Bitcoin (BTC) is an open source, peer-to-peer payment network that was introduced by a pseudonymous developer named Satoshi Nakamoto. Bitcoin is the first implementation of crypto-currency, which suggests the idea of a new form of money that uses cryptography to control its generation and transactions.
Bitcoins can be accumulated in different ways; however, the most popular yet challenging method to earn free bitcoins is through Bitcoin mining. Mining is the process by which new bitcoins are generated. When mining, your computer adds new bitcoin transactions to the publicly-shared ledger called as the “block chain”, and searches for new blocks. When your computer discovers a new block you receive a certain number of bitcoins. At present, there are 25 BTC per block.
In Bitcoin mining, you have the option to perform solo mining or join a Bitcoin mining pool. However, if you set out mining on your own, it may consume a lot of time before you can make some profits. Furthermore, mining requires massive computing power for the Bitcoin software to work. If your computer hardware and graphics are not very powerful, pooled mining is the only way for you to earn bitcoins. All you have to do is choose a reputable mining pool to ensure you will get a fair return on your investments.
With its 275,122 block marker, Bitcoin (BTC) poses a Bitcoin difficulty of 908350862.437. This only shows a steady increase of the crypto-currency’s difficulty. Despite of its constantly increasing difficulty rate, Bitcoin banners an average difficulty fluctuation. Difficulty fluctuations can be used as an indicator to determine how consistently you will earn coin rewards over a period of time when mining.
Through the Bitcoin calculator, you can compute for your potential profit hourly, daily, weekly, monthly, and even annually. By simply providing key details like hash rate, power costs, block reward, exchange rate, hardware costs, and the Bitcoin difficulty, you will already have a fair idea of how much you can earn from mining BTC in a certain time frame.
Aside from mining, you can instantly load your wallet with free coins by taking advantage of the available Bitcoin faucet online. Keep in mind, though, that there’s a cool down period and verification process imposed to moderate its use. But before anything else, it is integral to get your Bitcoin wallet by simply downloading it from the Bitcoin (BTC) website. Most bitcoin wallets are offered for free, just make sure to read and understand the site’s terms and conditions with regards to the usage of such online wallets.
Surprisingly, this virtual currency hit a new milestone by passing the $1000 mark for the first time. Bitcoin (BTC) is currently trading above the four-digit figure, with its highest at $1,030 on Mt. Gox, one of the largest Bitcoin exchanges. With the continuous demand for the said digital currency, expect that the Bitcoin price/value will continue to fluctuate for the next couple of weeks.