The word Cryptocurrencies is starting to be heard of more and more as of late. There are thousands of them out on the market today with new ones popping up every day. The Biggest and first of them to enter the internet is Bitcoin. The biggest questions that most people that have heard of Bitcoin ask is “Where do they come from”? And then when they hear they are mined comes the next biggest question. “Bitcoin mining what is it” we will explain it here.
very unlike traditional money which is printed or minted by the government. The only way Cryptocurrencies but let us stick to Bitcoin here are made is by mining. It can be a little confusion at first. But we will try to explain the question of Bitcoin mining what is it as simple as we can.
Bitcoin Mining What Is It?
As mentioned above Bitcoins are mined by Bitcoin miners. Bitcoin miners are participants in the Bitcoin Blockchain (GO HERE to learn about Blockchains) They chronologically order Bitcoin transactions by including them into the Bitcoin Blockchain. This eliminates the possibility of double spending Bitcoin in this decentralized system.
But in order to chronologically order a Bitcoin transaction into the Bitcoin Blockchain. A Bitcoin miner must find on first. This is a hit or miss process because of only about once every ten minutes. A miner will succeed in finding one. And thus add a new block to the Blockchain. By solving a complex algorithm. For each attempt to try and find a new block, which is basically like a random guess for a lucky number, a miner has to spend a tiny amount of energy. Most of the attempts fail and a miner will have wasted that energy.
This means that any time a miner finds a valid block, it has statistically burned much more energy for all the failed attempts. This proof of work is the heart of Bitcoin success. That basically answers the question Bitcoin mining what is it?
Proof of Work.
This proof of work prevents miners from just creating Bitcoins out of thin air. They must burn real energy to earn one. This help prevents fraud from happening. The proof of work also solidifies the Bitcoin history. Making it impervious to hacking attacks. If an attacker tried to change a transaction that occurred in the past. They would have to redo all of the previous work done since to catch up. And establish the longest chain. Since this is practically impossible and is why miners are said to secure the Bitcoin network.
In exchange for securing the network, and as a reward that serves as an incentive for burning energy. By using your computer to solve complex algorithms in order to create and validate blocks. And with each new block including a special transaction. Because it is this transaction that awards the miner with new Bitcoins, which is how Bitcoins first came into circulation. When Bitcoins first came about, each new block awarded the miner with 50 Bitcoins. Every 4 years this amount halves itself. Each new block currently includes 12.5 new Bitcoins. Additionally, miners get to keep any mining fees that were attached to the transactions they included in their blocks.
Bitcoin Mining What Is It And Who can start Bitcoin mining?
Anyone can become a Bitcoin miner now you know the answer to Bitcoin mining what is it?. As long as they have a device that they can use for the mining process. However, Bitcoin mining has become increasingly specialized over the years. These days the mining is done by dedicated professionals with very specialized hardware. Cheap electricity and big data centers. Nothing a novice with one or a few laptops can compete with.
If you want to mine competitively today you better know what you’re doing and be ready and willing to invest large amounts of revenue and time. And having access to cheap electricity. With all these in place, you can mine competitively.
However, don’t let any of that scare you because we have a solution for you.
Let me explain this program to you. And show you why I believe it’s worth taking a chance of Bitcoin Prices skyrocketing over the next few years. And why you should be mining your own Bitcoin for your future. Being able to mine yours with just a laptop or two or with any of your android devices.
The Smart Miner Program
Simply go to the Computta website with the link above. And sign up for free and download the smart miner program to start mining your own Bitcoins. This will only take you minutes to do. And you will be instantly mining Bitcoins. The program will work on any PC or Android device. And you can have up to 5 devices linked to your account (this will really bump up your Bitcoin Mining, 5X the mining). It is 100% free to join and safe to run on your devices.
Once you have downloaded the smart miner program and start running the software you will have an option to “Run Benchmark”. To run it only takes a few minutes and it will analyze your PC/Device for performance. This will show you an expected Day/Month/Yearly earnings, which is based on the current Bitcoin value.
Then Click on Start Earning and its that simple you are now mining Bitcoins. And as a thank, you for joining they will start you out with 1mBTC( one-thousandth of a bitcoin)
Sorry MAC users the program will not work for you. But with what I will show you below. You will see it is still worth joining and sharing. As you will get Bitcoins from others you enroll and are mining.
You Might have to make an exception with your Firewall or Antivirus to allow the Smart Miner Program run.
You will get a panel in which you can control the speed at which you mine. This gives you options from No Mining up to 100% or full throttle. If you have a dedicated device or devices in which you will be mining on. Then 100% or Full Throttle is your best bet on those. Or you will see in that panel 90% if your computer becomes irresponsive.
I mine on the computer that I work on so I leave mine at the Smart Miner setting. With this option when your computer goes Idel it automatically bumps up the mining for you. Which is great when you have to leave for a bit. Or when you are done for the day (I have my computer on 24/7 for just that reason). You don’t have to worry about changing any of the settings.
Your Referral Link.
Once you have joined and are mining you will get a referral link to share. This is where you can really kick up the number of Bitcoins you can get. As you will get compensated 5 referral levels deep.
Let me break that down for you. Anybody that you personally get to join. You will get a matching 10% of what they mine (Tier 1). Then, anybody, they bring in (tier 2) you will get 5%. Anybody, they bring in (tier 3) you will get 5%. Anybody, they bring in (tier 4) you will get 3%. Then finally, anybody, they bring in (tier 5) you get 2%.
So you can see why sharing your link is the way to go for really getting this going for you. And since it cost you nothing to join why not start and keep mining for as long as you can.
And if Bitcoin goes up in price as much as many people think it will. You could have a pretty penny when all the mining is said and done. Ans since there is a cap on the amount of Bitcoin that can be mined. There will be a time it is done. So Bitcoin mining what is it? A chance for you to make your own.
Here is what Bill Gates has to say about Bitcoin.
GO HERE AND START MINING BITCOINS!!!
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Response Magic