Bitcoin mining is how new bitcoins get introduced into circulation. The process includes solving very complicated math problems that verify transactions in the currency. Once a math problem is solved, the miner receives a predetermined amount of bitcoin.
Mining can be costly. Costs can be attributed to the computer hardware and the immense electricity it takes to Bitcoin mine. The computer hardware that miners use is application-specific integrated circuits (ASICs) and cost upwards of $10,000. ASICs are the reason why the electricity costs can run so high with mining. They are also specific to cryptocurrency. For example, Bitcoin ASICs can only mine bitcoin. Although they only mine one cryptocurrency, ASICs are highly efficient - so efficient that other types of calculating mining devices were obsolete overnight when the first ASICs were introduced In 2013.
To successfully mine bitcoin, a miner has to add a block to the blockchain. A blockchain is a decentralized ledger of all the transactions across a network. Approved transactions groups form a block and join to create a chain - the blockchain. If a miner can successfully solve the complex mathematical problems, they add a block to the blockchain and will receive 6.25 bitcoins as a reward. However, every four years or every 210,000 blocks, the reward amount will be cut in half. By 2040, the reward will be less than 0.2 bitcoin and about 80,000 bitcoin out of 21 million will be left to mine. Looking even farther in the future, in 2140, the last of the bitcoin will slowly be mined, ending bitcoin mining. In November of 2021, 6.25 bitcoins were worth more than $400,000. Even though the reward decreases over time and will eventually come to an end, the halvings have been compensated by increases in the price of bitcoin.
While all this technical talk can be informational, we want to see it in progress. BitLeague offers hassle-free Bitcoin mining.
Currently, BitLeague has one of the most cost competitive Bitcoin mining projects globally, housing a 500 MV mining farm in Southwest China. Our mining project is hydro powered, lowering the cost of electricity it takes to mine bitcoin. During the wet season, our electricity cost is less than half of similar farms in North America.
BitLeague is leading the competition with our cost effective bitcoin mining practices. That’s why when it comes to our customers, we make things affordable. With hydropower we can get the cost of producing a bitcoin much lower than the competition– and we pass those benefits over to you. In short? We take care of all the heavy-lifting while you get the lowest cost for a bitcoin.
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