Welcome to Virtual Mining Part 2. In this post I explain how to buy and set-up your own "Virtual Miner".
My first post today was titled Cryptocurrency Mining Evolution: Virtual Miners Part 1 Virtual Mining. In that post I explained what Virtual Miners are and where o get them. In this post I would like to show how easy it is to buy and set up your miners. Virtual Miners are for sale on the Steem-Engine Internal market. Link
Next lets review Step by Step how to buy a virtual miner.
Currently these miners are available for purchase on the Steem Engine internal Token Exchange, which functions like a decentralized exchange.
This is a interesting process which I will outline to you.
Go to webpage for Steem Engine: https://steem-engine.com/
Sign into your Steem-Engine account using posting key from steemit platform using keychain of Steem connect to protect the security of your private jets.
Deposit Steem from your Steemit account using your Active private key into Steem-Engine using Keychain the browser extension or Steemconnect to protect your private.
Go to market to find a virtual miner for sale
Pal coin miners
Pal miner symbol Palm costs 33 Steem
Pal mega miner 4 times as much mining power as Psl miner and symbol is Palmm costs 99 Steem.Buy miner
Activate or Stake the miner.
Now come back in 24-48 hours to check the Rewards tab on the Steem Engine Wallet Page. Check your rewards and claim them.
Now, important concepts to remember, you are competing with other people who purchased miners and the more miners you have, the greater your chance of a reward. Do while I have two Pal miners and get rewards daily. I have 25 SCT miners and I have no rewards after 2 days. If you didn’t mine cryptocurrency before this is a foreign concept to you, so it’s important to understand that buying the miners doesn’t guarantee you a certain amount of coins per day.
Here are a few pictures of this process:
- Buying a Pal miner
- Pal mega miners show up in my Token Wallet as Palmm
- You click the closed lock to both “Stake” and “Activate” these miners, so they start mining.
- A window opens asking you if you want to Stake your Tokens. I already Staked mine, it asks me if I want to UnStake, if you do this it will say Stake.
- Then Steemconnect will open in another browser window, you have to authorize the Staking just like you authorize powering up Steem to Steempower.
Once you complete this step your virtual miners are running. It might seem a little complicated but believe me as one who built or assembled cryptocurrency miners for Zcash, this process is very simple by comparison.
- Now you check your Token Wallet 24 hours later and you should see a little red number next to a heading called Rewards. You open it and the Tokens in here are what your “miner” is mining, these are block awards.
- You click on the red number and it shows you a drop down menu with o e of the choices being rewards.
You click on that and a box opens in the same browser window which shows you your rewards.
- Hurray! Your now performing “virtual mining”
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Notes before purchase
Conclusion:
Virtual Mining is very different from traditional cryptocurrency mining, as it is as virtual as the cryptocurrency you are mining. It requires no physical miner construction, it does away with the noise, heat and electric bills. It is easy to set-up and so far they require no maintenance from the buyer.
I think these are a good alternative to physical miners and are an investment decision worthy of consideration if the project sets aside a large percentage of block awards and pays miners fixed rates regardless of miner number.
If its a block award competition dependent on mining power I would only consider it if I joined a consortium with hundreds of miners to be part of sufficient mining power to actually win block awards or Token awards.
I strongly advise you check out the White Paper for the project to see if its a fixed rate miner or a block award miner and if it's a block award miner read this reference Steemleo Guide to Understanding Mining Math Link so you understand how this investment works or you may be disappointed.
If it's a fixed rate of rewards miner, you are almost guaranteed a mining reward, but your reward size depends on the side of the daily reward pool and the number of staked miners. This information can be found on the Tribe Home page: Number of Miners, Number of Staked Miners (turned on) and size of the reward pool. Then you can calculate your predicted reward with your number of miner/total number staked miners times the mining reward pool to get a rough calculation for estimating your ROI. If you can't find it, contact the project developer or spokes person in Discord. Its your money, but I suggest a few minutes be spent learning a little more about this information because miners are expensive.
Written By Shortsegments @shortsegments
Picture Credit
All pictures are mine, except the picture of the miner, which is properly sources above to Pixabay a source of royalty free photos.
Further Reading