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It’s not English as we know it, Jim

Thursday, 18 May, 2017 0 Comments

Sample sentence: “Bitcoin.com Pool Cloud Mining offers the highest profit contracts in the cloud mining industry, due to 110% block reward and competitive contract prices. Additionally, our cloud mining contracts provide 100% guaranteed uptime and stable hashrate.”

Eh?

If you’ve ever thought about where Bitcoin comes from, the answer is that it gets “mined”. Bitcoin mining adds transactions to the block chain and releases new Bitcoin into circulation. The mining involves compiling recent transactions into blocks and trying to solve a computationally challenging puzzle. The first person who solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards include the transaction fees paid to the miner as well as the newly released Bitcoin.

Clear?

“Our mining pool has been growing fast with a hashrate of 141.19 Ph/s and now captures 2.93% of the Bitcoin network.” That’s from the introduction to yesterday’s press release announcing that Bitcoin’s cloud mining industry has been opened to the public. “Now Anyone Can Mine Bitcoin” is how the initiative is being marketed. So, instead of having to invest in our own mining gear, we can simply leap into the pool.

Pool. Mine. Cloud. Odd that the cryptocurrency is located in such real-world places.


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