Guide to Crypto Miners
According to InvestoPedia, Crypto mining is a term used for the process of verifying transactions on the blockchain by solving complex mathematical problems which is accompanied by a crypto reward as an incentive for its execution safeguarding the decentralized character of the Blockchain. The name originates from the similarity between being rewarded for the PoW of a blockchain and acquiring precious metals such as gold, silver, copper and other mineral resources through excavation.
"Crypto Mining" is performed with the operation of specialised mining computers using high-performance hardware such as High-End GPUs, ASICs (Application-Specific Integrated Circuit) or FPGAs. These mining devices are using specialised software that is executing complex mathematical computations to generate a cryptographic number that matches the sequence of the blockchain, enabling the validity of the transactions on it. The first mining device aka miner that finds the solution to that problem receives a predefined crypto-asset reward and the process begins again for the next block of the chain. Unfortunately the cost for the supply of the specialised computing equipment required for the crypto-mining is enormous and the maintenance including electricity cost can be extremely high, making crypto-mining inaccessible to many.
This is where Mining Simulator Platforms and Cloud Mining can be useful. Users of the mining simulator platforms can earn rewards by acquiring virtual equipment without the need of spending huge amounts on PoW equipment and electricity but by dedicating their spare time in Play-to-Earn gaming, their internet bandwidth or the CPU/GPU usage of their personal computers to the mining simulator platform.
"Crypto Mining" is performed with the operation of specialised mining computers using high-performance hardware such as High-End GPUs, ASICs (Application-Specific Integrated Circuit) or FPGAs. These mining devices are using specialised software that is executing complex mathematical computations to generate a cryptographic number that matches the sequence of the blockchain, enabling the validity of the transactions on it. The first mining device aka miner that finds the solution to that problem receives a predefined crypto-asset reward and the process begins again for the next block of the chain. Unfortunately the cost for the supply of the specialised computing equipment required for the crypto-mining is enormous and the maintenance including electricity cost can be extremely high, making crypto-mining inaccessible to many.
This is where Mining Simulator Platforms and Cloud Mining can be useful. Users of the mining simulator platforms can earn rewards by acquiring virtual equipment without the need of spending huge amounts on PoW equipment and electricity but by dedicating their spare time in Play-to-Earn gaming, their internet bandwidth or the CPU/GPU usage of their personal computers to the mining simulator platform.
RollerCoin
Launched in 2019, the Brazilian-based RollerCoin has been established as the most popular play-to-earn mining simulator platform with over 4,000,000 users across the world as of January 2024, allowing users to virtually mine crypto-assets. The core idea of Rollercoin is a distribution of a block reward between users every 10 minutes depending on the "mining power" of the user that is attributed through virtual "mining devices". The higher the mining power of a user through the mining devices, the higher is also the percentage of the block reward that has been allocated to the user. Unfortunately, the higher the number of the users participating in the block reward distribution, the higher is also the competition for obtaining a decent cut for the individual user. Mining power can also be extracted through playing a collection of simple arcade games that might also provide several bonuses such as free virtual mining devices or mining power.Rollercoin generates crypto profit in several cryptocurrencies i.e. BTC, DOGE, ETH (ERC-20), USDT (ERC-20), MATIC plus RLT and RST which are Rollercoin's digital currencies. RLT and RST are used for in-game purchases mainly for the purchase of the virtual mining devices that generate the mining power but also supplementary equipment such as the mining racks. RLT can be bought with crypto-assets directly or earned through the TaskWall section that includes all the major survey and offers dashboards. The main RollerCoin interface consists of a retro 80s-90s style office setting full with mining racks that are used to store the mining machines connected with user's main computer unit. More information about RollerCoin can be found at my article "My Rollercoin Progress".
LimerCoin
Limercoin was established in 2023 as a mining simulator with an ambition to grab a respectful share of the continuously popular mining simulators market. Therefore, It shares the main core idea with RollerCoin for the distribution of a block reward between users every 10 minutes depending on the "mining power" of the user that is attributed through virtual "mining devices". The higher the mining power of a user through the mining devices, the higher is also the percentage of the block reward that has been allocated to the user. Mining power can also be extracted through playing a collection of simple arcade games that might also provide several bonuses such as free mining devices or mining power. For the time being, Limercoin generates crypto profit in only BTC, DOGE and Limertoken (LMT) which is the native digital currency. LMT is used for in-game purchases mainly for the purchase of the virtual mining machines that generate the mining power but also supplementary equipment such as the mining racks. The main Limercoin interface consists of a contemporary garage full with mining racks which are used to store the virtual mining machines without the use of a main computing unit. My suspicion is that Limercoin could have been actually developed from ex RollerCoin engineers that enjoy drinking lemonade from limes, but this is just a hypothesis.
Robocoin
Similar to RollerCoin, Robocoin was established also in 2023 as another ambitious mining simulator. It also shares the same main core idea with RollerCoin for the distribution of a block reward depending on the "mining power" of the user that is attributed to virtual "mining devices". The higher the mining power of a user through the mining devices, the higher is also the percentage of the block reward that has been allocated to the user. For the time being, Robocoin generates crypto profit in only in BTC and includes 2 native digital currencies RoboToken (RBT) and BonusToken (BNT). BNT can be earned though the faucet lucky wheel and it can be converted to RBT which is used for the purchase of the mining equipment but also for the purchase of the supplementary equipment such as the mining racks. BNT is also acquired as a reward of the PTC Ads section. The main Robocoin interface consists of an old garage full with mining racks which are used to store the virtual mining equipment.
|
SimpleBits
Launched in 2019, SimpleBits features 2 main earning activities on the platform; Competing for shares of a virtual mining pool and Renting virtual hardware with a return on investment. It also features a range of earning activities, including a 30 mins faucet, PTC ads, shortlinks, and offerwalls that include all the major survey dashboards, paying out in Tokens, the primary currency of the website used for in-app purchases.
Competing for shares of a virtual mining pool
SimpleBits includes a virtual mining pool of the three main hashing algorithms, SHA-256 for BTC, Scrypt for LTC and Ethash for ETH, eliminating the need for the purchase of expensive virtual mining equipment (miners) from the user.
Each pool lasts 8 hours, during which the user earns a share of the block reward based on the pool hashpower contribution from the user. The block reward is paid out in “Bound Tokens” which is the withdrawal currency of the website and it can be exchanged for cryptocurrency in BTC, LTC, DOGE, ADA, BCH and DASH. By participating in the earning activities of the site, the user earns XP points and that can be used to increase user's virtual “hashpower” contribution to the participated mining pool.
SimpleBits includes a virtual mining pool of the three main hashing algorithms, SHA-256 for BTC, Scrypt for LTC and Ethash for ETH, eliminating the need for the purchase of expensive virtual mining equipment (miners) from the user.
Each pool lasts 8 hours, during which the user earns a share of the block reward based on the pool hashpower contribution from the user. The block reward is paid out in “Bound Tokens” which is the withdrawal currency of the website and it can be exchanged for cryptocurrency in BTC, LTC, DOGE, ADA, BCH and DASH. By participating in the earning activities of the site, the user earns XP points and that can be used to increase user's virtual “hashpower” contribution to the participated mining pool.
Renting hardware with a return on investment
SimpleBits also offers the option of renting virtual hardware, that provides a return on investment in the form of "Bound Tokens". These Bound Tokens can't be used for further hardware rentals, but can be withdrawn and exchanged for cryptocurrency. There are 2 types of hardware; high-end hardware priced on 5000 Tokens and Mid-range hardware priced on 1000 Tokens. For each type of virtual hardware there are 3 options of leasing.
|
Larvel Faucet
Normally, LarvelFaucet is a typical Paid-to-click (PTC) site that includes all the usual earning ways, PTC Ads, OffersWalls, ShortLinks, a Lottery gambling game and a faucet that help the user to collect points that can be exchanged for BTC, LTC or Dogecoin either on direct on-chain wallet or on FaucetPay.
Yet, LarvelFaucet includes also a mining simulator where the user can purchase up to 8 virtual mining machines with the points earned from the above activities and start mining points for 8 hours until the purchased energy is consumed. There are 4 different mining machines to buy with different performance and price each which can also be upgraded; Vegas 480, RTX 2080, GPU Rig and ASIC Miner. Since there are only 8 slots of mining machines per user, the user needs to make a wise selection of the purchased mining machines.
|
Storm Gain
StormGain is an innovative trading platform founded in July 2019 and headquartered in London, England. Unlike most crypto trading platforms, StormGain platform is easy to use for the novice as well as for the more experienced traders providing a wide range of educational resources and a demo account section to help users simulate the trading philosophy before investing their real assets.
Apart from the trading section, StormGain, includes a mining section that can be used on consumer-grade devices and smartphones without reducing its performance.
How it works
1. Cloud Miner performs all operations on StormGain's Bitcoin mining hardware without using user's phone battery or CPU.
2. Mining speed depends on StormGain's cloud servers. The speed is limited by the number of StormGain users participating in the mining process.
3. Every 30-40 minutes, depending on the bitcoin block production time, mining profit is equally distributed among all users participating in the mining process.
4. Every mining session lasts only 4 hours.
5. Minimum mining payout is at least 10 USDT in Bitcoin which is being credited within 72 hours.
5. The payout may be limited or blocked at the Company's discretion based on the anti-fraud engine.
6. Mining profit will be credited in user's USDT trading account and therefore it can be used only for trading purposes; no withdrawals or exchanges are allowed.
7. All trading profit made with the mined cryptocurrency belongs to the user and can be exchanged or withdrawn without any limitations.
Apart from the trading section, StormGain, includes a mining section that can be used on consumer-grade devices and smartphones without reducing its performance.
How it works
1. Cloud Miner performs all operations on StormGain's Bitcoin mining hardware without using user's phone battery or CPU.
2. Mining speed depends on StormGain's cloud servers. The speed is limited by the number of StormGain users participating in the mining process.
3. Every 30-40 minutes, depending on the bitcoin block production time, mining profit is equally distributed among all users participating in the mining process.
4. Every mining session lasts only 4 hours.
5. Minimum mining payout is at least 10 USDT in Bitcoin which is being credited within 72 hours.
5. The payout may be limited or blocked at the Company's discretion based on the anti-fraud engine.
6. Mining profit will be credited in user's USDT trading account and therefore it can be used only for trading purposes; no withdrawals or exchanges are allowed.
7. All trading profit made with the mined cryptocurrency belongs to the user and can be exchanged or withdrawn without any limitations.