Cryptocurrency mining is a process that has become very popular this days especially with the evolution of the blockchain technology. This process is very complex and it entails the verification of various forms of cryptocurrency as well as its addition to the digital blockchain ledger. Any form of transaction done on the blockchain has to be proven by the miner that it's very authentic and then the transaction be updated in the blockchain. It's a very complex and competitive process for the miners as they have to solve and process mathematical problems with the use of the advanced cryptographic hash functions that is associated with each block that contains the transaction data. The first miner to crack the code is then rewarded with a small amount of the cryptocurrency as he is allowed to carry out the transaction. As such, this process needs a very complex and sophisticated computer hardware that consumes a lot of electricity.
But currently the cryptocurrency mining sector faces some few challenges that prevents users from using its maximal potential and a few of these problems include
The competitive nature of the mining process that renders it centralized and users will need to spend more money on computer hardware
Non transparency and instances of fraud within alternate mining processes such as cloud mining.
This lead to the introduction of a mining platform that aims to tackle most of the current problems of the cryptocurrency mining and it's called the MinedBlock.
Introducing MinedBlock
This is a cryptocurrency mining service that offers miners the chance to mine cryptocurrency without the need of purchasing and acquiring complex, sophisticated and expensive mining equipments. This service will be managed by experienced professionals that will ensure the mining process goes as smooth as possible while incurring little operational costs.
This mining service will have a facility that will be located in a crypto friendly environment and where the cost of electricity will be very cheap. One of such places is Ireland as it has a very favorable climate and cheap electricity costs.
The MinedBlock facility will focus on mining crypto coins that are most favorable to yield profits especially the top 50 on the coinmarketcap.
One of the major advantage of using the MinedBlock mining platform is it's very secure and provides a lot of transparency to its users.
The MinedBlock token
The MinedBlock has it's own native tokens MBTX which is a Security token, and this means that holders of the token will be a shareholder in the company MinedBlock Limited and be entitled to a part of the revenue generated from the mining service. This token is an ST-20 token that runs on a ethereum blockchain system created by Polymath.
It also has a second type of token called the MBTU tokens which is an ERC20 utility token and it can be used for the renting of mining equipment and payment of fees for mining service.
These token will be available on the upcoming token sale that requires its investors to pass KYC before getting whitelist to purchase the tokens.
Team
Roadmap
Conclusion
Cryptocurrency mining has been very complex and competitive as it requires very complex and sophisticated computer hardware to be able to take part in the process. But with the coming of the MinedBlock, it allows users to take part in the mining process as it offers Mining As A Service to its users with a lot of transparency and very reduced costs.
For more information on MinedBlock as well as take part in the mining process, please visit
Website: https://www.minedblock.io
Whitepaper: https://www.minedblock.io/assets/MinedBlockWhitepaper.pdf
Telegram: https://t.me/minedblockofficial
Reddit: https://www.reddit.com/r/MinedBlock
Twitter: https://twitter.com/mined_block
Facebook: https://www.facebook.com/MinedBlock/
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