When you say mining cryptocurrencies, few people can imagine anything specific under this term, so we will explain it to you very simply what mining really is and what it is really for.
Imagine that you are shopping in a store and decide to pay for your purchase by credit card. This is provided by companies such as VISA, MASTERCARD or others in cooperation with your bank.
When you pay with this card in the store, what happens is that payment terminal connects with your bank online. The bank will check its records and verify that there is enough money in your account for the purchase or transaction.
If so, the bank will deduct the money from your account, create a record of it and update your balance after this transaction. Then he credits the money in the same way to the vendor.
For this service, i.e. the creation of these records, your bank, card issuer and payment system providers will then split the fee for the provision of this service, up to 4% of the volume of trade. This fee is usually paid by the merchant with whom you made the purchase.
The networks of computers that record these transactions then make billions of dollars each year for these big companies.
Why cryptocurrencies are so progressive is that they replace these central institutions. Instead of one network of computers belonging to a company, all transactions are made in many millions of locations at the same time. (so-called decentralized) Unlike the old system, however, attacking millions of computers at once is virtually impossible.
Specialized "computers" that carry out these transactions are called miners.
Just as banks' super-powerful computer networks keep the system of accounts, credit cards, and transactions in CURRENCY, such as EUR, USD, GBP and others, the specialized computers, or mining devices, keep the CRYPTOCURRENCY system running, such as BTC – Bitcoin, ETH – Ethereum and others.
These mining devices – special "computers" with high computing power perform, store and manage transactions in cryptocurrencies. Therefore, if you buy e.g. Bitcoin, these computers will create, store and keep a record of it.
Just as banks or companies that operate payment systems such as VISA or MASTERCARD receive a commission on these transactions, in the cryptocurrency world, the cryptocurrency commission is given to those who help process transactions through the performance of their devices.
SBMC gives you the opportunity to own and operate such mine!
These specialized computers perform and record ongoing transactions into a system that you simply think of as an online internet ledger. And whenever the entire page of this book is "described" by transactions - it's called The Block, everyone involved in "describing" it (executing transactions) divides the reward depending on what computing power they've provided.
In addition to fees, the device will also split a small amount of new cryptocurrency. Because a cryptocurrency has to mine in this way – in order to get into circulation, the process is called mining – as well as, for example, gold or silver, which must also get out of the ground before it can be used.
You can read more here: get the text for a gold mine
Something about our machines – lack, etc. – contact your SBMC partner and get your VIP code.
