Bitcoin and other digital currencies run on a decentralize and consensus based system that nobody can control.
Everything is fully transparent in peer to peer, so nobody is sitting in the middle taking large fees or controlling the transactions.
EXACTLY the way "MONEY" was intended to be.
For this technology to work, a Proof of Work protocol is needed and is what Bitcoin uses.
Proof of Work requires miners to secure the network by performing some type of work. In this case, the proof of work is hashing a set of numbers until a correct answer is received.
In order to get the correct answer, it takes millions of hashes (guesses) so it's easy to verify work has been done. For doing this work, miners are rewarded with the newly issued blocks of bitcoin. For the next four years that block reward is worth 12.5 new Bitcoin.
Where am I going with this you might ask?
Well over time it gets harder and harder to guess at that right answer, so you need more "guessing power" and this is why I am so excited about being part of a mining pool that has increased their "guessing power" over the last 3 years.
It's something we can verify ourselves because it's open source
Bitclub Network's "guessing power" went from 40 TH/s in Oct 2014 to 250 PH/s today and is expected to hit 500 PH/s by the end of 2017
Yes you read that right ... 40 TH/s to 500 PH/s !
A terahash (TH) is 1 000 000 000 000 hashes ( 1 trillion)
A petahash (PH) is 1 000 000 000 000 000 hashes ( 1 quadrillion)
Finally a business you can verify is doing exactly as advertised and profit immensely from it.
Stay tuned, I have a lot more to share :)
Visit my website to learn more ==> http://bit.ly/2rAZfD0
mining is amazing try nicehash :)
Whats your take on Asic boost.Followed you, hope you can do so as well.
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Very interesting