The bit coin is a new forex that was turned into created in 2009 by means of an unknown individual using the alias Satoshi Nakamoto. Coin mining looks very much like a big lottery. Transactions are made without men from the center without interested banks.
While conventional cash is created through banks, low-value coins are “mined” through Bit coin miners: network members performing additional obligations. Above all, the order of chronological transactions with the means that include them within the bit coin blocks discovered. This can prevent the user from spending twice a coin of equal value.
Skipping the technical information, identifying a maximum block looks very much like a community lottery form. For every attempt and trying to discover a new block, which is a random assumption for much luck, a miner needs to spend a small amount of electricity. Many attempts by miners can fail and the miner can lose energy. Only once, approximately every ten minutes, the mine somewhere can be successful and, for this reason, add a completely new block to the block chain.
This also means that whenever a miner reveals a valid block, he must have statistically burned a lot of extra energy for all failed attempts. On the one hand, the job test prevents miners from creating small coins out of thin air: they have to burn real electricity to get them and the labor test binds false money records. If an attacker attempted to exchange a transaction in the past.
In the trade to protect the network, and as the “lottery tax” that serves as an incentive to burn off this force, each new block includes a special transaction. It is this transaction that rewards the miner with new bit currencies, that’s how the btc miner go into operation for the first time. At the launch of the small coin, each new block gives the miner 50-bit coins, and this amount is divided into two parts every four years: currently each block includes 12.5 new bit coins. Furthermore, miners can retain extraction costs that were related to the transactions that covered their block.
Everyone can be Bit coin miner to try and earn this income. But the bit coin mining is becoming more and more specialized for some years and nowadays it is performed by professionals engaged in specialized hardware, energy at a reasonable price and, often, huge statistical structures. To make the competitive use today, you need to recognize what you are doing, be prepared to invest in huge amounts and the time and to access cheap energy available. When you have all this, you can also try it and become a btc miner.