Mining is the process of spending computing power to process transactions, secure the network, and keeps everyone in the system synchronized together. It can be perceived like the Bitcoin data center except that it has been designed to be fully decentralized with miners operating in all countries and no individual having control over the network.
This process is referred to as “mining” as an analogy to gold mining because it is also a temporary mechanism used to issue new bitcoins. Unlike gold mining, however, Bitcoin mining provides a reward in exchange for useful services required to operate a secure payment network. Mining will still be required after the last bitcoin is issued.
Anybody can become a Bitcoin miner by running Bitcoin mining software and Bitcoin mining modules with specialized Bitcoin mining hardware. Mining software listens for transaction broadcasts through the peer-to-peer network and performs appropriate tasks to process and confirm these transactions. Bitcoin miners perform this work because they can earn transaction fees paid by users for faster transaction processing, and newly created bitcoins issued into existence according to a fixed formula.
For new transactions to be confirmed, they need to be included in a block along with a mathematical proof of work. Such proofs are very hard to generate because there is no way to create them other than by trying billions of calculations per second. This requires miners to perform these calculations before their blocks are accepted by the network and before they are rewarded. As more people start to mine, the difficulty of finding valid blocks is automatically increased by the network to ensure that the average time to find a block remains equal to 10 minutes. As a result, mining is a very competitive business where no individual miner can control what is included in the block chain.
GPU=Graphics Processing Unit
It refers to mining with your video card. The processor on the video card (the GPU) can be used to calculate the hashing algorithm of the various types of cryptocurriencies. For most types of cryptocurrency a GPU is better than a CPU for this purpose.
In the early days of cryptocurrency, anyone could find a new block using their computer’s CPU or GPU. As more and more people started mining, the difficulty of finding new blocks increased greatly to the point where the only cost-effective method of mining today is using specialized hardware. This is where our comprehensive machines come into play. We build our units on a plug and play basis leaving the headache out of the way.
An Application-Specific Integrated Circuit is a special chip designed specifically for mining Bitcoin and is much more energy-efficient and faster than GPU or FPGA mining.
IS BITCOIN ANONYMOUS?
Bitcoin transactions are not tied to any personal information which allows users to protect their privacy. However, since all Bitcoin transactions are public knowledge and permanently on the blockchain, other users can see the activity associated to a particular wallet address—hence not being 100% anonymous. It is highly recommended to only use Bitcoin addresses once to avoid your identity being revealed either through a specific purchase or other means.
Use the following options to get Bitcoins:
Online Exchanges and Wallets – New to Bitcoin? There’s a variety of exchanges and wallets that you can find, depending on your needs. Many exchanges and wallets will store amounts of digital and/or fiat currency for you – a lot like a regular bank account.
LocalBitcoins.com – You can search for individuals selling Bitcoin in your area. It’s easy. Simply enter the amount you wish to acquire, send the trade request and send your payment to the seller.
Face to Face – You also have the option of getting bitcoins in person. If you want anonymity or don’t want to deal with banks, simply acquire Bitcoin via a face-to-face transaction with a local seller.
Selling Goods in Exchange for Bitcoin – Similar to barter trade, you can actually exchange goods that you own for Bitcoin. It’s another quick and convenient way of getting more of the digital currency.
Bitcoin ATM – you can withdraw or deposit bitcoins using Bitcoin ATM machines near you.
Mining – You can also be awarded bitcoins as a miner – once you’ve verified transactions and they’ve been added to the public ledger, also known as the blockchain, you’ll be given bitcoins for your service.
As for paying for your bitcoins, you can use anything from hard cash, credit and debit cards to wire transfers, or even other cryptocurrencies.
Absolutely! Every step of the way. We’ll even go on step further and help you with your business plan, projections and advised strategy dependent on your personal circumstances.
Of course we can ,every step of the way.Check our farm builds page for more info
Our clients around the world seem to think so. But don’t take our word for it, you can always check our reviews in our home page. Our staff is always available to contact via email/telephone.
Our office is open Monday to Friday 9am to 5pm. Sadly we do not offer a walk-in service but we can always schedule a meeting for you. Just contact our customer service and we’ll make sure to see you as soon as possible.
Due to the nature of our equipment at this stage returns are not possible. A 6 months warranty and phone support is always offered.
If your equipment has gone faulty our damaged, you can always send it back to us and we’ll make sure you’re up and running as quick as possible. We tend to offer a 14 day turn around to all of our customers.
Due to the high demand our company has seen through 2017, maintenance packages are only offered to large enterprises at this time. As previously mentioned all merchandise or builds come with a 6 months warranty and phone support.