Emily decided to send 3 Bitcoin to her husband, Andre. Emily initiates the transaction by publishing her hash(typically, this is a 'bank' transfer request) of her secret wallet key, Andre's public wallet key and the Bitcoin amount, '3'.
Bitcoin miners now recognize Alice's published request. They process her request by a series of complex cryptographic calculations and processes. The miner who works it(the mining) out, publishes it for other miners to see. They confirm it and the transaction is completed and added to the block of chained transactions, Blockchain. What the miner just did is called POW. Proof Of Work gives incentives to the miner whenever he proves his work by mining a block of transaction which is approved by others and added to the chain of transactions.
Few minutes after Emily has requested her Bitcoin transfer, Andre gets 3 Bitcoin from Emily. Alice loses 3 Bitcoin. The miner gets his/her incentive which is the transaction fee.
That transaction example above, depicts how a typical Bitcoin transaction takes place. Technically, mining is the backbone of the Bitcoin ecosystem, just like most other cryptocurrencies that aren't pre-mined. Without it, transactions won't take place.
In the contemporary world, mining doesn't require just an average standard laptop or desktop anymore. Due to the complexity of the blockchain and cryptography, mining now requires mining rigs or specialized devices such as the GPU Mining Rigs and ASIC miners. Coupled with that, it also require electricity or a source of electrical energy.
However, life for miners hasn't been that smooth since Bitcoin. There are prevailing problems at every turn.
Since miners host the crypto network, they are the bedrock of the decentralisation model of the Cryptocurrency ecosystem. However, we are getting to a point where large amounts of hash power which is mostly electricity, the key element used in mining, is becoming centralised at locations where electricity is cheap, which is making it increasingly difficulty for more miners to get involved with mining due to the financial investment required to mine competitively in order to keep the system decentralized. Nonetheless, there are other related solutions but these solutions like the cloud mining service aren’t transparent and they are expensive.
Moreso, there have been a number of mining ICOs conducted throug the past year that offered a share of mining revenue in return for investment but that haven’t conducted their token sale as a regulated Security Token Offering(STO) which invariably, increases the risk for investors.
Recently, a fall in the price of Bitcoin and higher hashrate has forced a mining enterprise, Genesis Mining, to shut down some 'unprofitable' contracts. Morever, there are several Bitcoin mining scams flooding the crypto airspace.
Fortunately for everyone, MinedBlock intends to end all this.
What is MinedBlock?
Source: MinedBlock Whitepaper
is a mining service company that offers the opportunity for investors to take advantage of using the resources from a large-scale mining operation, mining multiple crypto assets without the need to buy, configure and maintain expensive mining equipment.
MinedBlock has a unique approach that enables investors to have a fully secured and compliant token. This grants them a share of ownership of the holding company behind the service and not just a ‘random utility token’ as others do.
MinedBlock aims to offer a fully managed mining service wher users can trust the MinedBlock team to look after the equipment and ensure they are working around the clock to ensure maximum productivity while the operating costs still remain at its minimal. In that view, MinedBlock plans to create an effective mining facility which focuses on mining the top 50 coins by market cap. This will be done to provide multiple streams of revenue for customers. Through the proposed large scale operation, MinedBlock will help improve the decentralisation of coins where there are already large pools dominating the hash rates of popular coins. To create decentralisation in the MinedBlock network, there will be global distribution of MinedBlock mining data centres.
“Our vision is to become a major player in the cryptocurrency arena and for MinedBlock to own a significant part of the infrastructure required to process transactions and mint new crypto assets. This will enable our investors to reap a significant return on investment while we employ an aggressive growth strategy to position ourselves as the ‘Amazon’ of the crypto mining industry” -MinedBlock website
Features of MinedBlock
MinedBlock eliminate security threats by hosting their services using fully secure Data Centers. The mined coins will be held in fully encrypted cold storage until distribution time emerges.
MinedBlock mine a variety of different crypto to ensure you get a good spread and maximise profitability. This saves the stress of a user deciding which coin to mine..
On the MinedBlock platform, users save time and effort as the system manages the whole process for users so there is no configuration required of them.
On MinedBlock,100% transparency is ensured as every activity is being communicated to eveyone.
The support team ensure everything goes well to provide a 100% comfortability to users.
Users can watch their portfolio grow when they use MinedBlock Mining. ETH will appears in the wallet on a regular basis.
MinedBlock operates a dual token model. This model is comprised of a Security Token enabling a passive income and a Utility Token which enables access to a pay as you go mining service. The two different tokens are the MBTX and the MBTU.
Moreso, MinedBlock arr running a Security Token Offering using the Polymath ST20 in order to raise funding which will create opportunity for investors to take advantage of using the resources from a large-scale mining operation without the need to purchase, configure and maintain expensive mining equipmen like others do.
Features of MBTX
• Fully compliant security token
• Polymath ST20 Secutiry Token
• Passively earn a share of 75% of profits
•The MBTX will be tradable only on Security Token Exchanges
• Buyer limitations exist
•Monthly profit share payments
Features of MBTU
•MBTU is freely tradable
• It is the ERC20 Utility Token
• Pay for periodic management fees
• Rent or Buy Private Mining Hardware
• Profits paid directly to your own wallet
Source: MinedBlock Whitepaper
Apart from the fact that MinedBlock will change mining materials frequently, MinedBlock also plans to have mining activities under 24/7 surveillane. This will enable MinedBlock maintain maximum feasible efficiency by automatically switching between coins during their highs and lows.
Moreover, to ensure decentralization and diversity, MinedBlock aims to splits contracts between suppliers of ASIC miners.
Since factors for choosing a mining location is mainly electricity cost and the host country's political views and laws, MinedBlock plans to temporarily establish its GPU mining rigs in the United Kingdom. This will ensure they are reliable and easy to manage remotely before moving them to a facility in either Iceland, Canada or Sweden.
The picture below, explains further
Source: MinedBlock Website
To know more about MinedBlock, visit any of the MinedBlock sites.
Hunter's username: Rexdickson