MINEDBLOCK: Unprecedented Mining Service
MinedBlock: Unprecedented Mining Service
Take it or leave; mining is part of the blockchain. The distributed ledger supports it. Assets are mined on a daily basis, and miners either sell the coins or hold them till it becomes lucrative to sell. Unfortunately, mining isn’t for the broke. You can’t possibly become a miner singlehandedly unless there are investors behind the curtain. This hinders people looking to eke a living from mining.
A few years ago, bitcoin was the toast of the world. Everyone, even those not interested in cryptocurrency, spoke highly of it. The price of the digital currency soared as did other altcoins. And with the interest in bitcoin and others, transaction processing speed dipped big time! Miners smiled to the bank as transaction fees rose to the roof. More people penetrated the mining circle in a bid to join the gravy train. But what goes up must come down. The bubble blew-up in the faces of everyone looking to make a profit. Like death-eaters varnished with the demise of Lord Voldemort, miners downed tools and moved on when the enthusiasm around bitcoin waned. Many are still dazed by the turn of events. Apparently, they weren’t committed to the task.
One of the challenges which are inherent in the mining trade is the high cost of energy required. This shouldn’t surprise anyone as present-day mining requires technological gadgets which are known to gobble electric power. This could explain the exodus of miners when transacting cryptocurrencies lost its shine. You stand a higher chance of running into debt if you delve into mining without doing your homework. Obviously, you’re more likely to pass through the eye of a needle than become a professional cryptocurrency miner. The route to evolving into an adept miner is lined with several hurdles.
MinedBlock might not be a new kid on the mining block, but they’re looking to expand substantially. Since there are no ‘giants’ in the mining niche, they intend becoming that powerhouse users can rely on; just like Facebook is within the social media circle.
Why does MinedBlock feel it can dominate the mining niche?
Considering mining isn’t exactly a new career path, it’s normal to question MinedBlock’s motive. One thing speaks for them – their experience. MinedBlock might not be as popular as Binance and Amazon are in their respective circle, but the company has the technical capacity to triumph greatly. The mining outfit understands the working of the business and wouldn’t be starting afresh.
Miners, looking for a big mining facility to collaborate with, can depend on MinedBlock for the use of its services. The mining company is open to providing individuals looking to mine cryptocurrencies with a remarkable platform. This saves individuals from carrying the financial burden that comes with building a decent mining rig.
The running cost of a mining facility is usually high due to the electricity consumption of the equipment used. Making a profit could be extremely tough. Often, mining companies are neck deep in debts due to their electricity bills. MinedBlock intends to avoid this cataclysmic situation by citing its mining facilities in areas with surplus renewable energy sources. This wouldn’t just assist MinedBlock to save money, the environment will be better for it.
To ensure a distinction of their operations, MinedBlock inculcates two tokens – MBTX (security token) and MBTU (utility token). While investors take possession of the MBTX and earn returns as stipulated in their whitepaper, individual miners can take advantage of the MBTU to pay for the use of the mining facility. There are benefits associated with both tokens. The MBTX and MBTU earn you profits, but trading and other uses vary. The security token isn’t for sale outside the security tokens exchanges while the utility token can be traded on just about anywhere. If you intend using the MinedBlock platform for mining, payment will involve the use of the utility token MBTU.
Unlike many other mining facilities that dedicate their effort to mining bitcoin, MinedBlock mines several cryptocurrencies. This is an expensive venture since mining different tokens involve distinct machinery. Apparently, the mining company must have the wherewithal to purchase the required gadgets for mining different tokens.
The onset of a mining operation might take so much of your time, especially when configuring the device to do what you want. Many facilities couldn’t care less about the challenges you are up against, but not MinedBlock. They set up everything for an individual miner, so you won’t have to go through the stress of doing it yourself and the associated time constraints that come with it.
With the recurrent security challenges associated with all thing cryptocurrency, mining facilities are expected to have the right security parameters to protect their users, and this has seen many mining companies falling short. MinedBlock claims to use data centers that are well protected for its facilities. With most hackers on the lookout for loopholes in the security setup shielding tokens, it is great the coins are kept within wallets that are secured with state of the art encryption.
Many crypto outfits don’t seem to understand the importance of the customer. They neglect users and would rather prioritize money of value. So when companies like MinedBlock come on the scene with their outstanding customer support team, we marvel because it is something we are not familiar with.
While the blockchain is renowned for its immutability, many of the platforms that use the technology don’t seem to have this virtue. The crypto platforms operate with an air of superiority and are not interested in efficient communication with their users and customers. MinedBlock appears to have an intention of following an unfamiliar path – carrying customers along. As much you might doubt this, many platforms don’t tell their customers their next line of action, they just act. Recently, I used an exchange platform for my trading and a few hours later, the site went offline. Despite being on their telegram group, there was no information passed that would prepare us for the blackout we witnessed. It is like a norm in this space; so when MinedBlock wants to follow the dignified and less trudged path, we can only applaud and hope others can emulate them.
MinedBlock appears to have their heart in the right place, but will that last? Human nature can be deceitful. We can only hope the mining company fulfills more than 50% of their promises.
White paper: https://www.minedblock.io/assets/MinedBlockWhitepaper.pdf
B0X username: vinabr012