link1764 link1765 link1766 link1767 link1768 link1769 link1770 link1771 link1772 link1773 link1774 link1775 link1776 link1777 link1778 link1779 link1780 link1781 link1782 link1783 link1784 link1785 link1786 link1787 link1788 link1789 link1790 link1791 link1792 link1793 link1794 link1795 link1796 link1797 link1798 link1799 link1800 link1801 link1802 link1803 link1804 link1805 link1806 link1807 link1808 link1809 link1810 link1811 link1812 link1813 link1814 link1815 link1816 link1817 link1818 link1819 link1820 link1821 link1822 link1823 link1824 link1825 link1826 link1827 link1828 link1829 link1830 link1831 link1832 link1833 link1834 link1835 link1836 link1837 link1838 link1839 link1840 link1841 link1842 link1843 link1844 link1845 link1846 link1847 link1848 link1849 link1850 link1851 link1852 link1853 link1854 link1855 link1856 link1857 link1858 link1859 link1860 link1861 link1862 link1863 link1864 link1865 link1866 link1867 link1868 link1869 link1870 link1871 link1872 link1873 link1874 link1875 link1876 link1877 link1878 link1879 link1880 link1881 link1882 link1883 link1884 link1885 link1886 link1887 link1888 link1889 link1890 link1891 link1892 link1893 link1894 link1895 link1896 link1897 link1898 link1899 link1900 link1901 link1902 link1903 link1904 link1905 link1906 link1907 link1908 link1909 link1910

Increased Demand Requires Increase in Nodes Here’s Everything You Need to Know About Bitcoin Mining During Lockdown

Increased Demand Requires Increase in Nodes. Here’s Everything You Need to Know About Bitcoin Mining During Lockdown


As bitcoin adoption soars during the global crisis, miners are needed.

Here’s how you can cash in on crypto while staying at home. The novel coronavirus has brought about a new way of living in almost every conceivable regard. To how we interact with friends and loved ones, to how we work, and how we earn an income. In its wake, the virus has already begun to cripple our collective health and the health of many economies, which has left a number of us looking for better ways to earn a living, comfortably from our homes.

It has also left many heading online to begin trading in digital currencies. Focused exchange platforms, like Bitvavo, have noticed a stark uptick in existing user interaction, as well as new accounts. Whether this is due to a faltering trust in standard global financial systems, or just because we all have a bit more time on our hands is so far unknown. What is known is that with increased interaction and user adoption- more transactions will need to be validated and added to the blockchain than ever before. Which translates to a need for miners. This comes as great news, as bitcoin is realistically the only financial asset that can operate and maintain remotely. In fact, that’s the entire basis of the network’s structure.

What is Mining?

Mining is a term used to describe how transactions are validated and added to the blockchain. To appropriately expand on that, you’ll need a bit of knowledge on how bitcoin works at its core.

Decentralized Public Ledger System

The blockchain is bitcoin’s ledger system. It’s where the checks and balances are stored, each and every transaction that occurs on the network is stored within the blockchain- effectively making the transactions public, transparent, and verifiable. All without the need for a centralized authority. Each time a transaction is made on the network, independent computers that function as part of the entire network (nodes) work to solve complex mathematical equations. If these equations are able to be solved, it proves that the transaction was real and unique. Verifying the transaction itself. As each transaction is verified, it is added to the blockchain, where it can be publicly viewed by anyone on the network. Each verified transaction is completely immutable and time-stamped. Ensuring continued transparency and authenticity.

Verifying Transactions

The nodes that work to verify transactions are owned by people. Those people are called “miners”. They get this name because each time a transaction is verified, the person that owns the node that solved the equation is rewarded in newly minted bitcoin. Sort of like a prospector mining gold from a vein.

Payment for Work

This payment helps to incentivize people to continue to relegate their computing power to verify transactions. Further distributing the responsibility of verification throughout the entire network. Solidifying the decentralized nature of bitcoin.

Source: BitcoinWiki

This system of verification is called “Proof of Work”. In a proof of work system, all nodes on a network race to be the first to solve the mathematical equation. The node that comes up with the solution first, reaps the reward. In proof of the work environment, it’s not necessary for anyone node to be in any one place. Which makes it easy to mine at a distance, or even comfortably from your own home.

How to Mine Bitcoin

Mining bitcoin can be a bit tricky to get started if you’re not particularly tech-savvy. Tricky, but not impossible. The equipment needed to mine bitcoin has evolved nearly as quickly as bitcoin itself- in little over 10 years, time-consuming, energy-gobbling, clunky hardware has been replaced with a sleek and efficient purpose-built piece.

Source: BusinessInsider

While innovations in mining technology continue to emerge, it seems that the industry may be slowing down as it comes closer to reaching an equilibrium. Currently, two options of mining exist Cloud Mining and Personal Hardware Mining.


With the cloud mining route, hopeful miners choose a company through which they “rent” mining hardware. Essentially, through these companies, cloud miners will pay for someone else to mine for them using their own hardware. Similar to a type of crowdfunding. This “rental” investment will generally be paid out in bitcoin. When choosing a cloud mining company, it’s important to do your research and personally vet any company you plan on working with. Each company will have a different setup for how their operation works, rental terms, and how you will be paid. Each company will walk you through their process and lead you through the necessary steps you will need to take to begin cloud mining.

Personal Hardware Mining

Choosing to mine with personal hardware is an expensive choice if you don’t already have access to cheap electricity supply, powerful network connection, and decent access to hardware. Before you begin the process of purchasing a personal mining setup, it’s advisable to use a bitcoin mining calculator to see if the cost of investment versus payout from mining will be profitable. Modern mining is almost exclusively done using ASIC hardware. This Application-Specific Integrated Circuit hardware is a microchip that is purpose-built for mining. While these processors are extremely efficient, even the best hardware only produces about $10-$30 of profit per day. So expensive setups and high energy costs can make it cost-prohibitive to choose this route.

Article Produced By
Ionela C.

Own A Piece Of Markethive — Lifetime Income Opportunity

Markethive, the first Social/Market Network built on the Blockchain, introduces The Entrepreneur Program

The Entrepreneur program is designed to leverage your system. Your free Markethive system is a market network, like a social network, but with powerful inbound marketing tools integrated into the system.

This premier hybrid social network includes news feeds, blogging platforms, video channels, chat channels, groups, image sharing, link hubs, resume, profile page and peer to peer commerce.

But more than a social network, we have also delivered to you “Inbound Marketing tools” like broadcasting, capture pages, lead funnels, autoresponders, self-replicating group tools, traffic analytics, and more.

Plus, we are built on the Blockchain which allows Airdrops of 500 Markethive Coin (MHV) worth $100, upon joining and micropayments for using the tools mentioned above. This is all free to you.

Free here :  Click here