Mining is the process of “getting” a particular crypto currency. It is this process that is the core of all crypto currencies and provides them with the advantages that have made them so popular.
Technically bitcoin cloud doesn’t have any differences with earned bitcoin by the personal hardware. First, you need to determine the essence of the process. The central place in “mining” is the block. It represents a cryptographic signature, which is based on the previous one. Actually, such a chain of blocks is called – blockchain. Then the chain branches, but the continuation will be confirmed only for 1 branch, over which the largest number of miners was working.
Bitcoin cloud mining sites – how it works?
So, in fact, crypto currency mining is the process of decrypting a cryptographic signature. Mining is carried out in two main ways.
1. Normal. You get all the equipment yourself and start the decryption process.
2. On the bitcoin cloud mining sites. You invest in the equipment of a project, and then you get a profit. In addition to the obvious advantages: lack of binding to equipment, lack of huge electricity costs, etc. If you receive a HashFlare promo code in January 2018, then you will be granted additional bonuses on this platform (and it is one of the most reliable and profitable among analogues). What also makes cloud mining a more preferred way.
By itself, crypto currency is simply impossible without mining, it is more possible, but it is meaningless, because without this simply would lose to the usual material currency.
Why do we need lifetime bitcoin mining?
There are two main reasons why mining is necessary:
1. Security. It is the process of mining that protects the chain from interference by fraudsters. To establish in the chain its own order, i.e. to crack it, an attacker must calculate the entire block of people, that is, carry out all the work that all the “miners” have done since the very first day of the creation of the chain, which is simply pointless. Having such capacities, it is more profitable to just start the mine itself.
2. Decentralization. The spread of miners with the summary almost lifetime bitcoin mining around the world provides the impossibility of stopping the “emission” of the crypto currency, because for this it will be necessary to disable absolutely every “miner” in the whole world.
Mining is the basis of the crypto currency.
It is thanks to a carefully thought-out system of mining, that crypto currencies grow so confidently, gradually threatening the usual money.