Cryptocurrency Mining

Cryptocurrency mining is the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new cryptocurrencies are released.

Understanding Bitcoin mining

Mining is the process of adding transaction records to Bitcoin's public ledger of past transactions. This ledger of past transactions is called the blockchain as it is a chain of blocks.

Types of mining

There are three types of Mining namely solo mining, Pool mining and cloud mining. Mining type is selected based on difficulty level.

Profit with Mining

You can make profit out of mining depending on the complexity of coin. Mining can be done through Graphic cards and ASIC chips. There may be any number of machines in order to mine.

Mining countries

There are so many countries these days working on Bitcoin mining, such as China, US, Canada, France, Finland and many more. Most of them have huge mine pool farms.

Types of Mining

Solo mining

Solo mining is the mining done through only one machine, these days if we have new coins on the market, solo mining is suitable for those coins. Solo Mining cannot be done for Bitcoin, purely because of the high level of difficulty.

Pool mining
In the context of cryptocurrency mining, a mining pool is the pooling of resources by miners, who share their processing power over a network, to split the reward equally, according to the amount of work they contributed to solving a block.

Cloud mining
Cloud Mining is the process of Bitcoin mining utilizing a remote datacenter with shared processing power. Cloud mining enables users to mine Bitcoins or alternative cryptocurrencies without having to manage the hardware.

Mining Machines & Cost

It is important to remember that Bitcoin mining is competitive. Today it is not smart for the average person to mine since China's cheap electricity has allowed it to dominate the mining market. If you want Bitcoins then you are better off buying Bitcoins.

Originally, Satoshi intended for Bitcoins to be mined on computer CPUs. However, Bitcoin miners discovered they could get more hashing power from graphic cards. Graphic cards were then surpassed by ASICs (Application Specific Integrated Circuits).

Nowadays all serious Bitcoin mining is performed on dedicated Bitcoin mining hardware ASICs, usually in thermally-regulated data-centers with access to low-cost electricity. Think of a Bitcoin ASIC as specialized Bitcoin mining computers, Bitcoin mining machines, or Bitcoin generators.

Mining Farms

In the Bitcoin economy, time really is money. Every 10 minutes or so, mining machines compete with each other to solve a math problem to win 12.5 Bitcoins, a reward set by the Bitcoin software. The work is akin to trying out billions of combinations of numbers on a safe. The miner who gets the right combination the fastest, unlocks the safe. The more machines you have, the greater your chances of earning coins.
With that in mind, miners try to ensure that every single one of their machines is operating properly, 24 hours a day, seven days a week, 365 days a year. Hence, the most important jobs are in the operations and maintenance department. All day and night, using laptops, miners have to monitor the status of the machines.