It’s important that online bookie agents understand all aspects of bitcoin.
The reason is because the more agents understand aspects of bitcoin, the more likely they are to accept bitcoin as a viable, important, digital currency.
This blog describes “bitcoin mining”.
What is bitcoin mining? Continue reading to find out.
Bitcoin Mining – What is it?
Bitcoin mining is the process by which bitcoins are discovered. It can also be described as the process by which transactions are verified.
The public ledger regarding bitcoins is called the blockchain. The result of bitcoin mining is adding verified transactions to the public ledger, or the blockchain.
Here’s a step-by-step process of what bitcoin mining does:
- Bitcoin miners compile recent transactions into blocks.
- Bitcoin miners compete with other miners to solve a computationally difficult puzzle.
- The first bitcoin miner to solve the puzzle gets to place the block onto the blockchain, the public ledger.
- Once this happens, the miner acquires transaction fees and any newly released bitcoins.
Bitcoin Mining – Specifics
Bitcoin mining is not easy. It used to be easy. Now, it’s incredibly hard.
Bitcoin miners must have a powerful graphics processing unit (GPU) to mine bitcoins. For most individuals, the amount of energy used to mine the coins makes bitcoin mining ineffective.
The real question regarding bitcoin mining is: How difficult are the puzzles required to solve to verify a transaction and acquire newly created bitcoins?
The bitcoin network has a rule that stipulates the difficulty of mining bitcoins adjusts every two weeks. This rule is in place to keep the number of bitcoins mined constant.
- The more bitcoin miners participating the harder the puzzles.
- The less bitcoin miners participating the easier the puzzles.
The amount of bitcoin released each block is halved every 4 years. This comes out to the number of available blocks being halved every 210,000 blocks.
The total release of bitcoin will result in only 21 million.
The total of 21 million is why the price of bitcoin has skyrocketed. At this point, a mere bitcoin costs $7,719.62. It’s gone up an incredible 62% in the past month, October, 2017, alone.
Does Your Sportsbook Accept Bitcoin?
Now, even though we’ve went through the basics of bitcoin mining isn’t so that online bookie agents can start mining their own.
As started in the beginning – it’s important to understand how a bitcoin is mined so agents know what they’re offering – privacy and protection.
If agents aren’t offering bitcoin through their sportsbook – it’s time to start. PayPerHead.com allows agents to deposit bitcoin without paying any fees.
This allows online bookies to make the most out of their sportsbook by allowing them to keep what they earn.
PayPerHead wants their agents get the most from their sportsbook management software. That’s why, for a limited time only, they’re including a 5% rebate for all deposits up to $250.
So, their agents not only pay no deposit or transaction fee – but they also make more cash.
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