Cryptocurrency networks need computational power to run
securely. The world’s most powerful blockchains are supported by
millions of computers around the world. Unlike paper money,
Bitcoin and other cryptocurrencies are produced mathematically
and held digitally. The people who voluntarily offer their
computing power to secure these cryptocurrency networks are
called miners.
Cryptocurrencies don’t have a central government or other
so-called ‘middlemen’ that decide about the future of the
system. – They are in fact digital, borderless democracies in
which miners vote with their computing power to reach order and
consensus.
HOW IS BITCOIN KEPT SECURE
The only way to not create money out of thin air or corrupt it,
is to burn real energy. This is called Proof-Of-Work. Today,
bitcoin is the most secure computer network on the planet and
it’s practically impossible to break it! The reason for that is
hash power, the umbrella term used for the computing power that
miners provide to the bitcoin network and similar cryptocurrency
networks. Due to the rapid growth of the ecosystem, mining
operations today are mostly running with specialized
high-performance computers that function most efficiently set up
in large data centers.
WHAT ARE THE INCENTIVES FOR MINERS
It all comes down to trust: Miners keep the blockchains
trustworthy and are rewarded for their efforts. As miners, we
are processing and verifying the transactions of the
cryptocurrency ecosystems and keeping their public transaction
history (blockchains) maintained and secure. For this, the
mining community is rewarded with the networks’ transaction fees
and newly created coins. It’s a win-win situation! When you
start mining with us, you are getting your share of this reward.
THE BIG VISION OF CRYPTO CURRENCY
To keep the integrity (and values!) of all cryptocurrency
ecosystems intact, miners keep the networks safe and its
authority decentralized by keeping each other constantly in
check. This allows both a healthy growth and a fair distribution
of currency units to all crypto-citizens!