App Swarm, Corp. – a company that focuses on mobile development, crypto assets, non-fungible tokens (NFTs), and cybersecurity solutions – is boosting the amount of crypto equipment it’s employing to focus more on mining Ethereum, the world’s second largest cryptocurrency by market cap and the number one competitor to bitcoin.
App Swarm Says It’s Mining a Lot of ETH
It’s a unique situation given that so many hobby miners and small mining companies appear to be suffering at the time of writing. The suffering is due to prices continuing to sink into oblivion, with bitcoin once again falling below $20K at press time. The world’s main digital currency by market cap has lost more than 70 percent of its overall value since the end of November 2021.
It’s an ugly sight, and as a result, many mining firms have either sold their equipment and gotten out altogether or completely reduced how much they’re doing. For App Swarm, however, the time is clearly here to get more involved, and when one really thinks about it, this mentality makes sense. If many other companies are stepping aside, there is likely to be less competition in the mix, so App Swarm can basically “swarm in” and take over where other platforms have failed.
CEO of App Swarm Christopher Bailey explained in a recent interview:
Our team is very excited for the launch of the new NFT platform. Aside from the ‘Bored Alien’ series, we are working on populating our NFT catalog to include unique creators and products that will surely make waves in the NFT realm. While we face the worst economy in decades, the worst first half in decades, stock market gloom, crypto gloom, and high inflation, SWRM stands strong and optimistic. We are doubling down on cryptocurrency hardware infrastructure and an interest gaining strategy while expanding our team to recruit B2B relations staff and application developers. With these aspects in place and functioning, we are also building new relationships to gain strategic partnerships.
When Will Ethereum Switch?
The hype behind Ethereum mining has grown in recent months given that the currency is switching from a proof of work (PoW) module to proof of stake (PoS). This is slated to make gas fees less expensive, it will make the network faster, and it will allegedly make Ethereum much more carbon neutral, thus ensuring the planet’s safety as mining efforts continue. The only issue is that the switch has taken quite some time.
App Swarm has stated that whatever Ethereum it mines will be held long term, thus ensuring the company can maintain its portfolio and strength in the digital currency arena. The company has also said that it is presently mining Cardano (ADA), Dogecoin, and Litecoin. App Swarm will also be unveiling a new line of NFTs in late August.
Source: https://www.livebitcoinnews.com/app-swarm-plans-to-mine-a-lot-of-ethereum/