Profit Guide To Start Mining For Bitcoin
Bitcoin mining is about using powerful computer systems to verify transactions made by bitcoin users. The reward for this is paid out in bitcoins. There is still money to be made in mining for bitcoins, but the landscape has changed drastically in only 3 years time.
If you want to know how to make money mining Bitcoin, then the first thing that you will need to understand what Bitcoin really is. Bitcoin is ultimately crypto-currency, which means that it is ultimately a means of exchange, and should not be considered as a virtual commodity.
The real purpose of Bitcoin mining is to add transaction records to Bitcoin’s public transaction ledger. This virtual ledger is called a block chain, since it consists of a chain of blocks which are designed to confirm transactions to the rest of the network whenever they take place.
What makes Bitcoin mining important is that it increases the security of the Bitcoin network, which basically means that the more people actively mine Bitcoin, the harder it is for outside parties to attack or subvert the network. Presently, it’s almost impossible to attack the network thanks to the very large number of Bitcoin miners present in the system, which basically means that Bitcoin mining is a very secure process.
