Mining is the process of adding transaction records to Ethereum's public LEDGER of past transactions . This ledger of past transactions is called the blockchain as it is a chain of blocks. The blockchain serves to confirm transactions to the rest of the network as having taken place.
Nowadays, Ethereum's mining process is the same as Bitcoin's. For every transaction block, miners use computers to repeatedly and rapidly guess solutions to a puzzle until one of them wins. lf 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. lf miner B finds the hash, miner A will stop work on the current block and repeat the process for the next block. Since the miners leave an extensive proof of their puzzle-solving process on the network, the Ethereum mining process is also known as 'proof-of-work'. A miner locates a block every 12-15 seconds. lf a miner starts solving the equations faster or slower than the set time, the Ethereum algorithm by default readjusts the difficulty level of the equations so that the miners roughly go back to the 12-second timeline for each solution.
Cloud Mining
Cloud (or remote) mining - is the process of using hardware power to mine cryptocurrency (such as Bitcoin or Ethereum) remotely. This mining model
came to existence due to the fact that the increasing difficulty of mining has made it unprofitable for mining enthusiasts to mine Ethereum at home. Cloud mining gives people a unique opportunity to begin mining cryptocurrency without the need for a large initial investment in hardware or technical
knowledge. Cloud mining contracts allow you to enjoy the benefits of mining without the inconvenience of owning a mining machine. Despite the simplicity of the cloud mining model, it is worth elaborating on a few details, specifically it's important to highlight that remote
mining comes in two forms: hosted or cloud based mining.
MyGBIT
The story of MYGBIT started at the end of 2015. Their mining farms are based in Bursa. In January 2018, MYGBIT welcomed its 200,000th miner, and the community keeps growing.
MYGBIT offers a variety of Ethereum mining packages
They also have a very comprehensive referral programme.
If you are still hesitant about paying for cloud mining, you can first sign up here for free, and avail free hashrates from performing simple tasks like linking the account to telegram/ social media. But to withdraw, of course you will need a minimum initial investment; but until you decide to invest, you can start mining right away for free and take your time to explore the platform!
Minimum initial investment: $ 120 for a 3 year 20Mh/s contract
Minimum withdrawal: $ 20 (in ETH/ BTC equivalent)
What are you waiting for? Start earning ethereum and building a career with MYGBIT today!
Sign up here
