Bitero platform (reviewed here) decided to explain to all the clients and potential investors what Bitcoin Mining is and what is the role of the Bitero in this process. In my opinion, most of this news article is of educational and enlightening nature for those who may not yet be completely familiar with the mining process. If there are many such investors currently? – that is the good question..
Click this LINK to watch Introduction and other Videos!
Hopefully many of you will find it useful anyway, so let’s get down to it:
Not only is Bitcoin Mining one of the avenues through which Bitero generates profits for its customers, it also plays a crucial part in the Bitcoin system. This process ensures that transactions are securely recorded on the blockchain and enables new currency to be released. But how exactly does it work?
PART OF THE BLOCKCHAIN
Before we can jump into the subject, we should explain how cryptocurrencies like Bitcoin work. A Bitcoin miner has an important role in cryptocurrency ecosystem, and without understanding that system, explaining mining would be mute. We have already done this in this article (https://bitero.io/news/14), but here is a short explanation.
The details of every transaction made in a given cryptocurrency are recorded onto the blockchain, a digital ledger in which every part (each “block”) takes a unique place in the whole system (the “chain”). It’s unique because every block, before it is added to the rest of the chain, needs to be given a singular cryptographic “hash”, or code, that verifies it and assures its correct place. This makes the blockchain incredibly secure, but the hash is incredibly difficult to produce – and it is done through the process known as Bitcoin mining.
Bitcoin mining is producing or finding the “hash” that verifies a block and enables it to be added to the blockchain. This is quite complicated since the hash – a 64-digit code in which each digit can be any one of 16 different characters – is usually described as the solution to a complex computational math problem. Solving an equation with as many possible solutions as this is a arduous process. Currently the odds of finding the right hash are around one in 14 trillion.
And so, given that there is a reward – i.e. Bitcoin – for finding the hash first, and because you are competing with about a million different miners, bitcoin Mining requires hardware that can produce these hashes as quickly as possible. Buying this equipment in turn involves a considerable investment, and formidable upkeep costs as well.
LARGE SCALE MINING
This is where companies like Bitero that can gather large funds and invest them into state of the art crypto mining sites come in play. Due to having greater amount of assets, these companies can invest into mining equipment at a greater scale. This proportionally decreases the fixed cost of a single miners activity. As a result, the cost of mining individual blocks is much lower and that processing costs are shared among a group of people.
Bitero is perfectly suited for Bitcoin mining. By merging our investors’ funds, we are able to buy into large Bitcoin mining pools with high hash rates. That way we can grant our customers access to this low risk investment method and strengthen our investment portfolio as a whole, as well as help the Bitcoin industry.
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