How does mining Stellar (XLM)
The mining of Stellar is one of the features worth mentioning, as it completely brought the decentralization of mining to the masses, while the mining industry was devolved to a few handfuls of members, which led to its centralization due to higher mining expenses.
Before deciding to mine Stellar, it is advisable to consider whether to join a Stellar mining pool or do it alone.
In a mining pool, a group of miners usually get together and combine the power of their hardware. Since the competition in mining is very tough, this gives them a better chance to verify transactions.
For beginners, solo mining is not recommended. It usually does not produce rewards unless you invest large amounts of money in mining equipment.
In a mining pool, the reward received is divided among all miners involved. For example, if each miner contributes 5% total hash power, each will receive 5% of the total rewards earned by the Stellar mining pool.
Mining Stellar (XLM) with Kryptex
Cloud mining is a very simple way to mine cryptocurrencies without buying and managing special equipment. It is the process of creating new digital coins using a vendor's remote data centers with shared processing power. Cloud mining since it is provided as a service, it usually involves costs and fees.
In other words, cloud mining involves mining Stellar by renting mining equipment from a third-party cloud provider that is fully responsible for maintaining the equipment and paying the service/electricity bills. That's what the company Kryptex offers.
1) GPU Mining (Graphics Card)
GPU mining involves using the graphics processing unit of a gaming computer to solve complex mathematical problems to verify electronic transactions in Stellar. In terms of its hashing speed and overall manpower, the Kryptex platform is the best in its field.
While there are many graphics cards on the markets, the cards adopted for crypto mining are those specifically designed for gaming, not video rendering. Shares of companies that make GPUs, such as NVIDIA and AMD, have skyrocketed as miners seek to earn cryptos with their computing power.
2) Cloud Mining (More interesting)
Kryptex also offers cloud mining, which is simply digital mining farms – data centers dedicated to mining – that sell or rent machines to cryptocurrency miners, most proficient at mining Stellar (XLM) being just that Kryptex. The essence of the service is that a third party hosts the mining equipment and provides access to the rewards associated with that equipment.
Cloud mining is no different from local mining. The only difference is in the facilities. In the case of local mining, you need to buy very powerful computers and the best software. In addition, you will also need coolers and air conditioners to keep the facility cool. All this will require a huge amount of money, and you will also have to pay the electricity bills. Because all this will consume a lot of energy.
However, in cloud mining, you can get everything from someone else. All you have to do is pay them to use their facilities and mine as many coins as you can. That's exactly what the Kryptex site offers.
Graph & Price of XLM
Why mine Stellar with Kryptex?
Kryptex is a Windows application that pays you for the computing power of your PC. It mines cryptocurrencies and pays you in Stellar or real money, dollars, or another currency. All you have to do is install the software on your computer and let it run in the background. Your winnings will depend on the power of the processor and the graphics card.
After the first launch, Kryptex will evaluate your hardware to determine if it is suitable for mining or not.
You can withdraw Stellar directly with the lowest possible fees. Or simply withdraw dollars directly to any bank card in the world.
How does Stellar mining work?
Mining of Stellar is the process by which new blocks of Stellar are added to the blockchain. Mining Stellar is a costly and energy-intensive process due to the proof-of-work requirement of the Stellar and the difficulty adjustment. As more miners join the network and the mining technology becomes more efficient, the work required to mine a block increases, ensuring that blocks are produced every ten minutes on average.
To compensate miners for the high costs of mining, miners receive new Stellar each time they produce a block. In addition, miners receive the sum of all transaction fees in the block they mined. This is how miners generate revenue and pay their energy and equipment costs.
The miners in Stellar are only rewarded when they find a block. The proof-of-work mechanism of Stellar is based on the SHA-256 hash function and is random. Because of this, miners can mine for long periods of time with no guarantee of finding a block or getting close to it. This makes it impossible for individual miners to predict when they will find a new block and generate revenue. That's why it's very attractive to move towards cloud mining.
Why use Cloud Mining to mine Stellar?
The process of creating Stellar or any other cryptocurrency is mining. And if you are not able to afford the whole system by yourself, you will work on rented systems. Thus, using rented computing power, hardware and software to mine a cryptocurrency is called cloud mining.
In addition, just as we rent apartments through real estate agents, there is cloud mining. They offer all their services for you to mine cryptocurrencies. All you have to do is create an account, and you can work remotely, no need to travel. In addition, you also have to pay the rent.
Thanks to these companies, cryptocurrency mining has become accessible to a huge number of people. Therefore, if you are smart enough and want to mine coins, you don't need to worry about equipment. You can pay rent and use someone else's equipment.