Assets, Bitcoin

What Are the Best and Legit Mining Sites for Bitcoin?

Bitcoin mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks.

The block chain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the block chain to differentiate legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.

Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid.

This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function.

NOTE: WARNING: There is no such thing as a “best” or “legit” bitcoin mining site. Mining for cryptocurrency is an inherently risky activity and any site offering to do so should be treated with extreme caution. Furthermore, many so-called “mining sites” are, in reality, scams designed to steal your money or personal information. It is important to thoroughly research any website before entering any personal or financial information into it, as well as looking for reviews from users who have interacted with the site in the past.

The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce bitcoins into the system.

Miners are paid transaction fees as well as a subsidy of newly created coins, called block rewards. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system through mining.

The best and most legit mining sites for Bitcoin are those that have been around for awhile and have built up a good reputation among the Bitcoin community. Some well-known and respected mining pools include BitMinter, Eligius, and BTC Guild.

These pools are known for their high payouts, low fees, and fair treatment of miners.

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