[ad_1]
London, UK , Oct. 11, 2022 (GLOBE NEWSWIRE) — QIE mining pools are now available on QI blockchain, a decentralised POW (Proof of work) blockchain. This move will allow users to mine QI blockchain’s native cryptocurrency called QIE in a similar way one could mine Bitcoin in 2011 to verify transactions on the network. Mining has always been a rewarding operation, and several miners have reportedly earned billions of dollars during the initial days of crypto mining. But, of late, rewards have been considerably reduced for most coins. Bitcoin, for instance, halves the rewards for mining blocks every four years. So, while miners earned 50 BTC in 2012, the rewards have reduced to 6.25 in 2022 and will further fall to 3.125 in 2024. That’s a considerable drop in earnings, and since the prices of mining rigs, their upkeep, and power have gone up, mining Bitcoin isn’t as appealing or profitable as it used to be. But all hope is not lost yet! There are other blockchains offering lucrative rewar ds, and QI Blockchain seems to be the preferred option amongst miners.
QI Blockchain provides 2 QIE, the native coins, to miners for every block mined. And the computational power required to mine on the QI blockchain is considerably lower compared to Bitcoin. As a result, users don’t necessarily have to set up huge and loud mining rigs or invest in extensive hardware or software to mine blocks, thus reducing the initial investment and encouraging maximum participation. This difficulty of QI Blockchain will also increase and as per Genesis file the mining reward per block will go as low as 0.02 QIE over time.
QI Blockchain follows the Proof of Work (PoW) consensus mechanism, a method where individual users solve complex mathematical equations to mine cryptocurrency using power-intensive apparatus. Many of the recent blockchains rely on Proof of Stake (PoS), another consensus mechanism where the community’s participation matters and helps the blockchain thrive. Also, Ethereum recently switched to PoS owing to several factors, which again led to discussions regarding the merits of the two.
While PoS is undoubtedly faster and can process a more…
Full story available on Benzinga.com
[ad_2]
Source link
