MaxiMine (MXM)

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MaxiMine (MXM) is a cryptocurrency made by Dexu Yao, Yani Wana and, Lei Li in 2018. It is a decentralized blockchain that provides a platform for highly efficient and transparent cloud based pool mining platform. 

On the platform, users receive a portion of the MaxiMine pool reward by staking the token that they own for the hashing power. Mining still remains a very profitable business, however, there are very high barriers to entry within the industry. Firstly, there is a very high cost for the equipment necessary to mine with as mining is not profitable on personal computing machines anymore. Mining also requires a very high skill level as it is not easy to start the mining scripts and each is different for every blockchain. Furthermore, rising electricity costs and the problem of different climates all factor into the high barriers to entry into the mining game.

The cloud-based mining pool that MaxiMine provides is created through a range of strategic partnerships with BitMain and AntPool. They also have over 20 patents for mining rigs and mining operations that give them a competitive edge.

To use MaxiMine, users will put their funds into a staking contract that will handle the entire process fairly in an observable method. The staking contracts are able to process network information and calculate the mining reward per investor autonomously. For the entire process to work, MaxiMine needs to read off-chain data such as the network difficulty of a specific blockchain that it might be mining. It does this by implementing oracle contracts that read the off-chain data and make it readable to the staking contract. MaxiMine has implemented an ETH oracle which is set up to a range of trusted data feeds.

 


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