1/7/2024 0 Comments Minergatwe hash calculatorThe goal of MinerGate was to make mining more efficient and less expensive. It allows miners to pool together their computers to add hashing power to a pool of thousands of other miners located across the world. MinerGate is an open mining pool created in 2014 by a group of miners. We mentioned the name earlier in the article MinerGate. ![]() In this article, we will review one of such groups. ![]() However, small groups of miners are pooling their resources together to make mining a less expensive enterprise. This has been a major stumbling block for people with little resources who want to enjoy the benefits of mining crypto. Many miners have alluded to the fact that mining is expensive. You’ll need sophisticated hardware, a huge workforce, and pay an exorbitant amount of money for electricity bills. Now, everything’s different you need more than just a PC to mine a single Satoshi of Bitcoin. In the early days of cryptocurrencies and blockchain, a single PC user can mine a huge amount of cryptocurrencies in no time. These miners are typically rewarded in some cryptocurrency, which is why mining remains lucrative for a considerable proportion of the cryptoverse. They’re network participants who verify transactions on a blockchain network using specialized mining hardware with lots of computational power. ![]() Miners form the backbone of most blockchain networks, particularly Proof of Work (PoW) blockchains. The MinerGate software allows as many people as possible to mine cryptocurrencies, regardless of their wealth.īefore we go into more detail about what MinerGate is, we should probably explain what cryptocurrency mining is, and the role of miners in the blockchain ecosystem. This was the norm, until four years ago when MinerGate launched as a shared mining solution. When we say ‘whales’, we mean the crypto investors with enough capital to purchase expensive mining hardware and cover up huge electricity bills every month. Cryptocurrency mining has become a luxury only a few people (whales) in the crypto space can afford.
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