I have heard the term Crypto mining from lots of tech and digital currency enthusiasts, and I noticed that most people who claim to be miners really don't understands in totality, what it means and how it actually works. I've been an ardent follower of cryptocurrency innovations and crypto powered projects, and my curiosity drove me to gather foundational knowledge on this revenue generating venture. For the purpose of this piece am writing, I'll try to introduce this topic as though my readers have never come across this phenomenon.
Now, crypto mining is a process in which transactions for various forms of cryptocurrencies are verified and added to the blockchain's digital ledger. To start mining, an intending cryptocurrency miner will need personal computers dedicated to the sole purpose of mining. A computer hardware with a specialized GPU, graphical processing unit chip or application-specific integrated circuit (ASIC), sufficient cooling means for the hardware, an always-on internet connection, a legitimate cryptocurrency mining software package, and membership in both an online cryptocurrency exchange as well as an online mining ecosystem.
Every time a crypto transaction is carried out, a miner is responsible for ensuring the authenticity of the transaction's info & updating the blockchain with information concerning the transaction. The mining process on it's own involves competing with other cryptominers to solve complicated mathematical problems with cryptographic hash functions that are associated with a block containing the transaction data. So miners will need specialized dedicated computers that will help them remain ahead of the competition. Because the faster a miner is at cracking the code & being able to authorize a transaction, the more rewards he gets.
In recent times, mining projects have been springing up in an effort to make mining more profitable. One of the very recent and unarguebly phenomenal ones is the MINEDBLOCK PROJECT!
MinedBlock is a large-scale, cost-efficient crypto mining company. It offers an avenue for investors to take advantage of, and profit from using the resources from a large-scale mining operation, mining a wide variety of crypto coins without the bothering to buy, configure and maintain the usually expensive mining gadgets and other such similar apparatuses. MinedBlock also aims to be a fully transparent company. They will have customer dashboard, as a live service, to show all the live stats along with mining revenue generated and predicted distribution based on the specific holdings. Future plans for mining activities will be voted through dashboard threfore everyone in the MinedBlock community has the right to shape the future of company. MinedBlock offers the chance for investors to take advantage of using the resources from a large scale mining operation, mining multiple coins without the need to buy, configure and maintain expensive mining equipment. The team offers a completely managed mining service where users can rely on them to look after the equipment and ensure they are functioning at maximum productivity 24/7 with the lowest operating costs.
In the early days of crypto mining, it was possible to mine with any standard laptop or desktop computer, but as technology has evolved and the blockchain difficulty has increased miners now need to use specialised mining rigs or devices. Broken down and elucidated below are the two categories.
* GPU Mining Rigs Graphics Processing Units (GPU) or graphics cards perfectly suit the processing power needed to run the complex calculations to solve ‘blocks’.
* ASIC Miners (Application Specific Integrated Circuit) are complex computer systems which are specifically designed to perform a single task. The AntMiner S9i is an ASIC miner with 189 individual chips that are all built to crack the SHA-256 encryption which is required to crack the block. There are dedicated ASIC miners available for most of the primary crypto block-chain’s.
The MinedBlock ecosystem is laden with so many unique characteristics, all aimed at making mining experience less stressful and more rewarding. Key amongst these attributes include :
*Assets Security: MinedBlock host services using fully secure Data Centers. Mined coins are going to be held in fully encrypted cold storage till it's time to distribute earnings. This way users' tokens are kept safe from hacks and theft.
*Transparency: All expense and revenue information will be published each month for review by any token holders to ensure full transparency of the total managed mining service. Any wallet addresses owned by the company will be published within the investor dashboard to give full transparency. Everything the team does or plans will be communicated to the community. You won’t get caught out by any surprises.
*No Stress: Mining made easy! Yes, that's what MinedBlock is offering. With the MinedBlock platform, you’ll save time and effort as the team manage the whole process for you so there is no configuration required from you.
*Wallet Growth: Watch your portfolio grow when you use MinedBlock Mining. ETH will appear in your wallet on a regular basis.
*Support Services: The MinedBlock project is backed by a dedicated support team to ensure things runs smoothly, so you can get on with other things. This gives users a sense of security and assurance in cases they run into challenges whilst using their products.
Added to the above listed features is another, first of it's kind, innovation; the MinedBlock Dual token model which is comprised of a Security Token (MBTX) enabling a passive income, and (MBTU) a Utility Token which enables access to a pay as you go mining service. The MBTX is an ST20 standard token based on Polymath's token standard. MBTU on the other hand is an ERC20 utility token and it can be used for the renting of mining equipment and payment of fees for mining service.
The MinedBlock Team
MinedBlock Vision Statement
I hope my review of the MinedBlock project was able to at least spark up some interest towards crypto mining. Now it is important to note that what I've tried to do is to summarize this project in as little words as possible.
Watch The Video Below
I'll recommend the MinedBlock Whitepaper as a thorough guide to a better and more profound comprehension of this project. The other links below are also very important for updates regarding the MinedBlock project.
Author’s Bounty0x username: Brahvo2k4