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!