Virtual Mining

in cryptocurrency •  7 months ago 

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Today I wish to report on virtual mining.

If your involved with cryptocurrency you know that Bitcoin, the first cryptocurrency was mined with computer CPU on regular desktop computers. Over time the mining difficulty became more difficult and you need stronger CPU and it became like a computer power arms race to mine Bitcoin. Eventually we arrived where we are now with very specialized computers called ASIC miners designed to only one thing mine Bitcoin. The problem is these miners consume large amounts of electricity. When I stopped mining Zcash it was because my electric bills exceeded the value of the Zcash I was mining. I thought my mining days were over, when low and behold the creators of Steem-Engine introduce something called Virtual Miners.

Virtual Mining may be the next stage in the evolution of cryptocurrency miners. I think it’s amazing that unlike real miners, virtual miners consume no electricity, but you compete for block awards just like in real cryptocurrency mining and your success is directly related to your mining power compared to the amount of mining power of all other miners of that particular token. Currently these miners are available on Steem Engine and you can buy the miners at the Steem-Engine Token Market. I have Steemleo miners which mine the Token Leo.

It is very easy;
Step 1: Sign into Steem Engine
Step 2: Go to Tokens
Step 3: Find the Token miner you wish to purchase.
Step 4: Buy the miner.
Step 5: Activate the miner Token.
Step 6: In 24 hours check your Rewards section on Steem Engine to see how many rewards you won.

The great thing is these miners don’t break down, you don’t buy parts or pay for electricity.
I recommend you try one. I hope you liked my first blog post here reporting on Virtual Miners.

Peace. 🤠

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Nice clean report.

Thank you.

In other crypto systems they call this staking (actually, they do in steem as well, though the purpose is less to earn more coins than to increase influence). It’s also called minting or proof of share (PoS) in contrast to active mining’s proof of work (POW). In any case, it is, indeed, a great feature to use!

Hello
Thanks for the information. It’s always nice to know the meaning of these terms and learn what these acronyms mean.
Peace 2U 🙂