ECOSYSTEM OF CRYPTOCURRENCY BY SOCC ACADEMY
WHAT IS BITCOIN MINING ?
Mining in bitcoin is just a term because it is like gold & oil in the virtual world. But the process is the same. We need special equipment for bitcoin mining. It’s an algorithm calculation and transaction verification in order to get satoshi block or also known as bitcoin.
Bitcoin Mining is the process of solving algorithms with difficulty and verification process by all computer networks around the world for transaction validation. Computers that make a lot of work on algorithm and verification work will be rewards in the form of bitcoin blocks.
3 TYPE OF CRYPTO MINING
NODES MINING, it’s will appear in blockchain or crypto mining ledger among the larger mining in their system.
SOLO MINING, this are smaller miner, they mine at small office or at home. But this miner must plugin to any Nodes Miner they want to be a part of mining system.
CLOUD MINING, Cloud Mining is the process of bitcoin mining utilizing a remote datacenter with shared processing power. This type of cloud mining enables users to mine bitcoins or alternative cryptocurrencies without managing the hardware. There is 2 type of cloud mining, Physical Cloud mining which is having data centre or mining farm and Virtual Cloud mining which is claiming having datacentre or mining farm with other miners. Most of Virtual Cloud Mining are scam.
There are hundreds, even thousands of bitcoin miners across the globe, the largest and real miners and those who receive a lot of bitcoins are listed on the website www.Blockchain.com
This diagram is a list of large miners who receive bitcoin and run REAL NODES MINING. Not a scam program that says mining but is not in the hash-rate distribution list.
This video show you top 10 bitcoin miners appear on blockchain distribution list.