I would love to tell you that you buy specialized mining equipment, plug it in to your computer, install some drivers, run some software, and it makes it rain Bitcoin. However, this is simply not the case anymore.
The price of Bitcoin is too low, mining hardware is too expensive, the cost of electricity is usually prohibitive, and the difficulty is just too darn high. At this point mining Bitcoin is a losing venture. You’re better off investing the money straight into buying Bitcoin instead. You’ll end up getting more Bitcoin than any miner you purchase would get you through the mining process. For a longer explanation with numbers and sources, look in the Article section of my website, for the one titled, “Should I Start Mining Bitcoin?“.
Mining is simply the process of solving a very complicated math problem via brute force until someone in the network gets the “right” answer. The problem they are solving is similar in structure to “find two prime numbers that multiple to the value y”, where the only way to solve the problem is to randomly try inputs until you get the right answer.
When a node is successful, they get the right to put the next block on the blockchain and get a reward for this work (currently ~12 BTC). The rest of the network then verifies this answer and, when accepted, moves on to solving the next problem.Without getting into the details of what problem theses nodes are solving and how the network handles transactions, this is the basics of what mining entails.
People either do not know or simply ignore the fact that Bitcoin wasn’t meant to be an investment opportunity or an asset. Bitcoin as the greatest idea of the century built a new genius Blockchain technology was meant to only substitute the fiat money, get rid of corruption and regulation, raise effectiveness.People adopted it and started utilizing it as an asset saving their money in it and some even making illigal actions. But what do we know about legal? Dollars are spent for illigal stuff on a much greater scale.
So buying bitcoins and some other cryptocurrency is OK for future, looking on it from perspective of investment s conrversisl to its whole idea.
A bitcoin mining pool is a group of miners who are working together to combine their hardware.
To simplify it: let’s say you’re rolling one of those fancy Dungeons & Dragons 100 sided dice and get a prize if you land on 1. The more times you roll the dice, the better your chances are of landing on the number 1. By pooling your rolls with other people, you increase the chance of your getting a prize. Essentially bitcoin mining works in a similar way.The more computing power you can throw at mining, the bigger the chance that you’ll find the next block and get the bitcoin reward. So joining a pool means that you have a better chance of finding that next block than without the pool, since there’s more people working on the problem.
The result is that the pool discovers more blocks, and then rewards the members of the pool based on a formula of how much of the computing power they contributed.
The benefit is that you get a steady stream of a little bit of coins (as long as the pool is getting rewards) instead of mining alone and only occasionally getting a bigger reward.
I would like to introduce you all Some popular and Fastest Growing Bitcoin Mining Pool.
Hashflare is a popular website that offers SHA-256 and scrypt-based cloud mining contracts at affordable prices. It offers to buy various cloud mining contracts related to bitcoin, Litecoin and Ether but as per the website’s policy, the customers must purchase at least 10 GH/s of hash power.
Many people have invested in a India based Cloud mining firm which has been paying 10% fixed returns of my invested amount every month….without doing anything…It have recouped fantastic returns
Important Points to Notice:
1. Daily payments. 2. Extremely low latency 3. Correct Hashrate Reporting (Many pools out there don’t report correct hash rate and deduct your hard earned money) 4. Pool fees of only 0.9% 5. Transaction fees included in the miner reward6. Dedicated account manager for any queries. 7. Good Pool Luck