One of the most fascinating things about EOT and cryptocurrency is the concept of mining.
When most people think of mining, we envisage men in hard hats going underground and digging up gold. EOT mining is a bit different but it does involve work. In this case the work involved is solving a complicated algorithm or mathematical puzzle.
Let’s take one step back. When an EOT transaction is initiated, this transaction needs to be confirmed as true and then needs to be added to the EOT blockchain. Miners provide this function by mining [solving the puzzle] for the next block. Once the puzzle is solved, the next block is added to the blockchain and the transactions written in that block is confirmed. The miner is paid a miner’s reward for the work done.
How many EOT’s can be mined?
EOT has a limited supply and only 200 Million EOT will ever exist. This makes EOT a deflationary currency as supply is fixed and can never increase.
How much is the miners reward?
As explained before, miners are rewarded for every new block mined. Currently, this reward is at 100 EOT and a new block is mined every 90 seconds.
This reward is halved approximately every 17 months and the next halving is in September 2018, when the mining reward will drop to 50 EOT per block.
Who can mine EOT?
Anyone with the right equipment and an internet connection can mine EOT and it is very easy to start.
To get more information on EOT mining click here: – EOT Mining
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