Cryptocurrency mining operations face a unique set of challenges – from energy efficiency to crypto accounting. In regards to the latter, mining companies such as Sazmining have chosen to rely on Blox as their go-to solution for cryptocurrency accounting.
Sazmining is a revolutionary crypto company introducing the world to next-gen data solutions for the supercomputer revolution. Their CEO, William Szamosszegi spoke with Blox in detail about how and why they use Blox as part of their financial accounting for their complex and large scale crypto operation.
Why do companies like Sazmining count on Blox?
The Blox platform provides crypto miners with the ability to easily track crypto activity with a complete audit trail and overview of entire financial holdings in a more focused view. Crypto companies and miners alike take compensation in very large or incremental sums across a variety of digital assets.
For example, mining businesses may be paid frequently in small increments which creates new transactions each time, more taxable events and ultimately, complicates an already difficult accounting process. Leveraging Blox, financial professionals can link the wallets that are receiving the mining payouts through an API in Blox’s software capable of comprehensive tracking. This simplifies the tracking procedure, and allows professionals to more simply organize vendors or customers and calculate revenue accordingly.
Sazmining distinguishes itself by its full-service approach to building and improving mining operations. Essentially, the company processes data for decentralized networks such as Bitcoin and Ethereum. Partnering with other companies and mining startups, Sazmining can vertically integrate all the facets of pieces for running a successful crypto-mining operation. However, they understand the importance behind organized and automated crypto accounting solutions.
Both Blox and Sazmining are forward-thinking companies that believe blockchain technology will revolutionize the accounting practices of yesterday. “When it comes to the future of accounting in crypto mining, Blockchain technology provides an immutable ledger that displays all transactions with real-time updates and a full audit for a company’s records,” says William of Sazmining. “I know that Blockchain technology is on the Big Four’s radar. We are in the early stages of adoption and I’m excited to see the development of blockchain solutions”.
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