The Bitcoin is in high demand, if you ever wonder how its circulation does begins then answer is by mining. Mining serves both the purpose of add transaction to the blockchain and to release new Bitcoin. Through mining the new blocks come in circulation by solving the algorithm puzzle. By this process of Bitcoin mining, the miner achieve the rewards of solving the algorithm. Miner uses the hardware resources of different types for processing the Bitcoin mining.
Bitcoin Mining Hardware
The process of mining is termed to be a POW (proof of work) and is verified by different Bitcoin nodes when they receive block. The mining is done through the Bitcoin mining hardware; it is very specific integrated circuit chip (ASICs). Though Bitcoin mining hardware includes GPU (computer graphics chips) but due to increasing competition they are outdated in use.
The Best Bitcoin Mining hardware at Amazon:-
Antminer S7:- With the capacity of 4.73 Th/s, power .25W/Gh and weighted 8.8 pounds. With the price tag of $479.89.
Antminer S9:- Advertise capacity of 13.5 Th/s, power consumption .098W/Gh, weight 8 pounds. It is most expensive with the $1988 price tag.
Avalon6:- Advertise capacity is 3.5Th/s. Power efficiency .29W/Gh, weight is 9.1 pounds and its price is 499.95.
What Is Bitcoin Mining?
Bitcoin mining is a kind of peer to peer connection used to verify Bitcoin payments and transactions from one end user to another. When mining is done the Bitcoin transaction data is recorded to Bitcoin’s global public ledger, all the past transaction are stored in it. The ledger contains all the past transaction is called as blockchain. And the specified group of transactions is called as a block. Bitcoin process of validation is different from traditional electronic payments networks due to no need of and bank to issue transaction or no need of any merchant’s accounts and centralized clearing houses such as visa and master cards.
Bitcoin Mining Pools
Bitcoin mining is beyond the reach of an individual miner due to the higher difficulty level of the algorithm. Hence the group of miners associated with the mining the huge block of blockchain is known as Bitcoin mining pool. Mining pools are actually the share spot of resources of different miners and their rewards. Each contribution is count on the hash power of an individual miner.
The most Bitcoin mining pools are in China nearly 81% of all in the world.
The major and biggest pools are as follows:-
Antpool:-This is the china based mining pools owned by BitMain, it mines about 25% of all blocks. Antpool is known for Bitcoin mining pool best payout with millions of client around the globe. Including BTC.top, BTC.com, Bixin, and BTCC are all China based mining pools.
Mining Pool comparison
|Pool||Location||Fees (%)||Private Pool
|Slush pool||Czech Republic||2||No|
Location of pool does not matter at all as the most of the servers are in every country. If a mining pool is in china the server can be anywhere in US or Uk.