DPoS = Delegated Proof of Stake
Delegated Proof of Stake (DPoS)
The idea of Delegated Proof of Stake is that Oxycoin holders vote on a selection of 101 delegates who create new blocks in the blockchain and collect block rewards. Each round of consensus consists of 101 blocks with each delegate assigned one block forge. If a delegate is unable to forge their assigned block, the activity in that block is moved to the next block.
Because of the low number of block producers, DPoS protocol has slipped into losing its decentralization for throughput which is in a way losing the basic idea of cryptocurrencies.
FAQ
The Oxycoin block is mined every ASIC. But this block is then divided between all miners. How long does it take to mine 1 block of Oxycoin for yourself depends on your hash rate, which is basically how powerful your mining setup is. For mining Oxycoin you will get the best results with using gpu.
It is difficult to say how much does it cost to mine 1 block of Oxycoin 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 Oxycoin 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 Oxycoin 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 Oxycoin 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 Oxycoin. But make sure to check mining profitability charts, so you are not just burning money.
Mining Oxycoin 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 Oxycoin on your Android.
Unfortunately, it's not possible to mine Oxycoin on iPhone. Apple restricts it because mining caused damage to hardware. All the applications that were mining Oxycoin 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 Oxycoin 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 Oxycoin 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 Oxycoin profitability charts. They will tell you how profitable is Oxycoin mining in your location.
A Oxycoin 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 Oxycoin.
The best way to start with Oxycoin 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 Oxycoin, we recommend gpu as the best way how to mine.
