Ever wondered how bitcoin and other cryptocurrencies are actually made?
Over the past several years, cryptocurrencies like Bitcoin have been quietly growing in popularity, with an ever-larger number of people buying and selling them. Now that Bitcoin has hit the mainstream and become a worldwide phenomenon, more people than ever are looking to get into the cryptocurrency game.
The production of cryptocurrencies is not anything like that of regular or fiat money. There is no central authority that issues new notes; instead, bitcoins or litecoins, or any of the other so-called 'alt-coins' are generated through a process known as 'mining'. So mining cryptocurrency is like minting regular or fiat money. Therefore investing in mining is like investing in a minting company.
In addition to production of cryptocurrency, mining involves authorizing transactions on the blockchain. This is because each time a cryptocurrency transaction is made; a cryptocurrency miner is responsible for ensuring the authenticity of information and updating the blockchain with the transaction.
The work of mining is therefore inevitable on the blockchain. The miners have a significant value added role in the blockchain transaction ecosystem.
Cryptocurrency mining requirements
There was a time in which Individuals were able to mine their own cryptocurrencies using a standard PC, but this is no longer viable. As the acceptance of Bitcoin and cryptocurrency has become main stream, the quality and quantity of hardware needed to mine effectively has increased. This has led to a leap in mining requirements - from a reasonably-powerful processor, to a high-end GPU, to several GPUs working in conjunction, to -now - specialized chips specifically configured for cryptomining.
Nowadays you will have to spend upwards of £1,000 on the appropriate hardware to mine most modern cryptocurrencies successfully. The energy consumption, meanwhile, is substantial - and you'll need to keep an eye on these rising costs while running your machine 24/7. Most miners will spend the overwhelming majority of their income from mining on paying to maintain and run the equipment.
Introducing Extrabit
Extrabit Ltd is a UK registered Company. It is into the development of cryptocurrency mining farms. Extrabit mining platform is profitable because the company own the mining facility, have access to free electricity and professional crypto experts.
Recently, the company has successfully acquired a contract from the local supplier which entitles them to free electricity usage over the course of the initial five years to supplement the mining functionality by virtue of complex hardware systems. The agreement allows Extrabit cheap electricity for a lifetime after the expiration of the initial first five years of the contract. The juicy part of this concept is that EXTRABIT emphasizes on secure investments and profitable mining aspects sighting an expected ROI of 185% on a yearly basis. The blockchain development company is presently at the brink of the cryptocurrency boom which glorifies the prospects of exponential returns in the years to come.
ICO
The Extrabit ICO is divided into 3 segments based on discount available. At the time of this article, the first phase discount is fully subscribed. The second strata discount is running.
The ICO will help Extrabit raise funds for the development of mining infrastructure and the new project called Decentralized Mining Platform. Participating in the ICO makes you an investor. Investors and all token holders will receive 185% yearly ROI based on the number of tokens held, paid in Ethereum every quarter as long as you own your EXB tokens.
This makes Extrabit a succulent investment platform to explore.
Conclusion
We have seen how important mining is in this digital age. It is therefore very vital to position now in the main stream of the core value added aspect of the blockchain. Joining a pool is advantageous than going solo. It is a way of leveraging.
More details
Be a part of this opportunity either by investing in the ICO or by promoting the token through the bounty campaigns for a reward or both.
Read through the official website https://extrabit.io/ ,the whitepaper https://extrabit.io/assets/files/Whitepaper.pdf, also the bounty thread https://bitcointalk.org/index.php?topic=3328025.0 as well as follow Extrabit on twitter https://twitter.com/ExtrabitLtd to get more information to shape your decision on this token.
Article by: MainIbem
BitcoinTalk: https://bitcointalk.org/index.php?topic=2430807.0
ETH: 0x723aa1680aaf31ada078155c878929c19b8f905b