#hashpower Bitcoin miners secure transactions on the Bitcoin network..
by marketing influencer Is it like gold mining 2.0 ?
2 months ago
Bitcoin Mining is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together. It can be perceived like the Bitcoin data center except that it has been designed to be decentralized with miners operating in all countries and no individual having control over the network. This process is referred to as “mining” as an analogy to gold mining because it is also a temporary mechanism used to issue new bitcoins. Unlike gold mining, however, Bitcoin mining provides a reward in exchange for useful services required to operate a secure payment network. Mining will still be required after the 21 million bitcoins are dug. #digginggold2.0 #21milliontotalcoins
First, google Charlie Lee who is the founder of this crypto currency. Litecoin is digital cash for the internet. With Litecoin, folks can send money over the net directly to another person for the first time, without needing a credit card or bank. Instead of the credit card company or bank, thousands of networked computers process Litecoin transactions and verify that they are legitimate transactions.
Software called wallets smartphones or computers that store your Litecoin and work with the Litecoin network to let send and receive payments. Litecoin works like Bitcoin with a private key. It’s a digital signature that the computer geeks say it can not be hacked.
Scan a QR code or copy and paste a string of letters and numbers to buy something with Litecoin. Then, with a swipe or the press of button, you can send value to anyone anywhere in the world very fast… Now is this better than Bitcoin ? All opinions welcome here.. If somebody says they know for sure what Litecoin will do in the future–please comment !
Bitcoins are created when ‘miners’ solve the particular equation.Miners are then rewarded with bitcoins.Solve The speed at which miners solve is contingent on data processing hardware in computers.Folks can actually get computer processors with chips that are specifically designed for bitcoin mining. As more miners join the network, it becomes more difficult for an individuals. Pools of miners show a % on the blockchain. The cost of mining bitcoins is high due to the amount of electricity it takes to mine the bitcoins. Bitcion miners will have to weigh up the costs of electricity against the value of bitcoin in monetary value.Many pool miners are in cool spots because the heat the computers generate. #cryptomite
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