From Mining To Data Mining

Few years ago, installing some software on your computer and earning some tokens or coins with it was called Cryoto Mining. Some few years later, mining competition increased, mining machines were invented and were used to mine. This made it more complicated to mine, but this didn’t stop people from mining. I remember when I wanted to mine Bitcoin or Ethereum and I saw how much the mining machines cost and the cost of maintenance I had to kill the idea. This is obviously because of the cost and the profit you gain from it is not worth it. The proof of work mechanism has a huge role to also play, because of the mechanism, sophisticated computers are needed for that. With these stress, people would rather opt for proof of stake tokens, buy them and stake them.

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Few years later, we started noticing that some crypto blockchain projects started coming up with ways we could mine coins and token with our phones. I remember mining Electroneum with my phone and it was so easy. I sent it to my exchange wallet and it went through, I sold it and I was amazed at how I was able to mine with my phone. Over time it’s becoming a norm to mine with your phone and computer so easily, and you just have to take your time to appreciate it. But the difference is, the ones you can easily mine with your phone and computer are highly centralized, the reward distribution is centralized.

Sometimes you get rewarded based on your referrals and that can be very disappointing if you are someone that doesn’t have a lot of social media influence where you can easily promote your referral link, well, you will be working for peanut. Most of these mining platforms we can easily do on our phones and laptops and probably mining our data.