London, United Kingdom, England, 10/11/2022 / SubmitMyPR /
QIE mining pools are now available on the QI blockchain, a decentralized POW (Proof of Work) blockchain. This move will allow users to mine the QI blockchain’s native cryptocurrency, called QIE, in a manner similar to how one might mine Bitcoin in 2011 to verify transactions on the network. Mining has always been a lucrative business, and several miners have reportedly made billions of dollars in the early days of crypto mining. But lately, the rewards for most coins have been significantly reduced. Bitcoin, for example, halves block mining rewards every four years. While miners earned 50 BTC in 2012, rewards have fallen to 6.25 in 2022 and will continue to fall to 3.125 in 2024. That’s a significant drop in revenue, and as mining rig prices, their maintenance, and performance have increased, mining Bitcoin isn’t as attractive or profitable as it used to be. But all hope is not lost yet! There are other blockchains that offer lucrative rewards and QI Blockchain seems to be the preferred option among miners.
QI Blockchain provides miners with 2 QIE, the native coins, for each mined block. And the computing power required to mine on the QI blockchain is significantly less compared to Bitcoin. As a result, users don’t necessarily need to set up huge and noisy mining rigs or invest in extensive hardware or software to mine blocks, reducing initial investment and encouraging maximum participation. This difficulty of QI Blockchain will also increase and according to the Genesis file, the mining reward per block will drop down to 0.02 QIE over time.
QI Blockchain follows the Proof of Work (PoW) consensus mechanism, a method in which individual users solve complex mathematical equations to mine cryptocurrency using power-hungry devices. Many of the recent blockchains rely on Proof of Stake (PoS), another consensus mechanism where community participation is important and helps blockchain succeed. Likewise,…