access to high-scale computing.
In its newest collaboration, the company is dipping its toes into the crypto mining sphere by partnering with MELD.
MELD, on its part, will be working to help bring financial support and empowerment to countries in Africa and this is where crypto mining comes into the mix. MELD will be creating an integration to connect their MELDapp wallet to Cudos’ crypto-mining infrastructure.
Once this connection is made, those using the mobile or web Cudos platform can allocate a part of their crypto budget towards deploying crypto miners on the cloud. They can specify how much they wish to mine and at what times, even being able to mine only at low-cost computing times.
Cudos currently operates its cloud operating software in over 145 countries and this means that there is a wide potential for this partnership. While the $MELD token is at the centre of this ecosystem, this new API will support multiple tokens including $MELD, $mUSD, $mEUR, $mYEN, $mBTC, and $mETH.
This new partnership means that MELD app users will have access to a whole new set of tools to profit from the mining industry on their own terms. As opposed to going at it with zero help, they can mine conveniently from the cloud right from their devices.
Why Empowering Miners is a Step Towards Inclusivity
The last few years have shown just how unequal the global financial system is and within the blockchain and crypto space, there is a deliberate effort to confront this. In Cudos’ case, they are working to promote financial inclusion for the 2 billion unbanked people in the world.
Through decentralized applications like the Cudos API, these people can trade tokens without government interference, buy and sell goods and services, take crypto-backed loans, and now, mine crypto with ease.
This new venture with MELD and with support from Tingo is yet another step towards this goal.
According to the management of Cudos, “The vision is to create an ecosystem that empowers individuals to regain financial control by providing them with the tools and services they need to manage their money on their terms.”
More announcements are expected regarding the partnership in the coming weeks.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.