What is Cryptocurrency Mining and how to use Miny to make money online?
In this post, we will look at what Cryptocurrency Mining and how you can use Miny to mine Bitcoin, Ethereum, Litecoin and Miny Tokens. This will help you set up a passive income source that will generate you an online money stream.
What is Miny?
So, let’s start with what is Miny – Miny is a Cryptocurrency Mining Company founded by entrepreneurial and professional individuals. The Miny Platform allows you to easily make use of our mining equipment’s to participate in the calculation of hashes to validate transactions of several cryptocurrencies. Mining Rewards are distributed in the form of Miny Tokens that you receive daily in your secure wallet.
Now let’s look at what is some of the terms mentioned above, as it may be new to some of us just beginning our journey in mining.
What is Cryptocurrency?
Cryptocurrencies are a kind of digital or virtual money, meaning they only exist in electronic form. They do not have a central issuing or regulatory authority, but instead, use a decentralized system for recording transactions. Cryptocurrencies use cryptography to secure and verify transactions and to control the issuance of new units of certain cryptocurrencies, thus preventing fraudulent transactions and counterfeiting. The best-known cryptocurrency is Bitcoin, followed by Ethereum and Litecoin.
Lets now look at the concept of a Miny Token and what it is.
What is Miny Token?
The Miny Token is a very important feature on the Miny Platform and has a huge impact on your earnings! All your profits, i.e. Mining Rewards and Commissions, are paid in Miny tokens. These can be exchanged in Bitcoin or other cryptocurrencies at any time.
There are only 50.000.000 Miny Tokens available with a fixed market cap of $50M which is 100% backed. And every time our users make an exchange, those Miny Tokens are burned, leading to a secure increase in price value in future.
What does it mean for you? – Keep your profits in Miny Tokens to benefit from multiplication of your earnings over time!
Think in the context of when Bitcoin was first launched, Bitcoins initially traded for next to nothing. The first real price increase occurred in July 2010 when the valuation of a bitcoin went from around $0.0008 to $0.08 for a single coin. Now in 2020 the price of a single Bitcoin is approx.$ 17,834.64.
That is a phenomenal growth had you invested a few hundred dollars in Bitcoin back in 2010. Now imagine what you can generate in growth if you get involved in Miny at this early stage. Just keep in mind that investing is risky and you should only invest that which you can afford to lose should the market go south. This post is only telling you the benefits provided by Miny, investing and signing-up is your own decision.
What is Cryptocurrency Mining?
Miners audit and verify previous transactions. Doing so avoids the possibility of ‘doublespending’ Mining is done by calculating a 64-digit hash. Of course, miners do not go to this trouble for fun. A miner who finds hashes to 1 MB (1 Block) of transactions or the equivalent of the hash that needs to be calculated, claims a reward. This principle is called Proof of Work (PoW).
So, as you start on the cryptocurrency mining journey, to get money into and out of the platform you need to create a Wallet, similar to having a physical wallet to hold you credit cards and cash, this online Cryptocurrency wallet holds digital currencies like Bitcoin, Ethereum, Litecoin and a multitude of other crypto’s (e.g. ADA, TRX).
What are the benefits of Miny Wallet?
The Miny wallet is a multi-currency wallet. This means that you can send and receive several cryptocurrencies with just one wallet, but also store them, as it offers high security for your funds. Additionally, you have the possibility to participate instantly in our Mining Pools. With just a few steps you can add funds to the Mining Pool and receive daily Cryptocurrency Mining Rewards in the form of Miny Tokens. Currently the Miny Wallet supports Bitcoin, Ethereum, Litecoin and Miny Tokens.
How can I fill my wallet?
Once you have created an account with Miny, simply go to your dashboard, choose a desired currency and click on ‘Receive’. A special address will be generated for the filling of the wallet. Transfer the desired amount to this address and the amount will be credited as soon as the transaction receives 3 confirmations. To deposit money into your Miny wallet, you will need to setup an account with a Cryptocurrency exchange like – Coinbase. An account with Coinbase will allow you to deposit dollars, pounds or other physical money into your digital wallet by buying a digital currency like Bitcoin.
Once you have loaded your Coinbase wallet, you can then send that digital currency to your Miny wallet ready for investing and earning money.
How can I earn?
On Miny you can earn in 2 different ways:
1. Earn with Mining
Join our Mining Pools and start earning a secure passive income every day.
2. Earn with our Affiliate Program
Tell other people about the great opportunities that Miny offers and start earning commissions.
How can I invest in a Mining Pool?
Investing in a Mining Pool is very simple! Just fill your wallet with Bitcoin, Litecoin or Ethereum and add amounts to the pool. For every currency you have in an investment pool. The higher the amount in the pool, the higher the return!
So, let’s assume you invest in $200 worth of Litecoin in the Miny pool at a 10% return per month. In that case you will get $20 per month in mining rewards. For more details please refer to Miny site here.
In summary then if you are keen on setting up a passive income stream and aim to generate some cash over time then Miny is a good option to explore. I have personally started using it and can see real benefits and income growth. It is early day’s as I have just started but so far must admit I am impressed.
Two things you need to start mining cryptocurrency
1. Open an account with Miny – join Miny then head over here create a free account
2. Finally open an account with Coinbase to deposit money into your digital wallet – Coinbase wallet
If you want to find out more and join Miny then head over here create a free account, read the instructions and invest a small amount to get the feel of it. Let me know how you get on and if you need any help or advice just drop me a comment below.