CipherMine is a virtual company currently listed on the LTC Global virtual cryptocurrencies stock exchange which specialises in cryptocoin mining (Bitcoin and Litecoin) as well as high-performance computing. The company predominantly mines Litecoins, however they regularly consider the profitability of their rigs and divert the scrypt and SHA256 clusters to other cryptocoins should it be more profitable.
Formed in June 2012, CipherMine was established by leading British IT entrepreneur Kate Craig-Wood in partnership with Giles Russel the man behind EvilMiners, Ross Martyn and Simon Weald two systems administrators from Memset Ltd, and Jan, a DevOps specialist.
What started out as a hobby for Craig-Wood, has seen her set up a virtual company whose stellar debut grabbed headlines around the world as shares soared 500% following their initial public offering on June 24 2013 on the virtual stock exchange, LTC Global Exchange.
Recognising that there was room for an alternate cryptocoin, CipherMine believe that LTC is that alternate. They believe that its difference to LTC (the fact that it is designed to be less GPU-intensive to compute) is its strength.
By creating a solid company in CipherMine, with known, visible, reputable backers and a clearly articulated plan of action, the team believe that they can encourage LTC and LTC Global to become a main stream cryptocurrency and exchange with similar value explosions to that witnessed with BTC and shares on the BTC Trading Co exchange.
Historically LTC’s value has risen and fallen in proportion to BTC, with BTC clearly being the “master” cryptocoin. However, recent events have seen LTC’s value starting to move independently from BTC for the first time, further proving that CipherMine have backed the right virtual currency.
Watch this space as CipherMine emerges at the forefront of crypto-currency that is definitely gaining traction.