LEOcoin mining launched

LEOcoin mining launched

After LEOcoin opened their own exchange called LEOxChange in Hong Kong a few months ago, the digital currency have now launched readymade bespoke mining rigs.

Bitcoin mining rigs are in operation at present and Coindesk explain how it is a miner’s job to ensure that all transactions are reported correctly, as it is occasionally difficult to keep track. By confirming the transactions, they are written into a general ledger which is a long list of blocks, called a blockchain. The blockchain can be used to check any transaction made between bitcoin addresses as a constantly updated copy of new blocks, or transactions, is sent to every participant.

Using this puzzle solving style technology, cryptocurrency mining rigs add transactions to blockchain and release new coins. The first participant who solves the puzzle gets to place the next block in the block chain and claim the rewards.

LEOcoin founder Dan Andersson says that the new mining rigs offer a more customised and secure form of digital payment. “Our new mining rigs offer a menu of services to suit the user and help them, however they want to engage. People will now be able to own their own mining processor, or lease them from LEO and leave the mining and maintenance to us. This way anyone, regardless of their technical experience, can get mining,” Andersson said.

Andersson also says that LEOcoin is the digital coin for all users. “LEOcoin has never been about launching another specialist digital coin as a reserve of the technically minded, nor is about just the existing LEO members; LEOcoin, to be successful, needs to appeal to the amateur as well as those familiar with the technology,” Andersson explains.

LEOcoin also mention that other cryptocurrencies have barriers that prevent users that are not as technologically savvy from mining. However, the rigs that LEOcoin have established can be used by all.