Coinbase Now Listed On The NASDAQ as a Coinbase IPO and gone public. $100+ Billion IPO, absolutely puts cryptocurrency & bitcoin on the map and here to say!
Between Exodus & Coinbase is one of the few platforms we personally recommend. It’s good news for the digital currency industry and everyone involved who uses cryptocurrency & bitcoin.
Bitcoin Miners have successfully mined 4 million cryptocurrency bitcoin in March within 60 minutes, 2021.
Bitcoin’s price rally is proving a windfall for the miners of the world’s biggest blockchain.
Miners collected a record single-hour revenue of $4.06 million during the 60 minutes to 17:00 UTC on Thursday, according to data provided by the blockchain analytics firm Glassnode. Transaction fees accounted for more than $47,000 of the record hourly revenue.
Miners use powerful computers to solve complex mathematical problems to mine blocks and confirm transactions on the publicly distributed ledger. As a reward for their services, miners receive newly created bitcoins along with transaction processing fees.
David Gawler and his company is utilising cryptocurrency mining to raise 1 million USD within 5 years with both ASIC Miners & GPU Mining process.
What is mining?
Imagine a book. You need to verify a paragraph on page 2095. You need to first locate the book in the library, find the title of the book, open the book, locate and sift through massive text pages and locate a specific paragraph in the book line 25 on page 2095. Doing this all day long 24/7, day and night, would be a vary tedious task. It is possible while not practical. You could need to then search for another page, say page 2035, line 50 and find that paragraph of knowledge in the same book. Again, doing it this all day long back and forward to verify information stored in the book is key to the books success. The knowledge is wrong then the book is useless and would become invalid for information.
Now picture all this and you have a basic computer. that is not really powerful enough to mine cryptocurrency these days. Except. If you were searching through basic pages in a book then a basic computer could search these pages quite easily, it would be slow but possible to do it all in a day, 7 hours for example. Now picture a full library full of text, images, pages, various books. If you had a powerful enough computer that is basic enough to search for text, it might take a year or two then this will be possible in a few years to scan every single text, paragraph in the library, full of books.
Now if you go back and upgrade the same computer and search the same library full of books, text, images and add some video with a faster, more powerful computer then you might be able to search the same content of books in 1, 2 or 3 years or less, possibly 6 months, depending on your computer. Modern day computers are very, fast and specific or custom built computers can process millions of pages per second. This would scan an entire library of books within a few minutes, like around 30 minutes.
Now, take the entire english oxford dictionary, you could process that entire book within a second or blink of an eye to verify the authenticity nature of the book. This is called a super computer and typically this is what mines bitcoin, the faster your processing power, known as hash rates, hash power, hashes is the way your supercomputer processes bitcoin mining operations. It processes code known as blocks within every 10 minutes thus generating a new bitcoin code or “block” of programmatic numbers, this process is known as verifying and securing the cryptocurrency and bitcoin network. Miners use special hardware, software, networking and computing IT skills and know-how that’s highly specialised to generate new bitcoin and/or cryptocurrency code or “blocks”. Consider a block a paragraph in a book like we talked about earlier.
When our highly skilled engineers and computer programs, hardware and software discover a block on the cryptocurrency and/or bitcoin network, the miner is rewarded a special cryptocurrency payout in monetary value. You can store this reward payout figure in your cryptocurrency wallet, exchange or FIAT bank account. The faster and more powerful you’re computers are, the more chances you are of finding a new block on the cryptocurrency and/or bitcoin network. The amount of reward will depend on various factors like the price of the cryptocurrency and/or bitcoin, the difficulty of the network, how many other miners doing the same thing as you, all trying to find that one reward on the cryptocurrency & bitcoin network. Miners find the block reward and they are paid in cryptocurrency. It’s that simple.
More Useful Information
urrently, miners are paid 6.25 bitcoin (BTC) for every block mined. The number was reduced by 50% in May 2020 via a process called mining reward halving, which is repeated every four years.
While hourly income reached a lifetime high on Thursday, daily revenue hit a three-year high of $50.78 million earlier this week, marking at least a fivefold increase since mid-October, reflecting the rise in the price of BTC during that period.
Income earned through transaction fees has also increased substantially over the past few months, reaching a $9.14 million on Feb. 9.
Turnovers have risen sharply, with bitcoin’s price rallying by nearly 400% to record levels above $48,000 in the past four months.
The good news is that the cryptocurrency & bitcoin is not going anywhere and will be here to stay and only continue growing.
Bitcoin is the largest and best-known cryptocurrency in the global economy. However, it is far from the only one. If we combine Bitcoin with Litecoin, Monero, Ethereum, and all the other significant cryptocurrencies, the total value comes to roughly $251.8 billion.
It is probably way more by the time people read this article.
- A bitcoin was worth 8,790.51 U.S. dollars as of March 4, 2020.
- All the bitcoins in the world were worth roughly $160.4 billion.
- Bitcoin accounted for just 0.4% of the world’s money.
- Bitcoin was worth only about 1.6% as much as the world’s gold supply.
- All cryptocurrencies combined accounted for less than 0.7% of the world’s money.
David Gawler honestly believes bitcoin & cryptocurrency will surpass gold’s value in decades or centuries to come and is a very stable way of holding crypto & money assets in digital or cryptocurrency format.