Cryptocurrency Blog

Bitcoin mining is essential to keep the Bitcoin network going. The miners verify and confirm all of the Bitcoin transactions and without them the whole thing would grind to a halt. There would be no more transactions and no new Bitcoins created. What is Bitcoin Mining? Bitcoin miners use very powerful computer equipment to update the Bitcoin decentralized ledger. They need to solve very complex cryptographic challenges and the first to do this will update a block and receive a reward in Bitcoins (at the time of writing this is around 12 Bitcoins). With Bitcoins being worth thousands of dollars these days this seems like a really good idea. But is it really? You cannot perform Bitcoin mining successfully with a powerful desktop computer. You need to invest a ton of money into very high end computing power and then pay for the running costs of these computers. The Process of Bitcoin Mining Anyone can get involved in Bitcoin mining. There are already thousands of Bitcoin miner...

  You may have heard about Bitcoin and wondered what it really was. There is always a lot of news about this digital currency and especially how it rises and falls in price dramatically at times. Well here we will give you the complete 101 on Bitcoin. As we already mentioned, Bitcoin is a digital currency. You may think that there are actual coins available but there are not. These are just fabrications. The original intention of Bitcoin was to send payments anonymously and securely online. This is still true to a certain extent today. A Decentralized Currency A number of countries around the world are scared of Bitcoin. It is a totally decentralized currency not controlled by any governments or centralized banks. Some countries have actually banned Bitcoin. A major advantage that Bitcoin has over conventional fiat currencies is that it is not affected by any inflationary of deflationary measures imposed by countries. There is a limited supply of Bitcoin which increases i...

The images on the internet show bitcoin mining in a form reminiscent of the old gold rush miners, pickaxes digging out the gold. The actual mining is not quite like that and it changes over time. Bitcoin miners are a special necessity in the bitcoin network. When a bitcoin is spent, a transaction occurs. Your transaction is verified by checking back through the transactions to ensure that you have the bitcoin available to spend. Your wallet synchronizes with the network to make sure that it is up-to-date and accurately reflects the amount of bitcoin you have available. When the transaction is created, it floats into the network and is considered an unconfirmed transaction because it has not yet been allocated to a block on the blockchain. The blockchain is a public ledger and every transaction has to be verified and placed into a block. Mining is the process of verifying each transaction. It is important that transactions are added in order. Otherwise, an unscrupulous per...