WHAT IS BITCOIN ?
Bitcoin is a digital currency created in January 2009 following the housing market crash. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto.
The identity of the person or persons who created the technology is still a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to, that — along with all Bitcoin transactions — is verified by a massive amount of computing power.
source : Investopedia
HOW BITCOIN MINING WORKS ?
Anybody can become a Bitcoin miner by running software with specialized hardware. Mining software listens for transactions broadcast through the peer-to-peer network and performs appropriate tasks to process and confirm these transactions. Bitcoin miners perform this work because they can earn transaction fees paid by users for faster transaction processing, and newly created bitcoins issued into existence according to a fixed formula.
For new transactions to be confirmed, they need to be included in a block along with a mathematical proof of work. Such proofs are very hard to generate because there is no way to create them other than by trying billions of calculations per second. This requires miners to perform these calculations before their blocks are accepted by the network and before they are rewarded. As more people start to mine, the difficulty of finding valid blocks is automatically increased by the network to ensure that the average time to find a block remains equal to 10 minutes. As a result, mining is a very competitive business where no individual miner can control what is included in the block chain.
The proof of work is also designed to depend on the previous block to force a chronological order in the block chain. This makes it exponentially difficult to reverse previous transactions because this requires the recalculation of the proofs of work of all the subsequent blocks. When two blocks are found at the same time, miners work on the first block they receive and switch to the longest chain of blocks as soon as the next block is found. This allows mining to secure and maintain a global consensus based on processing power.
Bitcoin miners are neither able to cheat by increasing their own reward nor process fraudulent transactions that could corrupt the Bitcoin network because all Bitcoin nodes would reject any block that contains invalid data as per the rules of the Bitcoin protocol. Consequently, the network remains secure even if not all Bitcoin miners can be trusted.
WHAT DO YOU NEED TO GET STARTED WITH MINING ?
CryptoTab Browser is one-of-a-kind software developed specifically for mining Bitcoins. It has a built-in mining algorithm allowing you to simply browse the web and earn Bitcoins right in your account.
It can be personalized according to your wishes with thousands of available extensions to extend the browser’s functionality and make your browsing experience fast and comfortable.
Right after installation, you need to open your browser and click on CryptoTab icon in the right upper corner. In the opened window, you will be able to turn mining On and adjust your mining speed. You will be mining as long as your browser is open and mining mode is on. Surf the Internet the way you normally do and earn Bitcoins!
For more info about Cryptotab Browser click here.
2. MINING WEBSITES.
There are many pools and websites that offer mining, here are some legit and honorable mentions.
a.Poolin(China).
Poolin is a public pool which mines about 18% of all blocks. They are based in China, but have a website fully available in English.
b.Coin Bird.
Coin-birds is an funny online game which is designed like a poultry farming. All that is needed is to sign-up, buy birds then start earning.You can earn diffrent type of coins other than bitcoin.
coin bird signup here.
c. Slush Pool.
Slush Pool was the first mining pool and currently mines about 11% of all blocks.
Slush is probably one of the best and most popular mining pools despite not being one of the largest.
d. Roller Coin.
RollerCoin is an online crypto mining simulator game. The core idea of the game is distribution of block reward between players depending on their mining power — just like with real crypto mining.
More info here .
e. Bit Fury.
Bitfury is a private pool that cannot be joined. Bitfury currently mines about 3.5% of all blocks.
3. WALLET.
You need a wallet to redeem bitcoin earnings.Coin base id one of the best among them
The Coinbase app (available on iOS and Android) is the company’s product for individuals looking to buy or sell cryptocurrencies, also available at Coinbase.com. It is an easy, secure, regulated on-ramp to crypto using US dollars or other local fiat currencies. You can safely store crypto on Coinbase so you don’t have to worry about managing your own private keys.
see coinbase app here.
