Could Coinomia’s revolutionary approach to mining be the next Gold Rush; virtually speaking of course?
Virtual mining at Coinomia is not done using picks and shovels and does not involve endless hours of digging for shiny objects in the ground that may or may not be there. It is basically a methodology for processing transactions based on virtual Cryptocurrency such as bitcoin, ethereum and other alternative/virtual currencies. Records of current transactions known as “blocks” are then added to records of past transactions known as the “block chain”. Are you confused yet, don’t worry but rest assured that this could very well be the future of currency as we know it and many retailers already accept bitcoin as payment among these are Dell computers and Paypal and the list is growing. But what in the world is Cryptocurrency anyway??
I am so glad you asked and here is a short synopsis to get you caught up. Think of it as the next generation of payment systems in mediums of exchange/Fiat currency (i.e… Dollars, Brittish Pounds, the Euro…) where you trade something of monetary value for services or goods. It is not different from the money you have in your wallet or debit cards that you use day to day for purchases. The major diffence is you do not get to touch or feel Cryptocurrency. Don’t worry the level of security with these transactions is very high and you can perform safe transactions online in real time. These transactions will be visible via traditional means such as statements from your bank or ledgers.
To put it into more virtual terms mining cryptocurrency at Coinomia is the use of resources such as computer hardware and software, specifically lines of code assigned a monetary and exchange value based on supply and demand. In even simpler terms think of a bitcoin as a virtual bar of gold. The major difference is that bitcoin is not owned, not controlled, and not managed by any government or powerful organization. It is not a printed medium and is not backed by gold; not that the dollar is :):). It is simply a viable decentralized digital currency used worldwide as an exchange medium rapidly growing in popularity. Okay, so now we have some idea vague as it may be and what Cryptocurrency mining entails, the big question now is how is the mining actually accomplished.
When it comes to cryptocurrency mining the process quickly becomes a bit confusing to say the least; involves math:) but you do not actually do the math (remember computer resources). The process involves solving complex mathematical equations and is the process that defines how transactions are are validated/verified and added to the public ledger (remember blockchain)? This is the process used to release the Crypto coins and miners get rewarded in block rewards with the respective Cryptocurrency. The miners compensation is based on their contribution (number of contracts you own; more on this later). Anyone can mine for Cryptocurrency provided they have the required knowledge and resources i.e.. computer hardware/software. A simpler method would be to join Coinomia then have them do the mining for you while you reap the rewards, just saying. Last but not least a word on contracts.
When it comes to mining at Coinomia it is as simple as joining and purchasing contracts. One way to looks at contracts is as shares in bitcoin or other Cryptocurrency. There are three types of contracts as follow:
A Pool contract is simply a pool of users that divide the block rewards received through mining a machine (think of it as a virtual mine) block rewards received through mining are then distributed between the pool owners of the Machine/mine. The cost to start with a Pool contract is $100 and block rewards are paid daily.
A Machine contract works like a Pool contract an is basically the equivalent of a bundle of 10 Pool contracts and cost $1000. Block rewards paid daily are 10 times of those paid on a Pool contract.
A Rack contract works exactly the same as the above mentions contracts and consist of 10 Machine contracts and you guessed it, the cost is $10,000 and is the equivalent of a bundle of 10 Machine contracts. Block rewards paid daily are 10 times of those paid on a Machine contract. You can buy any of these contracts and let Coinomia mine for you on complete autopilot. I sincerely hope you enjoyed learning about Cryptocurrency mining but if you need more information feel free to visit Coinomia here.