About Miningbase
Miningbase is a team of blockchain developers, entrepreneurs and IT developers. We are passionate about creating new technologies and we see cryptocurrencies and blockchain as great opportunities to do this. Our goal is that everyone is knowledgeable about Bitcoin cloud mining and they are familiar with it too.
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We use the best mining strategy to maximize your revenue. Our goal is that all miners can have access to high speed mining rates and get double ROI.
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Cryptocurrency Mining explained
The "mining" process in the "crypto" world is a system that processes various "transactions" that have been made in a network. This is called "mining" mainly because of how each successfully processed transaction is rewarded with tokens from the system that you donate to computing resources
Specifically, whenever you “mine” a “crypto” system, miners are essentially using their computer equipment to compute the “hash” of a series of “cryptographic” (encryption) transactions.
These transactions are transactions within the network itself, which result from the way you send “Bitcoin” (or “currency”) to different users. The bottom line is that the "hashing" process is the same regardless of which system you end up doing, or even what equipment you end up using.
To briefly explain its history, CPUs were originally used to compute Bitcoin "blocks", but as the complexity of the operation increased, people found that GPUs (Graphics Processing Units) were better at handling the "hashing" algorithms required by various "cryptographic systems" .
Types of Mining Equipment
While the process of "mining" various "tokens" is the same regardless of the type of system you are using, there are a number of systems that have been created just to "mine" the various "crypto" tokens available.
The point here is that it doesn't matter if you're looking at someone with a PC/GPU "mining" setup, or a custom ASIC - the way the system works is the same (the only difference lies in the speed at which it's processed).
This means that if you are interested in how to "mine" various "crypto" systems, it is important to distinguish between the different ways you can do this. There are some:
1. PC Based (CPU/GPU)
This is the standard form of “mining”, because you can use over-the-counter PC components for it…
2. ASIC based (Antminer etc)
Another type of "mining" system is ASIC. This is a special chip that has been specially designed to help users manage the various "hashing" calculations required for systems like Bitcoin
3. “Cloud Mining” / “Mining Pool” (ASIC)
Finally, the ASIC paradigm has been upgraded with “cloud”/“pool” mining. This is where groups of miners are linked together to form a "supercomputer" – enabling faster and more accurate processing: