Opinions expressed by Digital Journal contributors are their own.
Eyal Avramovich is best known as the CEO of MineBest, a mining business he started in 2017 which runs multiple mining farms around the globe, providing clients with state-of-the-art facilities and infrastructure maintained by experts around the clock.
Eyal is also a co-creator of Bitcoin Vault, a project developed to provide an extra level of security based on a three-private-key security structure that allows users to reverse transactions within 24 hours.
Eyal also co-created Electric Cash, or ELCASH, which is a Proof of Work SHA-256-based cryptocurrency. It provides fast and very cheap transactions. It aims to reward all staking users and provide them with governance power through voting.
Eyal Avramovich began his professional career by earning a degree in electronics engineering. Avramovich has earned several patents on products that he has created, and his current product portfolio includes a mix of consumer electronics, robotics and, electromobility products.
Over the past two decades, he has successfully introduced five inventions, including successfully selling his Gigabit Ethernet camera technology to a Japanese multinational conglomerate corporation.
In 2017, Eyal Avramovich began to pivot from consumer electronics to the fast-paced world of cryptocurrencies. It was around this time when Eyal was inspired to shift his focus to the world of blockchain technology.
We recently had the opportunity to learn about Eyal’s journey to becoming a leader in the cryptocurrency world.
Tell us about yourself
I am a serial inventor and entrepreneur with many products on the market with ultra-thin technologies, robotics, imaging, massagers, customized vehicles, and more. I have always been fascinated with advanced technological solutions, and when I heard about cryptocurrencies and blockchain many years ago, I simply knew this would be the future and that I had to take part in it all. I got into mining Bitcoin around 2016 and established MineBest in 2017.
How did you get started?
My background is in electronics engineering. I invented, produced, and marketed several different electronic products over the last 20 years. Ten years ago, I sold video camera technology to a Japanese multinational conglomerate, and it became a global video standard. After I made some money, I started to invest in my own inventions.
The first consumer electronics product was the world’s first massage and relaxation robot, sold mainly in the USA and Europe.
I was inspired by the potential of this new, Blockchain emerging technology and how it could revolutionize money and transactions around the globe. I started with zero. Today, we manage some of the large-scale data centers in the industry. I couldn’t do that with consumer electronics at that time. And there are many amazing opportunities in the cryptocurrency industry.
In 2018, we developed our first data center in Kazakhstan, and we got connected with marketing affiliates. Then our partner Greg Rogowski decided to open Mining City, and since then, MineBest has provided mining services and products to support Mining City. This collaboration made Mining City one of the biggest projects similar to cloud mining in the world today.
MineBest ran one of the top 10 mining farms in the world at one point.
Tell us about Bitcoin Vault
To create Bitcoins, you need to prove that you invested work. So, you need to buy these machines, called “miners,” to make Bitcoins. Every 10 minutes there are 6.25 BTC rewarded to miners. To make these machines, you need engineers, a lot of electronic components, metal boxes, production line people. There are only a handful of major producers of miners in the world, so most people do not produce their own miners and rather simply buy them from the producers or marketplaces. Then, you need to ship it to your data center. You use logistics companies, DHL, airlines, sea shipment, and trucks.
Then, to build the data center, you need to invest a lot of work. And you actually give jobs to many people far from the city, where the electricity price is cheaper than in the city, so you really help to develop struggling economies. Then, for electricity, you need resources from the ground. So, you create the coins, and you must convert it to real money to pay for electricity. And then, you also have money to buy more computers. This is the circle of a Proof of Work economy.
Bitcoin is an amazing technology. It proved itself over the years. But in its first year, most of the coins were created by the developer. Less than 1% of the wallets own more than 61% of Bitcoins.
So, all of us need to share less than 50%. This is not fair. Another problem is the theft problem. I don’t want to scare you. Bitcoin is very secure. Bitcoin Vault intends to solve these problems. Bitcoin Vault has three keys to access the wallet. Bitcoin has only one key. Bitcoin Vault key one is just to send money, but you have 24 hours to get the money back using the second key.
Now, you can say, “What if I give you my car, you give me coins, and after, you take the coins back.” So, for this type of deal, you need to use the third key. You can send the transaction fast without 24 hours back. But you need to use two wallets. Let’s say one on your phone and one on your laptop, or one is the financial manager in the company, and the other is the CEO. In this scenario, it’ll be almost impossible for hackers to hack different devices at the same time.
But actually, the biggest help is for the crypto institutions. Exchanges, mining pools, crypto banks. If someone steals coins from them, they have 24 hours to take it back. We are in contact with different exchanges already, and our goal is for Bitcoin Vault to be available on major exchanges in the world.
Bitcoin Vault has something called a block reduction. Every half a year, the network issues less and less of the coin rewarded to miners.
We want to thank Eyal Avramovich for sharing his story and insights with our readers, and we wish him continued success in his future projects.
