Earn Money online mining Bitcoin
Bitcoin is a digital currency and payment network which uses open-source and peer-to-peer technology to operate with no central authority or banks. Management of the transactions and the issuing of bitcoins is carried out collectively by the network. With it being open-source, its design is public and everyone can take part. Through many of it’s unique properties, Bitcoin allows exciting uses that could not be achieved by any previous payment system.
And most interestingly, you can use your computer to “mine” them that can be converted into real cash at any time.
To start mining bitcoin each participant have to open his/her account to start mining using their software, after opening their software they have to choose their wallet, a wallet is just like any ordinary account but that is always secured with military grade cryptographic code.
Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet.
It’s something considered as more valuable than gold, you are required to solve a mathematical 64-digit numbers. By having your computer repeatedly solve puzzles, you’re competing with other miners to generate the number that the Bitcoin network is looking for. If your computer generates it, you receive 25 Bitcoins.
At the time of this writing one Bitcoin is worth 29189.91 Indian Rupee, so with correct computations currently a pop there’s plenty of motivation to start crunching numbers.
Where is the Hack
Here’s the difficulty, however – the behind-the-scenes math is set up to make Bitcoins increasingly difficult to produce. Once there are 21 million in existence, there can’t be any more.
Since it can take quite a while to successfully solve one of these puzzles by yourself and earn your thousand bucks, a number of Bitcoin “mining pools” have sprung up in which people distribute their computing power to find these magic combinations of 64 digits collaboratively.
Once solved, the miners divide their winnings based on the amount of computing power each contributed to the calculation.
Since you’re one of a large number of people in this scenario, the payouts are quite small. The real money is in doing the work yourself, but it’s much more fun to see a steadier (yet less significant) trickle of Bitcoins flow into your wallet.
Watch the video and get an swers to all the questions regarding this currency of future. Find out how to earn even more Bitcoins with http://cex.io Bitcoin Crypto Exchange and leading Cloud Mining service.