What is cryptocurrencies mining

November 5, 2017

what is  cryptocurrencies mining:

Blockchain technology requires constant "backups" from a record that includes all transactions.
Imagine you make a backup of your computer every 20 minutes including anything and everything.

So you have a constant stream of backups and are secure.
To be truly secure you need this data stored on multiple computers.

When you go to Starbucks to pay with bitcoin, Starbucks will search out verifying with a few other computer owners who have Your  backup as well to verify if you are holding an account with bitcoin.

People who offer their computers to be a storage for this constantly updated "backup" are called miners.They get paid a fee for doing this "CPA" work.
(Their cost is hardware and software and electricity-that's why many of these mining farms are in cool locations to keep air conditioning costs low.)

As an investor you have another choice here to participate in the rapid expansion of this overall exploding market of new technologies by either investing in such mining farms or depositing money into these farms with a contract of getting a return on your investment by the actual mining process

here is a view inside of a mining center

https://player.vimeo.com/video/145282999

a good point to start getting educated about the various opportunities/contracts is here:

https://whattomine.com/

do I remind you of being aware of the risk in this whole sector!

the most important part as a trader/investor is risk control

so participate with the appropriate money management and overall portfolio position size and do your research with extreme diligence (it is an unregulated market and as such we deal with possible fraud and other obstacles)

further resources for cryptocurrencies as a whole can be found here:


https://www.cryptocoinsnews.com/
https://bitcoinmagazine.com/
https://www.coindesk.com/
https://www.coinpursuit.com/
https://coinmarketcap.com/


 

 

 

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