CryptoMining Go

CryptoMining Go is a crypto currencies miner monitoring app. We offer different mining solutions for your best crypto mining experience. We provide Tutorials for an easy setup of a Bitcoin or Litecoin miner on a free server. You can also use your Windows PC or the Android app provided on our website for mining. This app is the entry point to our services and gives you access to all of them, but this app is not a miner. We do not provide Cloud Mining packages or in app purchases, so there are no hidden costs! The CryptoMining Go app is required to get access to our services.

Bitcoin and Litecoin are cryptographic currencies. The most important part of such a currency system is the so called Blockchain. The Blockchain is the bookkeeping of the system. This bookkeeping is, as the name implies, structured in blocks. Each block contains the transactions for a few minutes. Everyone can download the Blockchain and take a look on it to verify the transactions himself. This makes the system very secure and decentralized. There is no central authority in the system.

The goal of a crypto currency miners is to collect transactions from users, put them in a block and append this block to the Blockchain. The miner who finds a block is rewarded with a few crypto currency tokens by the system. Blocks have to fulfill certain criteria to be valid. Only if the block is valid it is accepted by other users and thus added to the Blockchain. For each block a so called hash value can be calculated. This can be thought of as a checksum which drastically changes even if only a single bit in the block is modified. The main criteria for a block being considered valid is that this checksum is smaller than a predefined value. Each block contains a small field which miners are allowed to choose any value for. This field is called the nonce.

Mining is the process of finding a value for the nonce such that the checksum is smaller than the predefined value and thus the block is valid. As the function that calculates the checksum is deterministic, but very unpredictable, the best strategy for miners is to guess random values for the nonce, calculate the checksum and check if this sum is considered valid. This is a compute power intensive process. It is obvious that the more compute power you have available, the better are your chances of finding a valid nonce within a certain time. This means that the more compute power you have, the better are your chances of committing the next block to the blockchain. So the more compute power you have, the better are your chances in the "Lottery" of crypto currency mining.

To further increase chances in this "Lottery", mining is typically done in a mining pool where miners share their resources and revenue. This app provides you the opportunity to use our pool for mining. To proof to the pool that you have done some work the miner commits so called shares to the pool. The pool checks if a share is valid and if so, it acknowledges the receivement of a valid share.

The chance of mining a block is on average 2 to the power of 32 times the current difficulty (can be found on the web) divided by your hashing power in hashes per second multiplied with the block time, measured in seconds. In particular: 2^32 * difficulty / (hashrate * blocktime)