flexible and future proof software and infrastructure for the cryptocurrency space

Jul 04, 2019, 7:53AM

With a collective value of around US$275bn, the rise of the global cryptocurrency market has been one of the most revolutionary financial and technological events of the 21st century. Cryptomining, the process by which transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger, has helped make billionaires of savvy business leaders, but the lack of regulation in the market often leads to instability and unpredictability. In December 2017, Bitcoin reached its all-time high value of $19,783. By November 2018, the price had fallen to approximately $5,500 per coin, and in May 2019 the coin’s value soared again by over $1,000 in less than a day.

“The biggest issue right now with crypto and trading in general is the market’s vulnerability to manipulation,” explains Silviu Catalin Balaci, founder, CEO and majority shareholder of Evobits Information Technology SRL. “As liquidity is so low, compared with stocks for example, when a large player jumps in, they can pretty much manipulate the market as they see fit. That’s why we’ve seen huge spikes one way or another when there are big trades that completely reverse the trend up until that point.” Coupled with the high initial costs of setting up a crypto mining operation, the capricious crypto market might tempt some prospective miners to try something more predictable (alligator farming or Alaskan crab fishing perhaps), but Silviu, a software engineer and owner of one of the largest cryptocurrency mines in Romania, is confident he has the puzzle cracked.

“I was always wary of the mining business, because it’s a boom and bust area. I didn’t want to just put up a shed and throw mining machines in there. That would have been very cheap and fast, but not future proof,” he says. For the first three years of operation, EvobitsIT operated exclusively as a software services…

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