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Bitcoin (BTC) – is a cryptocurrency that is a decentralized digital currency without a single central authority or single administrator. It can be sent from user to user through the Bitcoin peer-to-peer network without intermediaries such as banks. Transactions are checked by network nodes through cryptography and written into a public distributed book called a blockchain

Bitcoin was proposed by a mysterious developer known as Satoshi Nakamoto and launched in 2009 as open source software. New Bitcoins are сreated in the “Mining “ process. This is the computation process in which nodes (miners) confirm and record transactions to the blockchain.

The main features of Bitcoin:

1. Decentralisation: There is no single organization or state that controls bitcoin.
2. Limited offer: The maximum number of bitcoins that can be created is 21 million.
3. Privacy: Transactions are not associated with real usernames, but connected to the addresses of their currency wallets.
4. Opacity: The history of all transactions is available to anyone who wants to see the blockchain.
5. Cancellation: After confirmation, the transaction cannot be canceled.
6. Сensorship resistance: Transactions cannot be blocked or stopped.

Bitcoin is currently capitalized at $511 billion. Bitcoin is a means of payment or savings and investment in the world’s largest countries, such as the USA, Germany, Singapore, Switzerland.

Blockchain is a data structure that is a sequential list of blocks, each containing transaction information. Each block is connected to the previous block in a special way: it contains the cryptographic hash of the previous block. It is creating a connected chain of blocks. . This connection makes the blockchain stable: if you change the information in one of the blocks, the hashes of all subsequent blocks will be broken.

How the mining process is arranged and what is the reason for paying miners a reward?

1. Mining : This is the process by which participants (miners) use the computing power of their computers to solve complex mathematical problems that confirm and record transactions in a new block.
2. Miner task: Miner first tries to find the right solution. Whoever finds a solution first gets the right to add a new block to the chain of blocks and receive a reward.
3. Block reward: When the miner successfully adds a block to the blockchain, it receives a reward that consists of two parts:

– New Coins (for example new Bitcoins coins on the Bitcoin Network). It also serves as a mechanism for the initial issuance of new coins.

– Transaction fees included in the block.

4. Network security: Mining is a main factor in the attack-resistant nature of Blockchain. To falsify the information in the blockchain, the attacker will need not only to change the information in a particular block, but also to recalculate all subsequent blocks, which requires enormous computing power.
5. Double waste problem: Blockchain solves the problem of double waste in digital currency. This means that the same funds try to spend twice. As transactions are checked and recorded in the blockchain, double spending becomes almost impossible.

As a result, the miners are doing critical work to ensure the safety and operation of the blockchain network. And for that, we pay a reward. This stimulates their participation and provides sufficient computing power to maintain the blockchain.

Mining – is the process of treatment and confirming transactions in the cryptocurrency network, where new blocks are added to the blockchain. Miners use powerful specialized computers to solve complex mathematical problems, and the first to solve the problem receives a reward . It is a mechanism that at once releases new bitcoins and supports network operation through verification and transaction record the form of new bitcoins.

       What makes mining the best investment in Bitcoin?

1. More Bitcoin on invested money: The main reason why mining is the best investment in bitcoin is very simple- for the same amount of investment miner in the future gets more bitcoin than when buying on the  exchange.
2. Hardware prices rise in the same way as bitcoin: The price of mining hardware depends on its profitability, and profitability depends on the price of bitcoin. As a result, the cost of hardware increases with the increase in the price of received Bitcoin. Mining doubles your stake in Bitcoin price increase.
3. Passive income: After initial investment in hardware  miners can regularly receive bitcoins as rewards.
4. Infrastructure support: The security of Bitcoin improves because of the competition of members of the blockchain network (ie miners). The confidence in this cryptocurrency can be increased by this.

It is important to start mining now for the following reasons:

1. Halving – reduced remuneration: Approximately every four years the rewards, also known as the “block reward” for miners are halved. The latest event “half decrease” occurred in May 2020. Accordingly, the following decline will occur in 2024. This thing reduces the flow of new bitcoins to the market. According to experts, this could result in price increases. It also reduces the amount of Bitcoin that has been mined.
2. Boosting recognition of bitcoin: Bitcoin is often compared to gold. This increases demand for Bitcoin and price rises.
3. 3. Technological improvements: Continuous improvements in mining hardware make the process more efficient and potentially profitable, especially at high bitcoin prices.
4. Green energy support: Interest in renewable energy for bitcoin mining has increased in recent years. This opens up new opportunities for green mining and increases confidence among eco-activists.
5. Geopolitical and economic factors: In an uncertain world economy Bitcoin is a valuable, scarce asset that would likely resist inflation.

Mining pool-is a group of cryptocurrency miners who combine their computational power or hashpower to increase their chances of finding a block or mining a new cryptocurrency. Working alone, it is almost impossible to get a reward for many miners, especially with few resources. Pools solve this problem by allowing miners to pool their resources and work together as one entity to augment their chances of mining a block.

How it works

1. Pooling of resources: Miners combine and use their computing power for solving  the complex cryptographic puzzles needed to add a new block to a blockchain.
2. Distribution of reward: When the pool  who solves the problem first receives a reward . This reward is  shared among pool members in proportion to their contribution to the total computing capacity.
3. Reducing income volatility: Compared to individual mining ,pool members receive regular and stable payments.

The main advantages of using mining pools:

1. More stable payments
2. Reward guarantee
3. Reduced income volatility

In general, mining pools play an important role in the modern cryptocurrency ecosystem, providing individual miners the opportunity to compete with large mining operations.