Introduction to Bitcoin Mining

Why Bitcoin is mined?

Bitcoin mining is the backbone of the Bitcoin network. Miners provide security and confirm Bitcoin transactions. Without Bitcoin miners, the network would be attacked and dysfunctional. Bitcoin mining is done by specialized computers. The role of miners is to secure the network and to process every Bitcoin transaction. Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin's famous "blockchain"). For this service, miners are rewarded with newly-created Bitcoins and transaction fees.

Big changes in Bitcoin mining

However, Bitcoin mining has evolved significantly over the past decade. What started in 2009 as a competitive hobby for tech-savvy enthusiasts has now become a sophisticated, industrial-scale venture that requires specialized equipment and significant electrical power. This complexity has inspired new approaches to make mining concepts more accessible.

Virtualized Bitcoin mining platforms

In response to the increasing difficulty and resource requirements of traditional Bitcoin mining, virtualized mining platforms have emerged. Virtualized mining offers a unique solution by allowing individuals to participate in a virtualized mining experience without the need for large upfront investments in hardware or technical expertise. Our platform uses a virtualized Bitcoin mining system that models mining concepts and calculates Bitcoin rewards based on virtualized mining power. Users can explore virtualized mining contracts and see how reward accumulation works within our system.

This approach not only makes mining concepts accessible but also significantly It reduces the barriers to entry by letting users explore how Bitcoin mining rewards work without the complexity or cost of traditional mining. Our virtualized mining system is designed to help users learn and experience these concepts in an accessible way, and it avoids the challenges associated with real-world mining hardware while not representing actual physical mining equipment. Because of this, there are no large upfront costs, and users can try the system for free.

Types of Bitcoin mining

Understanding Traditional Bitcoin Mining

Traditional Bitcoin mining involves setting up physical hardware, managing electricity costs, and dealing with heat and noise generated by the machines. While it offers direct control over mining operations, it comes with substantial challenges:

• High upfront cost for purchasing equipment.
• Ongoing electricity and maintenance expenses.
• Technical knowledge required for setup and maintenance.
• Space and infrastructure to house mining rigs.

The Advantage of Virtualized Mining

Virtualized mining, on the other hand, offers a more convenient and accessible way to explore Bitcoin mining concepts:

• No need for expensive hardware purchases.
• No electricity or maintenance costs.
• User-friendly platforms with minimal technical requirements.
• Flexible virtualized mining contracts to suit different preferences.

By using our virtualized mining system, you can explore how Bitcoin mining rewards work without the complexities or costs of traditional mining. Our platform presents mining concepts in a virtualized format that makes them easy to understand and experience.

Getting Started with Virtualized Mining

Creating account in our platform

To get started with our virtualized mining system, you first need to create an account in order to track your Bitcoin rewards within the platform.

Open the Platform by downloading the app from Google Play or App Store, or if you are on desktop, go directly to the web platform.

When the app is downloaded or the web platform is open, you will be presented with sign in screen. We support the most popular sign in methods, such as Google Sign-in and Signing in with Apple Id. Choose your preferred authentication method and you will be sent directly inside our platform.

Getting to know virtualized Bitcoin mining and virtualized mining contracts

On the main screen of the platform you will be presented with all available virtualized mining contracts, including our free offerings.

A virtualized mining contract represents virtual mining power within our system. Each contract comes with a defined amount of virtualized mining power, typically shown as GH/s (gigahashes per second) or TH/s (terahashes per second). Higher virtual mining power allows your contract to process reward calculations more frequently within the system, which can lead to higher Bitcoin reward accumulation over time.

In traditional Bitcoin mining, a new block is added to the blockchain roughly every 10 minutes, and miners who successfully contribute to that block currently receive 3.125 BTC. Because the network contains an enormous amount of mining power, the chance of an individual miner earning a full block reward alone is very low. This is why miners often join mining pools, where their combined power allows them to share rewards proportionally.

Claiming your first virtualized Bitcoin mining contract

Now that you understand the basics of Bitcoin mining, to get a taste of how our virtualized system works, I suggest you claim the free virtualized mining contracts simply by clicking on them, and you will be taken to the contracts page.

In the contracts page you can see how much Bitcoin rewards each of your virtualized mining contracts has accumulated. The balances will be updated in real time, and reward accumulation will start immediately.

Now click on the lower left corner to open the main Mining page again where you can see all the contracts.

When using the platform on mobile, you have the option to watch ads to receive more free virtualized Bitcoin mining contracts, when they are available.

Now that you have got a taste of the free virtualized mining, you may want to explore some of our more powerful paid virtualized mining contracts.

In the page there's a slider you can use to decide the virtual mining power you want for your contract. Just move the slider to the right and the virtual mining power increases, however this of course comes with a price, thus it's important to find the amount you are comfortable with for your virtualized mining contract.

When you have chosen the plan you want to get, just tap subscribe on the lower right corner of the platform and follow the payment steps and the more powerful paid virtualized mining contract will appear on your contracts page. You can purchase as many virtualized mining contracts as you want.

Now that you have the virtual mining power you want, you can sit back and relax. The reward accumulation will start immediately and Bitcoin rewards will start accumulating in your in-app wallet.

You can come back to the platform every now and then to see your Bitcoin rewards accumulate, but we will handle everything, and after purchasing the contract, there's no other fees besides when you want to withdraw there's a very small network transfer fee of 0.00000010 btc on Bitcoin Lightning network.

When you have accumulated enough Bitcoin rewards, and you are ready to withdraw, it's super easy. Just open the wallet screen by tapping the bitcoin amount on upper right corner, or choose wallet from lower right corner. There you can tap the 'Withdraw' button and you will be presented with withdraw options. The best option is definitely Bitcoin Lightning network, as it has the lowest fees.

You can withdraw your Bitcoin rewards to centralized exchanges such as Coinbase, Binance or any other which support Bitcoin deposits, or your own personal wallet.

Now you just need your Lightning address, which you can get from Binance for example, by on their site choosing Deposit → Bitcoin → Lightning network, and you will be presented with your personal Lightning address.

Now just copy the address, and paste it in the withdraw screen, choose the amount you want to withdraw, and tap confirm. Within seconds your Bitcoin will arrive on your Bitcoin wallet.

Earning even more

Invite your friends to receive referral bonus rewards

In the earn more screen in lower right corner you have your special referral link. Use it to invite all your friends to the platform, and you and your friends can receive bonus Bitcoin rewards based on their activity, as defined in the referral program.

Any questions? Our support is dedicated to answer all your questions, so just send us email at [email protected]