New Mining Pool Vows to Enhance Profitability While Reducing Power Consumption

A startup blockchain company, with a team featuring former executives from Samsung Electronics, have unveiled plans to invigorate the way cryptocurrency mining is performed - creating an infrastructure designed to enhance profit and help blockchain technology become more prolific in everyday life.

"Transparent and democratic" 12SHIPS says three smart operations have been decided upon as their core policies for managing its mining pool "Transparently and democratically."

12SHIPS says 10 percent of the cryptocurrency mined through its pool would be spent on operating costs, 30 percent would be reinvested, with the remaining 60 percent being distributed proportionally to contributors based on how many tokens they hold.

Tackling the status quo According to 12SHIPS' white paper, the total amount of power consumed while mining for Bitcoin would see it rank 41st highest country in the world in terms of electricity consumption - in between Chile and the Czech Republic.

The company argues that there is an urgent need to create a safe, clean environment for mining - and it claims that immersion cooling is 100 times more effective than the cooling fans used in rigs currently.

12SHIPS says its mining rigs would be more compact because of their sophisticated cooling technology, meaning they can be installed in 20ft containers.

Progress has been stymied because hash power is concentrated to a few mining pools.

In time, the company hopes to diversify beyond mining pools - developing games and e-commerce platforms that would enable 12SHIPS tokens to be used for a plethora of purposes.

It is hoped that development of Panokseon II, its mining machine, will be completed by October - paving the way for its infrastructure to be constructed.

From here, the company aims to distribute its first mining profits to token holders in December.