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We are always take care of speed of mining process so, we use advance ASIC miner chips which allows mining Bitcoins in efficient manner and with high speed.
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Nowadays we all know about Cryptocurrency and mainly about bitcoin. There was a time when people didn't know about crypto and a little bit of insecurity to use crypto as a conventional currency. But after watching bitcoins tremendous market value in the market, people have started investing in bitcoin as well as other Cryptocurrency.
Have you ever thought about where bitcoins come? The process of generating bitcoin is called bitcoin mining. After hearing about mining, you might think about the mines, machines and the digging part but it’s not like that. The term " Bitcoin mining" is used for the process of high powered computers that solve complex mathematical problems.
There are tons of transaction happens in a single day; however, verifying each and every transaction is a difficult task for miners. As a compensation of their work miners get awarded bitcoins whenever they add a new block of a transaction to the blockchain. Whenever miners mine a block, every time new bitcoins release and it is called block reward. Every 210,000 blocks the reward will halve roughly after every four years. And every transaction takes 10minitues before first confirmation.
Block reward in 2009 was 50BTC.
Block reward in 2013 was 25BTC.
Block reward in 2018 was 12.5BTC.
Right now it is 12.5btc for every successful submission of a new block of transaction. And the rewards will decrease to 6.25btc in 2020.
There will be fixed number of bitcoins (There will be 21 million bitcoins that will be mined out of 21 million 17,781,312.5 bitcoins in existence and 3,218,687.5 bitcoins left) that’s why bitcoin is very valuable currency right now. As we discussed earlier this number changes every 10 minutes after new block mined and put 12.6 BTC into circulation.
For successful bitcoin mining, you need to set up the nodes that are faster than other competitor miners. Also, you need to set up a constant electricity source as well as there are lots of things that need to be taken care of the cooling fans.
If you are willing to do the bitcoin mining but don’t want to do this hustle part, then there is one alternative called bitcoin cloud mining. In bitcoin cloud mining, you need to join the mining data center which maintains all the machinery and hard stuff for you. There is a mining center which gives you a starting computation power with miner charge as a maintenance fee. It’s called free bitcoin cloud mining in return they get the transaction fees and other benefits of mining. It’s easy and comfortable for any individual to join a free bitcoin mining data center.