What Is Bitcoin Mining?
(Photo By getsolarize)
Bitcoin.
Everybody wants it. Everybody talking about it. And i'm not just talking about some crypto geeks or some financial experts. It Is everywhere: the news, the paper, you probably talked about it on Christmas dinner. And, naturally, everybody wants a piece of the action. So how can you take part of it all and starting making money?
If you are looking at Bitcoin as a short term investment then Bitcoin mining is not for you, and the best advice i can give you is to buy Bitcoin and trade it, very carefully, after learning how to do it properly on the wide verity of exchanges you can find online. Lets make that clear - Crypto trading is something that needs to be done only after proper learning time. always keep it in mind that the smallest mistake can cost you thousands and thousands of dollars.
If you are like me and many others (like John McAfee that claims that Bitcoin will hit 1M$ by 2020), and believe that the Bitcoin didn't had the final saying and will keep rocketing, keep reading, because you need to know that information.
Here is a short video that explain just how Bitcoin actually works. The credit for the video goes to BitClub Network.
(Photo By Bitcoin.com)
Mining Bitcoin is using computer power to solve a very very complicated mathematical problem. Every time a problem like that is solved a block of Bitcoin opens up for the use of who ever solved the problem. The more blocks you open up you get more Bitcoin.
Simple, right? Absolutely Not :)
Today those mathematical problems getting more and more complicated, and 1 person with the computing power of 1 person, regardless how strong the person's rig is, just doesn't stand a chance to solve the problem and open the Bitcoin block.
So a bunch of smart people set together and said lets combine our computing power, that will solve that mathematical problem faster - there for they will get more Bitcoin. That was the birth of the Mining Pools. In today's world the only way to mine significant amount of bitcoin is through the mining pools.
Mining bitcoin in today's world means that you need to have very expensive computing equipment, and even if you will have mining rig at home, the electricity bill will probably bring you down before you will make any profit. The mining pools combine the computing power of thousands of people from around the world, making the mining of Bitcoin less complicated then before, more accessible to people which are not computer freaks or early birds crypto geeks that mining bitcoin for the past 5 or 6 years.
Here is a short video that explain just how mining Bitcoin actually happens. The credit for the video, again, goes to BitClub Network.
So by that point i'm sure everybody understood that mining pools are the future of Bitcoin mining, but how to chose the right one for you? The one that will bring you the most profit, and if possible not damage the earth with high electricity usage?
Bitclub Network main operation is located in Iceland. why is that important? First of all, Iceland use 100% of their electricity from renewable sources, that means much lower payment for electricity. also, since we are talking about Iceland here, it is very easy to cool the rig down, which helps the functionality of the rig itself . all of this means more profit for the miners. You can actually (upon registration) go visit the mining facility in Iceland yourself if you want. Untill Then, Here is a video from the mining facility in Iceland, and another one that shows the rig in action. all the videos was made by the BitClub Network and not me.
Another thing which is very important to the Bitclub people is transparency. on their website you can actually follow the mining progress, read about every block the got solved and open, and keep track so you will know at every given moment what is going on.
BitClub Network working for just over 3 years now. During this time is managed to beat most of the already operating mining pools, and today it is already ranked as the 9th biggest mining pool, with only 0.4% difference bitween the 9th and the 6th one. All of that only in 3 years, just take a moment to thing about the potential passive income that will come as the Bitcoin set to rise over the coming years.
And for new Bitclubers, here is an excellent tutorial and breakdown report for BitClub Network that was made by The You-tuber and blogger sunny decree.
Got your Interest yet? want to know more and sign up? Check Out the link below or live me your comment.
