The concept of digital currency, especially Bitcoin is on the rise. It’s usage is entering every possible industry we can think off.
Let’s quickly take you through the process of Bitcoin mining. It’s a process of adding transaction records to Bitcoin’s public ledger of past transactions. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function.
The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a “subsidy” of newly created coins. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system.
Bitcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground. Courtesy: Wikipedia
Cloud Bitmine is a company making the process of mining simple and easier.
Cloud technology is used to mine bit coins. The process is hassle free where no cost are involved and making the process of mining most profitable.
The company is also developing a network of official Bitcoins Organization/ Foundation along with an App for Facebook and Twitter users to educate bitcoin usage. An in-house datacenter support is also on the cards.
Investors may check this out as they are seeking funding.
Team eXi wishes them success in their journey.
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