What are Crytocurrencies?
A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.
Since the creation of Bitcoin in 2009, the blockchain technology has become almost revolutionary in terms of its ability to secure and record transactions by using collectively created, secured and supported digital currencies. The blockchain technology and cryptocoins are fully created and supported by a peer-to- peer network, thus eliminating the need for a central authority. This in return means that cryptocurrencies are not issued by a central organization and their value depends solely on the supply and demand or the price that one is willing to pay for it.
Since early 2013 cryptocurrencies, more particularly Bitcoin, have garnered growing interest from investors and the media due to huge increases and drops in their value on the crypto currency exchange market. There is no doubt that the popularity of crypto currencies as means of smart payments will become more widespread as these days even offline stores start to accept payment in cryptocurrencies and new type of crypto debit cards can be used for offline transactions. For this reason the value of cryptocurrencies is growing rapidly and coin mining has seen a huge interest from investors wishing to generate more coins.
What is Cryptocurrency Mining?
New coins are generated by a competitive and decentralized process called “mining”. Mining process involves using mining hardware and software for generating new coins. These coins are given as rewards for miners’ effort to solve algorithms that approve transactions and ultimately secure the peer-to- peer network.
Initially coin mining was reserved for enthusiasts that had set up mining machines in their homes. These days personal coin mining can be very costly as it requires large investment to acquire the right hardware and software as well as ensuring fast bandwidth and paying the ever increasing electricity bills. Therefore more and more miners choose to work with us using our fully managed mining rigs.
Why Choose our Services?
The answer to the inconveniences of personal mining at home is fully remoted hosted mining or cloud mining – an easier, faster and hassle free way of investing in cryptocoin mining and without the problems of start mining at home.
A cloud mining service is running by remotely hosted data centers that provide equipment and power. Miners are working non-stop therefore moments after the approval of payment you can start receiving your rewards.