PoS = Proof of Stake
Proof-of-Stake (PoS)
The proof-of-stake system used on CloakCoin, works on a principle of validators of a block being chosen randomly. The validators can higher their chances by having the largest stake in each validation. The higher the money deposit in the block (or stake), the higher the chance of validating the block and later on receiving the transaction fees.
This particular system is more considerate to the environment as it doesn’t require large amounts of energy and hardware.
FAQ
The CloakCoin block is mined every ASIC. But this block is then divided between all miners. How long does it take to mine 1 block of CloakCoin for yourself depends on your hash rate, which is basically how powerful your mining setup is. For mining CloakCoin you will get the best results with using gpu.
It is difficult to say how much does it cost to mine 1 block of CloakCoin because it depends on the price of your electricity. But in general, if you want to be profitable, you have to invest in specialized mining setups called ASIC. They are created for mining cryptocurrencies, and because of that, they have perfect parameters for this job together with high efficiency.
Although it is entirely possible to mine CloakCoin on your computer, you should consider investing in the ASIC mining setup if you are serious about cryptocurrency mining. Actually, the best way how to mine CloakCoin is the gpu. Anyway, if you really want to go with the computer way, try to join some miner pool.
In the beginning, you can try mining CloakCoin at home with your computer. Once you get more experienced in mining, you can invest in gpu. That is the best way how to mine CloakCoin. But make sure to check mining profitability charts, so you are not just burning money.
Mining CloakCoin on Android is straightforward. All you need to do is install an application called MinerGate. After you have installed it from Google Play Store, create an account, and you are ready to mine CloakCoin on your Android.
Unfortunately, it's not possible to mine CloakCoin on iPhone. Apple restricts it because mining caused damage to hardware. All the applications that were mining CloakCoin drained battery generated excessive heat, or put unnecessary strain on device resources, what is the reason it's now forbidden.
If you want to be a serious CloakCoin miner, the first step you should do is join a miner pool. They will help you with your setup and guide you in the beginnings. Then it would be best if you bought, of course, some gpu to get as much value as possible.
It's complicated to say how profitable is CloakCoin mining because it varies person from person. It depends on many variables like the cost of electricity, cost of a mining setup, taxes, etc. The best way you can do is to check the CloakCoin profitability charts. They will tell you how profitable is CloakCoin mining in your location.
A CloakCoin miner is just a computer. The main criterium you should look for is efficiency compared to electricity cost. Anyway, it's usually better to buy specialized, professional miners called ASIC. Or you can use gpu, which is the best way how to mine CloakCoin.
The best way to start with CloakCoin is to start from the beginning - that means mining. This way, you get your hands dirty and get some super relevant experience with this cryptocurrency. For mining CloakCoin, we recommend gpu as the best way how to mine.
