London, United Kingdom, Oct. 11, 2022 (GLOBE NEWSWIRE) — QIE mining pools are now available on the QI blockchain, a decentralized POW (Proof of work) blockchain. This move will allow users to mine the QI blockchain’s native cryptocurrency called QIE in a similar way one could mine Bitcoin in 2011 to verify transactions on the network. Mining has always been a rewarding operation and several miners have reportedly earned billions of dollars in the early days of crypto mining. However, lately the rewards have been reduced significantly for most coins. Bitcoin, for example, halves the reward for mining blocks every four years. So while miners earned 50 BTC in 2012, the rewards have reduced to 6.25 in 2022 and will further drop to 3.125 in 2024. That is a significant drop in revenue, and since the prices of mining rigs, maintenance and power have gone up, mining of Bitcoin is not as appealing or profitable as it used to be. But all hope is not lost yet! There are other blockchains that offer lucrative rewards, and QI Blockchain seems to be the preferred option among miners.
QI Blockchain gives 2 QIE, the original coins, to miners for every block mined. And the computational power required to mine on the QI blockchain is significantly lower compared to Bitcoin. As a result, users do not necessarily need to set up large and noisy mining rigs or invest in extensive hardware or software to mine blocks, thus reducing the initial investment and encouraging maximum participation. This difficulty of the QI Blockchain will also increase, and according to the Genesis file, the mining reward per block will go as low as 0.02 QIE over time.
QI Blockchain follows the Proof of Work (PoW) consensus mechanism, a method where individual users solve complex mathematical equations to mine cryptocurrency using power-hungry devices. Many of the latest blockchains rely on Proof of Stake (PoS), another consensus mechanism where community participation is important and helps the blockchain thrive. Moreover, Ethereum recently switched to PoS due to several factors, which again led to discussions about the merits of the two.
While PoS is undoubtedly faster and can process a more significant number of transactions in a given time compared to PoW, there are a few critical drawbacks that cannot be ignored. Proof of Stake is neither as secure as PoW nor completely decentralized because the power is in the hands of those who own the majority of tokens. This brings us to the other major disadvantage of PoS. If a situation arises when an individual user or a group of like-minded people acquires a majority of the coins, they can validate wrong transactions or even control the price of the coin. Although there are more checks and security protocols in place to counter such a situation, it still makes Proof of Stake a far less reliable consensus mechanism and probably the most likely reason for the over 20% drop in Ethereum’s price.
About the QI blockchain
QI Blockchain intends to transform the space for good, offering solutions to all known problems and those identified to play a role in the future. Although it follows the same consensus mechanism as Bitcoin, it is capable of handling 300 times more transactions per second and can process almost 2000 transactions per second. QI blockchain also uses smart contracts to simplify the execution of operations and eliminates the need for intermediaries. Smart contract functionality really makes QI Blockchain powerful as it is a way to send and verify information without any third parties. The goal of a smart contract is to facilitate business and commerce between both anonymous and identified parties, sometimes without the need for an intermediary. A smart contract scales down the formality and costs associated with traditional methods, without compromising authenticity and credibility. Examples of smart contract applications include financial purposes such as trading, investing, lending and borrowing. They can be used for applications in gaming, healthcare and real estate; and they can even be used to configure entire enterprise structures.
Also, the transaction fee, sometimes referred to as the gas fee, has been kept low. It will allow more projects to be developed on the QI blockchain, with users not having to spend a large portion of their holdings as gas fees. Since no ICO events were held, the QI Blockchain is completely decentralized and fair for everyone in the world to mine and maintain consensus.
The QI blockchain has already found application in several domains and is expanding its reach with each passing day. Financial projects take advantage of the security aspect of the blockchain and process transactions safely and seamlessly. Another domain that has benefited from the QI blockchain is Identity Management, which allows users to store their data securely, access it at will and enjoy full control. Supply Chain Management projects can also be developed on the blockchain. It will allow developers to monitor each step of the operation, derive critical inputs and make the necessary changes to the process to increase efficiency. QI blockchain can also be used to set up secure and transparent voting systems to conduct free and fair elections, whether on a small or large scale.
In addition, the community behind the QI blockchain is working on several other sub-projects, including the HovR NFT Marketplace, Pawsome 3D NFT Metaverse P2E Game, QIDEX (a decentralized exchange with a simple QI-20 standard token launch) and VortX Low Cost Banking Solution that all use the QI Blockchain as basis.
Apart from these aspects, the QIE coin is a proof of the advanced nature of the blockchain. The Tokenomics, the use of the coin and the security protocols behind it have been put in place after a thorough analysis of the space and identification of what works best. The total supply of QIE is limited to 150 million and it is expected to take around 100 years for all coins to be mined. QIE is currently traded on XT.com, Digifinex, P2B.com and Bitmart.com. More exchanges are expected to be added to the list in the coming months.
Early miners on the QI blockchain have a chance to earn high rewards, certainly higher than those who join late or are still focused on other non-profitable blockchains. It’s the perfect time to switch. So start mining on the QI blockchain today!
To mine the QI blockchain or view real-time statistics, visit: or
To find out more about the QI blockchain, visit the official website:
Also, follow QI blockchain on all social media handles to stay updated with the latest developments.
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Disclaimer: There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or other product or service in this article. This is not investment advice. Please do your own research.
Media contact:
Contact person: QIE Marketing Team
Company: QIE Blockchain
Email: [email protected]
Location: London, England
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