Mining seems a strange term, but this is easily explained. When Satoshi Nakamoto first created Bitcoin he modeled it on the concept of gold. The job of mining is to provide a dedicated network that supports Bitcoin. Transactions are processed through mining and a small fee is charged. Miners also form ‘pools’ with other miners to work out complicated maths equations for reward Bitcoin. The act of mining this way increases the supply of Bitcoin, but once the 21 million cap is reached no more Bitcoin will be made available.
Mining is done using a mining rig made from computer parts. Dedicated machines have also been built specifically for this purpose. One of the largest pools is the Antpool comprising of 12.4% of all Bitcoins mined today. One of the best known miners are put out by Bitmain is the antminer S9.
If mining is not your thing, but you would still like to dip your toe in the water, there is another option available. Cloud mining. This is mining without all the fuss. Put simply you hire the machinery and other people to mine for you. One of the great advantages of this approach is you don’t have to have the know how with setting up the miners. You also don’t have the noise factor that these machines are capable of generating. If you decide you want to increase the size of your operation you can do so without all the problems that may make. The down sides are, you get pay through your earnings to have some else run your operation for you and you need to find trusted companies. I have used Genisis Mining and Hashflare, these companies have proven to be reliable. Cloud mining encounters issues from time to time, but the main thing is you can trust the company you are working with. regular payouts are the norm here, often daily.
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