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Cloud Mining and BitCoins Explained
By: Peter Drew
In simple terms, bitcoin mining is converting electricity into computing power to run the decentralized blockchain of computers. These computers solve equations that are the fundamentals of what the blockchain technology is. It's a proof of work system designed to be unhackable, decentralized. Each transaction is verified by Bitcoin Nodes, computers that host the entire records of each transaction that occur in the blockchain network. Additionally, the bitcoin mining computers process each of the financial transactions that happen around the globe.
Cloud mining is the entry point for most people who do not have the technical ability to create their own mining computers, though allows them to become a part of the community and help the Bitcoin network grow, with little time investment of their own.
People who do have the technical ability to create their own bitcoin mining computers also invest in cloud mining due to its ease of entry and to part of a larger "Pool" of computers that find new "blocks" faster (More profit.) Plus tech savvy people use cloud mining as a diversification strategy, to ensure against how long their own equipment will be profitable over time.
Learn more here: http://goo.gl/
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Page Updated Last on: Aug 03, 2018