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Join the new revolution What is cloudmining

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The best Cloudminer online

2 weeks ago bought our first XLpackages and we love the weekly payments on friday! I recommend Bluemining to everybody :)

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Onder de indruk

Ik ben nu 2 weken bezig met het minen bij Bluemining en moet zeggen dat het mij zeer goed bevalt. Alles kan ik nauwlettend in de gaten houden in mijn account. Het aantal ETH wat ik wekelijks ontvang m

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Trusted

Bluemining is one of trusted cloud mining i'v been ever known... there are millions of cloud mining all over the world that offers dream to be true.. but i choose Bluemining as my cloud mining. gre

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Highly recommend

As a big miner, Bluemining has certainly given me great confidence is crypto. Highly recommend their services to anyone.

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Great Ethereum mining contract

A substainable and reliable mining contract for lifetime Ethereum investment.

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Zeer tevreden

Dit is de eerste keer voor mij dat ik in aanraking kom met mining. Het bevalt mij tot nu toe erg goed. Wekelijks zie ik mijn uitbetaling binnenkomen. Ik ga dit zeker aanraden bij mijn kennissen en vri

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very nice

A safe way for making money.

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First best Cloudmining

This is in my opinion the best CLoudMining company! I have tried several cloudservices, but Bluemining is major :))) today i will start my 3rd package, thanks!

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TOP service

Eerlijke prijzen en snelle levering! Dit wordt de 2e keer dat wij een bestelling gaan plaatsen. Iedere week netjes een uitbetaling. Wij kijken alweer uit naar de volgende betaling :)

How mining works
Today, ethereum’s mining process is almost the same as bitcoin’s.
For each block of transactions, miners use computers to repeatedly and very quickly guess answers to a puzzle until one of them wins.

More specifically, the miners will run the block’s unique header metadata (including timestamp and software version) through a hash function (which will return a fixed-length, scrambled string of numbers and letters that looks random), only changing the ‘nonce value’, which impacts the resulting hash value.

If the miner finds a hash that matches the current target, the miner will be awarded ether and broadcast the block across the network for each node to validate and add to their own copy of the ledger. If miner B finds the hash, miner A will stop work on the current block and repeat the process for the next block.
It’s difficult for miners to cheat at this game. There’s no way to fake this work and come away with the correct puzzle answer. That’s why the puzzle-solving method is called ‘proof-of-work’.

On the other hand, it takes almost no time for others to verify that the hash value is correct, which is exactly what each node does.

Approximately every 12–15 seconds, a miner finds a block. If miners start to solve the puzzles more quickly or slowly than this, the algorithm automatically readjusts the difficulty of the problem so that miners spring back to roughly the 12-second solution time.

The miners randomly earn these ether, and their profitability depends on luck and the amount of computing power they devote to it.
The specific proof-of-work algorithm that ethereum uses is called ‘ethash’, designed to require more memory to make it harder to mine using expensive ASICs – specialized mining chips that are now the only profitable way of mining bitcoin.

In a sense, ethash might have succeeded in that purpose, since dedicated ASICs aren’t available to mine ethereum (at least not yet).

Furthermore, since ethereum aims to transition from proof-of-work mining to ‘proof of stake’ – which we discuss below – buying an ASIC might not be a smart option since it likely won’t prove useful for long.

Shift to proof of stake
Ethereum might not need miners forever, though.
Developers plan to ditch proof-of-work, the algorithm that the network currently uses to determine which transactions are valid and protect it from tampering, in favor of proof of stake, where the network is secured by the owners of tokens.

If and when that algorithm is rolled out, proof-of-stake could be a means for achieving distributed consensus that uses fewer resources.

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