So I’m pleased to announce that Party Vibe now has a pair of it’s own cryptocurrency mining pools. Whether this is a topic you are familiar with already or interested in knowing more about. We’d love it if you were to try them out, details below. However for any of you who are unfamiliar with cryptocurrency mining, a quick introduction…
1. What is a cryptocurrency?
Cryptocurrencies, which you will have now heard quite a lot about in the media, operate thanks to de-centralised networks of computers as opposed to those controlled centrally by a single entity such as a bank. They rely on this network to share many copies of the same information in order to validate the transactions passing through their network.
2. What is cryptocurrency mining?
Computers on these networks solve mathematical problems as a means of helping validate the transactions mentioned above in return for a small sum of the same currency as a reward. Depending on the algorithm a particular currency has been based on, different kinds of hardware are required to solve these problems. Some like Bitcoin require expensive, custom built hardware known as ASICs designed specifically to solve these problems, while others were designed specifically to be solved by common computer CPUs, graphics cards or even a web browser. Although it should be said that in this category, graphics cards are much better at solving these problems than their CPU counterparts at this time.
3. What do I need to mining crypto?
Assuming you’ve chosen to mine a CPU or graphics card friendly currency such as Monero. All you need is a cryptocurrency wallet and a computer.
4. What is a mining pool?
A mining pool is a means for people to club their mining resource potential together in order to achieve much faster and regular profits. Mining independently is possible and the rewards are greater but much less frequent or predictable.
5. What is a cryptocurrency wallet?
A wallet is somewhere to store your currency. There are several different kinds: online wallets, software wallets and hardware wallets. Generally speaking an online wallet is easiest to use but least secure while a hardware wallet is most secure. All wallets have a public address which you can share with anyone in order for them to send you currency. And a private key which you the key to your wallet and should never be shared with anyone.
6. What are Sumokoin and Electroneum? And why have you chosen them for our pools?
Both we’re forked (a.k.a cloned or copied) from Monero, meaning they operate on almost identical principles although they’ve gone in different direction since. Monero is probably one of the best known cryptocurrencies with a very strong focus on privacy, also very commonly found on the dark web. And many, many times more private and anonymous than Bitcoin which really not very private at all. Regardless we chose these currencies because they are easiest and currently among the most profitable to mine.
So all this aside the address or our pools is finally available below. As I said we’d love to have you visit, try out what we’ve built and let us know what you make of it all. If you have any questions we’re here to help of course. Happy mining!