The first time i learnt about Bitcoin back in 2016, i was so excited about the future prospect and solutions this technology aimed to solve, solutions such as enabling cross payments across border without restrictions, i was so excited but one thing drew me back from taping in to the potential of this project,
I was broke, like broke broke and not just broke, i was devastated how do i venture into this with no money?, Then i made further research and came to know about mining of Bitcoin, so you mean i can just literally do some tweaks on my system and voila I'd start earning passive income, elated about this idea i read through the process and turned my pc into a mining rig, it took me about , a month to mine about 0.0001 btc which literally as at that moment wasn't even up to the fraction of a dollar
Before procession I'm pretty sure not everyone knows what mining is so I'll take a time out to briefly explain it
What is mining?
Using Bitcoin as an example, Bitcoin mining is the backbone of the Bitcoin network. ... Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin's famous “blockchain”). For this service, miners are rewarded with newly-created Bitcoins, in a nutshell this is what it Bitcoin mining is,
So miners get paid in btc to solve complex problems on the Bitcoin network, but it isn't as easy as it seems, although the pay is good,
If you are not from a developed country where electricity is cheap you might have a hard time getting into this business, Bitcoin mining is not for everyone as a whole host of parameters needs to be considered before venturing into it, they include but not limited to
Location - in order to mine any cryptocurrency at all, you need to use a good location, taking electricity out of the equation for now, and taking climate change , political attitude of the state or country where you intend to set up your mining, most especially the local laws must be able to at least support you mining btc and make sure the taxes are something you can work with
Cost of mining - in order to mine have a competitively fair advantage of mining you need to be able lower down your cost of mining or rather still be able to afford the expensive machines used, for example the ASIC antminer s9 costs $3,000 and you need not less than 5 in order to have any hope in mining at all,
electricity - this definitely will add up to the total cost of operation during mining and depending on your location, you need a stable power source at a low cost.
Highlighted above are the important parameters a person needs to consider before going into mining, if you can check all boxes, good if you are unable to go into mining because of the reasons stated above better, not bad, because i myself can't go into it because i lack the technical expertise to embark on such, however this has been made a thing of the past by the inception of *MinedBlock
MinedBlock is a fintech crypto mining company(registered in uk) specialising in the mining for cryptocurrency transactions,
MinedBlock is set to make a difference in the mining industry by bringing a more cooperate approach to the mining industry, ordinary people such as you and I who have interest in the mining of cryptocurrency will now be able to mine without the need of having our specialised mining equipments, thanks to MinedBlock people will also be able to generate passive income, as MinedBlock won't just focus on mining alone, they would be in operation of masternodes too.
Advantages of MinedBlock
Scalability - as the need for MinedBlock services increase through the crypto sphere, MinedBlock has the ability to expand exponentially without any backlash to the services or network, any buisness lacking the ability to adapt is no business at all.
Efficiency - efficiency during operation is what makes MinedBlock a project to look out for, MinedBlock is building its infrastructure as at the moment of writing this in siberia , a country where electricity is really cheap and the local laws are not hostile to mining.
Renewable energy - MinedBlock after operations are already making plans to build renewable energy which will further reduce the cost of running the operation as they will be moving from electricity to renewable energy, such as solar farms
MinedBlock is still in its infancy with a whole lot of ability to expand quickly with ease, considering that the potential if the mining industry is yet to be tapped out, there is a relatively large amount of room for growth, and MinedBlock is aiming at being the leading industry on this front. With its dual token model one serving as a security token and the other an utility token, users have the chance of generating extra passive income by literally just holding the token, see for yourself
I have mentioned about three different ways with which you cant just go about MinedBlock, should you need any other information regarding MinedBlock please feel free to access any of the links below
Official website
Whitepaper
Twitter page
Author's bounty0x username - lektai
Disclaimer! - The images contained in here where used with permission from MinedBlock