Is Monero Cloud Mining a good investment in 2018? This question looms into the minds of all those who are involved in mining cryptocurrency. To answer this question reasonably, some factors are to be made clear in mind first.
What is Monero?
Monero’s website claims that Monero is a private, fully secured and absolutely untraceable cryptocurrency. It is an open source cryptocurrency. Monero was created in April 2014. Monero’s complete focus is on scalability, decentralisation and privacy.
Monero has its exclusive cryptography. This Monero cryptography makes sure that all Monero transactions remain untraceable and not linkable. Monero has become increasingly desirable in the current world of cryptocurrency, where everything is becoming regularly transparent. Monero is having the objective of bringing qualitative improvement in existing world of cryptocurrency by making every sender, all recipient and transacted amount obscure. Monero has a public ledger. This ledger records all transactions. Mining is the method that creates new coins in Monero. Monero also has made its mining process egalitarian, equal for all,
Bytecoin was launched in July 2012. It was the original and pioneer real life implementation of CryptoNote. CryptoNote is the fuel that works as the application layer protocol and helps in fuelling many decentralised cryptocurrencies. CryptoNote is almost similar to the application layer of Bitcoin but differs from it in many areas.
Unfortunately, people noticed that about 80% of the coins were already published. This was the evidence of lots of shady things those were going on in spite of the high promises made by Bytecoin. To prevent this, Bytecoin blockchain was forked and the new coins in the new blockchain were renamed as Bitmonero. Bitmonero was ultimately named as Monero, which means a “coin” in Esperanto. In this new blockchain, a block is mined and added every two minutes.
A group of seven developers head the Monero. This group has five anonymous developers and only two developers have made a public appearance. These two developers are David Latapie and Ricardo Spagni. Monero project is an open source project and has been funded by public.
Monero’s special features-
- The user or the miner has complete control over all her/his transactions. Only the user is responsible for her/his money as her/his currency is only her or his. No one will be able to know where the user is spending her/his money as the identity of the user is completely kept private.
- Monero is truly a fungible cryptocurrency. This fungibility comes from its privacy. Monero has a transaction history that can never be known by anyone else. It is completely free from the concept of “clean” Monero or “tainted” Monero. So Monero is fully fungible.
- Monero has dynamic scalability. Monero is free from any pre-set size limit. A block reward is built into the system to prevent any clogging up of the system by the criminal miners using out of proportion huge blocks.
- Monero is completely Application Specific Integrated Circuit (ASIC) resistant. No one bothers manufacturing a ASIC for Monero because of its exorbitantly high cost. The hashing algorithm used in CryptoNote is called CryptoNite. CryptoNite came into existence to build a very decentralised currency system that is fair in every aspect. Cryptocurrencies having CryptoNite cannot be mined freely and this makes it more evenly distributed by preventing creation of mining pools.
- Monero has number of Keys. Monero has a public view key and private view key. The public view key generates the one-time stealth public address where the receiver’s funds are to be sent. The private view key is used to scan the block chain by the receiver to know about the funds sent to the receiver.
Monero also has a Spend key. It is also in forms of public and private spend keys. The public spend key allows the sender to participate in ring transactions as well as for verification of signature of Key image. The private spend key allows creation of Key image that enables spenders to send transactions.
Monero Cloud Mining-
Cloud mining Monero is preferable to those miners who wish to cut down on costs on their proper equipment set ups. Cloud mining is a much better option in mining Monero than mining using own hardware. Cloud mining Monero is a much profitable method to earn Monero coins.
Monero has now become one of the choicest cryptocurrencies. So, it is not advisable to mine Monero using own hardware as the price value of Monero goes up. More number of Monero miners increase the amount of mining difficulty. This makes the earning difficult. It also consumes a huge amount of time for the miner to ultimately feel easy with what she/he is earning. The Cloud Mining Monero demands only periodical renewal and upgradation of the mining contract with the Cloud service provider.
Is Monero Cloud Mining a good investment in 2018?
Monero Cloud Mining is by all means a good investment in 2018. There is no such safe, scalable, decentralised, secured and privacy sealed cryptocurrency as Monero, whose value is constantly on the rise. It is fully unlinkable and untraceable. So, Monero Cloud Mining is the future of mining cryptocurrency.