Hello Pal Announces Update on Crypto Pal App and Current Mining Operations
VANCOUVER, BC, July 19, 2021 /PRNewswire/ -- Hello Pal International Inc. ("Hello Pal" or the "Company") (CSE:HP) (Frankfurt:27H) (OTC:HLLPF), a provider of rapidly growing international live-streaming, language learning and social-crypto platform, is pleased to provide an update on the much-anticipated Crypto Pal app and its Litecoin and Dogecoin mining operations ("Mining Operations"). Approximately one-third of the company's LTC miners are operating in various locations via clean renewable hydro power. Due to current seasonality advantages, there is currently excess power not being consumed, nor sent to a grid. The Company will continue to scale up mining operations with the assistance from Yitang in various locations that offer similar economics both in China and other international locations. The Mining Operations' current gross profit margin is 73%. For additional information on current mining operations please refer to our previous News Release on July 12th. The acquisition of Crypto Pal was struck against a Dogecoin price of $0.055 USD and currently provides a strong margin via coin generation. The Crypto Pal app has been in development by the Hello Pal team in Hangzhou, and is expected to launch soon in the coming months, upon the expectation that the Mining Operations will reach its intended near-full capacity by next month. Crypto Pal will be a stand-alone app that serves to enhance the Livestreaming service and entire Hello Pal Platform. Crypto Pal's most fundamental feature will be its digital wallet which the Company expects will facilitate the first cryptocurrency experience by most of its users. Apart from occasional promotional activities and airdrops of Dogecoin, the Company will allow users to earn Dogecoin and other cryptocurrencies through user activities that increase user-to-user interaction as well as user retention and time spent on the platform. Depending on how cryptocurrency mining regulations evolve in the relevant parts of the world, Crypto Pal is also expected to eventually give an opportunity to users to participate in cryptocurrency mining too. "We are very excited with this unique opportunity to integrate cryptocurrency with our existing international livestreaming community with the upcoming launch of Crypto Pal, said Adega Zhou, President of the Company. "The ability to transfer value between users across international borders in an easy and efficient way is something that will greatly benefit our users and our entire platform." In addition, the Company anticipates reintroducing Language Pal later this year. To download Hello Pal, Language Pal, Travel Pal or the proprietary Phrasebooks please visit the IOS or Android store. For information with respect to the Company or the contents of this news release, please contact the Company at (604) 683-0911 or visit the website at hellopal.com. Email inquiries can be directed to: [email protected]. About the Hello Pal Platform The Hello Pal Platform is a proprietary suite of mobile applications built on a user-friendly messaging interface that focus on social interaction, language learning and travel. Hello Pal, has been designed from the ground up to be easy to use and enables users' the freedom to speak in their own language regardless of the other person's language they are speaking to. Hello Pal's overriding mission is to bring the world closer together through social interaction, language learning and travel. By creating a platform where it is easy to instantly interact with others around the world and giving them the tools to communicate with each other in a joyful and fun way, we hope to do our part (however small) in fostering understanding and tolerance between all citizens of the world. Hello Pal operates its Dogecoin and Litecoin mining operations through its 51% owned Crypto Pal Technology Ltd. Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions, and expectations; they are not guarantees of future performance. Hello Pal cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hello Pal's control. Such risks and uncertainties are described in Hello Pal's annual and interim financial statements available on www.sedar.com. Although Hello Pal is currently generating revenues, Hello Pal remains in the growth stage and such revenues are yet to be profitable. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Hello Pal undertakes no obligation to publicly update or revise forward-looking information. THE CSE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE Contact: Hello Pal International 200 – 500 Denman Street Vancouver, BC, V6G 3H1, Canada +1 604-683-0911 SOURCE Hello Pal International Inc.
Here’s What You Should Know Before You Buy Litecoin
No result found, try new keyword!Litecoin (CCC: LTC-USD) is one of the most widely followed altcoins. Despite the ongoing downtrend in altcoins, LTC is up 8% so far in 2021. Its 52-week price range has been $41.47 to $412.96, and ...
Dogecoin Mining 2021: Everything you need to know
Dogecoin’s incredible start to the year has attracted record numbers of miners to its network. But how easy is it to mine dogecoin (DOGE, -1.25%) and what do you need to get involved? Dogecoin has come a long way since its modest beginnings as a joke cryptocurrency centered around a viral internet meme of a Shiba Inu “doge.” What was once a parody project purposefully created by software engineers Jackson Palmer and Billy Markus to be “as ridiculous as possible,” is now a top ten crypto asset boasting a $32 billion market capitalization and a global fanbase. Dogecoin’s spectacular rise over the first half of 2021, driven largely by internet pop culture and relentless promotion from Tesla CEO Elon Musk, has unsurprisingly reignited significant interest in dogecoin mining as mining profitability spikes to a new six-year high. Even with its recent success, mining dogecoin is still significantly less competitive than mining bitcoin (BTC, +0.88%) (but still difficult). New blocks are also discovered much faster and coin rewards are substantially higher – 10,000 DOGE per block reward vs 6.25 BTC. How does dogecoin mining work? Dogecoin’s blockchain network employs the same system for adding new blocks to its decentralized ledger and reaching agreement among its network participants as bitcoin, litecoin (LTC, +7%) and many other cryptocurrencies. Known as a “Proof-of-Work” mechanism, this process involves “mining” where individuals or organizations compete for the right to add new blocks containing pending transactions to the blockchain ledger using specialized computer equipment. More specifically, miners use their machines to try and create a fixed length code known as a “hash” with a value that is equal to or lower than the target value of the new block, known as the “target hash.” Whoever creates the winning code earns the exclusive right to add new transaction data to the next block in the chain and is rewarded with newly minted coins for doing so. Each hash generated is completely random so it’s simply a process of trial and error until one miner wins. Here is how dogecoin mining compares to bitcoin and litecoin mining (as of June 2021): How dogecoin mining statistics compare to bitcoin and litecoin As a rule, PoW blockchains such as bitcoin and litecoin usually have a predetermined supply of locked coins that have to be mined in order for them to be added to the circulating supply (21 million and 84 million, respectively). Think of it as being like actual mining and how precious gems or gold have to be physically mined before they can enter the market. Unlike a vast majority of cryptocurrencies, however, dogecoin doesn’t have a maximum supply cap. Its circulating supply will continue to increase indefinitely over time as miners unlock new coins. New blocks are discovered approximately once every minute on the Dogecoin network. For comparison, Bitcoin blocks are discovered approximately once every 10 minutes. Despite using the same Proof-of-Work system, dogecoin mining operates slightly differently than bitcoin. Bitcoin, which is the oldest and largest cryptocurrency by market cap, uses a hashing algorithm called SHA-256. This might sound complicated but a hashing algorithm is simply a function that generates a fixed-length code using a certain technique. Think of it as random code generators, where each hashing algorithm creates random codes in a unique way. Dogecoin and litecoin use a hashing algorithm called Scrypt, which is less complex than SHA-256. This makes mining litecoin and dogecoin much faster and less energy intensive than bitcoin. The use of a common algorithm enabled Dogecoin and Litecoin mining to be “merged mined”, meaning both coins can be mined simultaneously without impacting operational efficiency. The two share a common algorithm because dogecoin’s design is based on luckycoin, which in turn was derived from litecoin. How to mine dogecoin In its early years, mining dogecoin was much easier because very few people participated in the network. This meant anyone could mine the coin individually. However, as the popularity of DOGE increased, the mining process became more difficult, prompting miners to come together and form “mining pools.” A mining pool is a group of individual miners who mine the cryptocurrency as a single entity, or node, by merging their computing power. The rewards are then distributed among pool participants proportionally by the amount of computer power committed by each miner. Today, there are three main approaches to mining dogecoin: Individual mining/solo mining Mining pools Cloud mining Solo mining and joining a mining pool For anyone looking to mine DOGE for fun or simply to understand the process, it can be done independently using a GPU through a software like EasyMiner, for example. The GPU (graphics processing unit) is a specialized processor that renders all images on a computer’s screen, and many laptops and desktop computers use it to improve image processing. However, mining alone can be a difficult process and is rarely profitable unless one is willing to shell out significant sums of money on top-spec equipment and electrical bills. For crypto enthusiasts interested in trying to make a profit from doge mining, joining a mining pool is usually recommended and provides a much better chance of becoming a block validator due to the collective hashing power of the pool. But before jumping into a mining pool, be ready to pay 1%-3% in fees for the privilege to participate and always check in advance how each pool calculates payouts for its members. Popular dogecoin mining pools in 2021 include: Multipool Prohashing AikaPool Dogecoin cloud mining Dogecoin can also be earned through cloud mining, which is not really mining per se. Cloud mining basically involves renting computing power from a data center and paying a monthly or annual fee based on an agreed-upon contract. The chosen coin is then mined at the center via a mining pool and then shared with you based on how much computing power you pay for. The main drawback of cloud mining is that most contracts are time-locked, meaning you can lose money if DOGE prices drop below the operational and electrical costs associated with mining it. Nevertheless, this can also be just as effective as joining a mining pool and does not require the user to own any specialist equipment. Anyone opting for the cloud mining route simply needs a dogecoin wallet. Popular cloud mining pools that support DOGE include: Dogecoin mining must-haves For individuals interested in mining dogecoin solo or via a mining pool, there’s a range of equipment needed in order to get started. Hardware There are three types of hardware equipment you can use for DOGE mining: CPU – your PC’s central processing unit might be an option even today, but it is not really recommended because it can cause damage to your computer by overheating it. GPU – a graphics processing unit is more powerful than a CPU and can be used to mine dogecoin. ASIC – an application-specific integrated circuit is a computing machine built specifically to generate hashes. ASICs are far more powerful than GPUs and, unsurprisingly, more expensive. Anyone planning to buy an ASIC should look specifically for a Scrypt-based ASIC miner. Software Once you’ve decided which type of hardware to use, you’ll also need to download software to accompany it. Here are some of the leading software options available at the moment: CPU – CPU miner by Pooler. GPU – EasyMiner is great for beginners, CudaMiner works best with Nvidia GPUs, while CGminer does well with all types of GPUs. ASIC – CGminer and EasyMiner can be used with ASICs as well, but most ASIC miners use MultiMiner. Wallet A dogecoin wallet is essential for mining and provides a secure place to receive any dogecoin rewards generated from mining. A crypto wallet consists of a public key address for sending and receiving DOGE and a private key to access it. The latter has to be kept secure and not shared with anyone. There are several types of wallets, such as: Online: Anyone mining for fun can opt to use an online wallet such as Coinbase or Binance. These aren’t as secure as other wallet options but are much more convenient to use. Software: Software wallets reside on your PC or mobile device rather than online, which makes them more secure. You can download the original dogecoin wallet or use third-party software wallets. Hardware: Hardware wallets are regarded as the most secure solution for storing crypto assets. These are physical devices similar to a USB stick that store crypto offline. Leading hardware wallets include the Ledger Nano S and Trezor Model T. It’s worth noting, good access to electricity and an internet connection are essential for mining any cryptocurrency. If you opt for ASIC mining, it’s recommended that rigs be kept in a cool and isolated place to prevent overheating and disturbing neighbors with the noise. Is dogecoin mining profitable? Well, dogecoin mining can still be profitable, especially thanks to the recent price surge. However, don’t expect to become a millionaire. Having powerful hardware and joining a pool will give you the best possible chance of making a profit from doge mining. If you’re interested in finding out how much you could make (approximately) per month, there’s a dogecoin mining calculator you can use.