What is bitcoin mining? Learn more about USI TECH Mining Division.
Well, there really are only two ways:
one you can trade it
or two you can make it
We call that mining. While trading certainly has its mirrors we feel a safer and more sustainable approach is mining . So let’s just quickly elaborate on mining.
If Jack bought the holiday package from Jane by credit card or EFT Jack’s Bank and Janes bank would have verified the transaction resulting in a banking fee. But Jack didn’t use his credit card or do an EFT – Jake paid in Bitcoin directly from his Bitcoin wallet to Jane’s bitcoins wallet.
Now would you agree that that transaction still had to be verified, so ask yourself – who did verify that transaction? Simply put there are millions of volunteer computers all around the world whose sole purpose it is to verify all the transactions happening in the Bitcoin community, and when they do this they are rewarded with newly produced bitcoins – this is called Bitcoin mining.
Please have a look at this short video about what is Bitcoin mining
Bitcoin operates as a peer-to-peer network – this means that everyone who uses Bitcoin is a tiny fraction of the bank of Bitcoin. But where do bitcoins come from?
Where do bitcoins come from?
With paper money a government decides when to print and distribute money. Bitcoin doesn’t have a central government – with Bitcoin miners use special software to solve math problems and are issued a certain number of bitcoins in exchange.
This provides a smart way to issue the currency and also creates an incentive for more people to mind and since miners are required to approve Bitcoin transactions, more miners means a more secure Network.
The Bitcoin network automatically changes the difficulty of the math problems. Depending on how fast they’re being solved – in the early days Bitcoin miners solve these math problems with the processors and their computers. But soon miners discovered the graphics cards used for gaming were much better suited to this kind of man. Graphics cards are faster they use more electricity and generate a lot of heat.
The first commercial Bitcoin mining products included chips that were reprogrammed for mining Bitcoin – these chips were faster but still POW
ASIC technology has made Bitcoin mining even faster
ASIC or application-specific integrated circuit chips are designed specifically for Bitcoin mining. ASIC technology has made Bitcoin mining even faster while using less power. As the popularity of Bitcoin increases more miners join the network, making it more difficult for individuals to solve the math problems. To overcome this, miners have developed a way to work together in pools.
What is mining pool?
Pools of miners find solutions faster than their individual members and each miner is rewarded proportionate to the amount of work he or she provides. Mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure.
USI-TECHis aggressively investing in cryptocurrency mining. We have secured nearly $100 million USD in contracts for ASIC and GPU mining hardware, with strategic locations in Asia, Europe, and Iceland chosen for power and proximity to technology partners. With a full deployment planned by the end of 2017, USI-TECH s ASIC miners will account for nearly 1% of the GLOBAL Bitcoin hash rate. Phase 1 of the GPU mining product, which will be fully deployed by the end of Q1 2018, is estimated to account for 2.5% of GLOBAL Ethereum hash rate.
These investments establish a firm mining foundation, with additional investments planned for continuous growth. With a focus on diversified cryptocurrency investments and revenue streams, USI-TECH is firmly positioned as the future of cryptocurrency!
Our CTO and Co-Founder, Ralf Gold, recently returned from a trip to one of our global data centers in Iceland, and we’ve prepared a short video we hope you’ll enjoy. We will continue to update you on the progress with our global mining endeavors.
Don’t miss out
Don’t miss the money making trend of Bitcoin. Most people have heard of Bitcoin but don’t really understand what it is. The most important thing to understand is that there are people making millions of dollars every month Bitcoin mining.
There is now a new company called BitClub that let’s anyone get involved in Bitcoin mining. You don’t have to be a programmer, you don’t have to buy millions in equipment and you
don’t have to set up anything.
You buy a share of one of the mining pools and you get paid everyday. It’s that simple. Everybody wants a business that pays them everyday residually. Not only do we have it here, but we also get
paid to share it with everyone we know. Check out the videos etc. and get in touch with me as soon as possible.