Bitcoin, a world of virtual miners: how they came about and what mining is

Bitcoin, a world of virtual miners: how they came about and what mining is

Dailybloid Rating

3 5 1 1000
Readers Vote

Original Title:

  • SHARE ON
  • icon
  • icon
  • icon
  • icon
  • icon
  • icon
Daily
Bitcoin, a world of virtual miners: how they came about and what mining is
12-12-2021 06:45

Bitcoin is a cryptocurrency marked with the symbol B that is called a store of value and is continuously traded on the market. But it does not have a central control body or a stock exchange listing. It is based rather on the existence of a network of nodes, or a network of advanced or powerful computers that manage the network, while the exchanges are regulated mediate the use of stringent cryptography that allows validating transactions.   Bitcoin is a virtual currency precisely, which stands as an alternative to the system characterized and catalyzed by the classical banking and financial world. However, the cryptocurrencies in general, of which Bitcoin is also a part, have been recognized by the European Parliament as long as they are supported by stringent systems of control, to avoid, for example, money laundering phenomena (for example, on Btclivetrade.org it is possible to easily invest in Bitcoin and monitor the results, obtaining double the amount invested).

Bitcoin is easy to use, with low trading costs. But also highly volatile: it has had a steady and important growth in recent months, but on Saturday, December 4, 2021, it reported a decline due to market uncertainties and the effects of the Covid-19 Omicron variant on exchanges. 

The importance of miners in the Bitcoin race.

 

Currently, there should be nearly nineteen million Bitcoins in circulation in the market. This number is expected to change every ten minutes, i.e. with each new bitcoin block mining. The value of minable bitcoin is not infinite. In fact, the maximum minable value of bitcoin should be twenty-one million. In this context a decisive function is played by the so-called "miners". Bitcoin miners are users who extract the cryptocurrency with sophisticated hardware and base this extraction capacity on the computing power of their processors. The bitcoins are not printed or released by central banks, but precisely created through mathematical calculations of the network of hardware that are part of the market network. Mining is the name of the activity with which miners undermine the virtual currency; that is, the activity through which the currency is created. The miners make the processors and the graphics cards perform complex operations and the system pays them back by creating or mining blocks of Bitcoin (at this link it's possible chat for information about Btclivetrade).


Rate This

Register or Log in to Dailybloid.com to rate this card

Follow us

  • icon
  • icon
  • icon
  • icon
  • icon
  • icon