If you are interested in keeping up with the hype and getting your hands on Bitcoin, there are two ways that you are able to go about this. The first and arguably the most popular method it simply to buy some. There are countless exchanges out there where you can exchange Bitcoin either for normal fiat money or another cryptocurrency. All you have to do is look up a website like Btxchange.io and you’ll be able to find countless online cryptocurrency vendors. This method is quick and simple and can be achieved by pretty much anyone.
Another, more complicated method is through Bitcoin mining. Although you won’t be buying Bitcoin, this method also requires some considerable investment in both time and money.
Bitcoin mining is the process of writing blocks or pages of Bitcoin transactions into a global ledger which is known as blockchain, and as a reward for writing these blocks you will get bitcoins. Currently, the reward for a mined block sits at the value of 12.5 BTC. Essentially, anyone is able to participate in the mining activity, but relatively few people do. For a start, the hardware that is needed to achieve this is process is extremely expensive, so you would have to be pretty serious about taking part before making such an investment.
Additionally, a lot of computing power is needed to mine Bitcoin, which can only add up. Lastly, the mining process is not a speedy one and it is not uncommon for a year to pass and miners not seeing any form of reward.
As a solution to some of these issues, mining pools have been formed around the globe. These are groups of miners that have pooled together their resources, such as processing power.
Once the team has solved a block, the rewards are shared out between them. Although the rewards will be considerably less than if you were mining yourself, many people chose this option as there is more guarantee that there will at least be some funds coming in on a more regular basis. Currently, the top 10 mining pools out there continually create about 90% of the blocks, with those in China contributing to more than 60%.
In the past, people were able to simply mine Bitcoin from the comfort of their own home, on their laptops or desktop computers. However, as the popularity of Bitcoin increased, it is becoming ever more difficult to successfully mine this form of cryptocurrency, and will continue to increase in difficulty in the future. URL: https://btxchange.io/crypto-