What is Bitcoin Mining ?
Bitcoin mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid.
This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function. The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system. Bitcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground. Un-like cloud mining where you can buy hashpower for the mining process , when you mine crypto-currency , you need computing hardware and software to be able to mine. Read More >>> |
Best way to start mining yourself .
MINERGATE is a mining pool created by a group of cryptocoin enthusiasts. It is the first pool which provides service for merged mining. This means that while mining on there pool you can mine different coins simultaneously without decrease of hashrate for major coin.
This is definitly one of the easiest ways to get you started mining. Unlike other mining pools where you need to download and install complex software which needs to be setup correctly to get the most hash power out of your machine , Minergate has a simple to use mining application that you only download onto your machine , install and start mining . This gives new users the opportunity to quickly and easily get started mining altcoins that can be exchanged for BTC or LTC. Introducing LTC Rabbit
Mining bitcoin needs professional equipment or investment strategies ,therefore litecoin is becoming popular being easier to min . I started searching for the best possible pool that could easily get you started mining Litecoins and Alternative crypto currencies .Thats when i found LTCRabbit as a perfect source to earn litecoins . They provide different mining options such as X11 along with scrypt mining. X11 mining provided 30% -40% less energy spending and less heating .
LTCRabbit uses the best profitability altcoin mining and converts them to Litecoins , which you are paid in . At this point , you do not need to worry about mining other altcoins . LTCRabbit does all the exchanging work for you and rewards you in Litecoin payments . Just continue mining and watch your rising ltc balance . Cashout any time you want too. They provide a great pool mining service and effective way of earning LTC . You can mine X11 or LTC, at the end you will receive LTC in return . They have their own OS which provides the best profitability than any other OS service out there . It works under USB and is especially designed for litecoin mining. Also you can install mobile apps to check your income and statistics on the go . This is really great , i personally tested the android mobile service to keep you up-to-date with your progress.
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