Today I will quickly tell you what is Bitcoin mining process and how you can start mining your own Bitcoins for free. As mentioned before in “What is Bitcoin and how to use it?” currently every 10 minutes 25 new Bitcoins are created. Those money are not created for nothing, they are created as a reward who participate in…
Bitcoin mining process
Every time you send or receive Bitcoins all computers and machines connected to the Bitcoin network at that time receive information about this transaction in order to process it. I am not going to go into much details about cryptography and the way it works in the background, I will try to explain it as simple as possible. So you send a payment to someone, whole network receives information about it and your transaction is included into a “block” (set of transactions awaiting for processing). Once the block is ready all the machines start processing. What they essential do is they check if all those transactions and all the Bitcoins transferred to other parties are legit. As simple as that. Once all transactions are confirmed the network creates 25 new Bitcoins which are split among all those machines participating in the process according to their input. So machines which are more powerful and done more work will receive more.
What is cloud hashing
Even 1 year ago Bitcoin mining was done with graphic cards on a standard desktop computers, nowadays people designed and built, faster devices called ASICs (Application-Specific Integrated Circuit). Those devices are relatively expensive that’s why it is not easy to start adventure with Bitcoin mining. High prices created a field for new service called cloud hashing or cloud minig. It is basically buying shares in processing power rather than buying whole expensive machine at once. There are many companies offering cloud hashing nowadays, today I will tell you how to…
Start mining Bitcoin for free
Company called Zeushash came up with and idea to allow everyone to try cloud mining for free! Between 9th of December and
13th of December (according to the latest update promotion will last untill 1st of January 2015) (GMT+8) all new users will receive free GH/s into their wallet just after sign up! The first 100 users will get 5GH/s and everyone else will receive 2GH/s for free. Nowadays it is not very profitable but this is a great way to learn new things, and see how the cloud hashing works! For people who are interested there is also possibility to buy more processing power for a very low prices. Each new users will also receive 5 HashScore which means 2 chances to draw in their lottery to win some awesome HashBuffs for new orders like double payouts, no maintenance fee or simply free processing power.
Another smarter way of making money
Zeushash also gives you an opportunity take advantage of their affiliate marketing offer! Once you create and account and test their services you will receive your referral link and for each person who will sign up by using your link Zeushash will reward you with additional 2GH/s. Go ahead, test their services, start earning and share your experiences with us!