Bitcoin mining is one more topic related to Bitcoins and in other articles on what is Bitcoin we discussed Bitcoins wallets and what are the units of Bitcoins. You also understood use of Bitcoins in world today. In this article you will know about Bitcoin mining and what process does this new crypto currency deal with. There is information on what is Bitcoin cash as well.
Bitcoin mining explained
Verification of transactions also happen in Bitcoins and this is responsibility of Bitcoin mining. Moreover mining in Bitcoins means that after checking transactions, they add to public ledger while this ledger is block chain or blockchain.
All these terms such as mining, block chain, crypto currencies are very important when you speak about Bitcoins.
Who can do Bitcoin mining?
Any person can do Bitcoin mining but for that you should have access to required Bitcoin mining hardware and internet.
Know more about Bitcoin wallets.
Explain mining process of Bitcoin crypto currency rewards
You first put all transactions in blocks and later you solve difficult puzzle; this is the first step to mining of bit coins. There are also many rewards for solving this puzzle. It is so because when you keep your block first then you claim rewards.
These rewards on Bitcoin mining are usually transaction fees besides collecting blocks. You remember one more thing here which is release of new Bitcoins. Now that you have some idea of what is meaning of Bitcoin mining you keep reading this article to know more about Bitcoin cash and Bitcoin cash mining.
What is Bitcoin cash?
Bitcoin cash mining is again part of this crypto currency that focuses on transactions and blocks or block chain. Cash in Bitcoin happened somewhere with Bitcoin Classic in August of 2017 and this is very important invention in the field of crypto currency. You see below different advantages of Bitcoins cash mining also –
Uses of Bitcoins cash
- Get a chance to increase size of blocks
- Processing of more transactions happen because of increase of blocks
- On other hand block size limit stops spam attacks
- This stopping of spam attacks is only on network
Bitcoin cash is crypto currency and is fork of Bitcoin Classic and this became most important reason for increasing size of blocks. This particular size of blocks was from one megabyte to eight megabytes.
But it was only in the year 2015 that Bitcoin XT started becoming popular. People then came to know about use of this Bitcoin XT as it helped in increasing total transactions number. As we told you earlier Bitcoin XT is fork of Bitcoin meaning that developers took copy of source code only. This is the reason that people liked Bitcoin XT also.