Bitcoin is created by the act of mining. The members of the network provide their computational power for calculations of mathematical problems, and for this effort they are rewarded with bitcoins. However, the more members are mining, the more competitive it gets. Computers are really good at solving these mathematical problems, so the Bitcoin Network purposely makes the solution more and more difficult, otherwise all of the bitcoins would be mined in a couple of minutes. This is why there are already many highly specialized hardware on the market, their only purpose being exclusively Bitcoin mining.
As new models come out quite frequently, everyone must regularly optimize their mining gear, to stay competitive. Once a new mining rig is introduced to the market, the old ones quickly become outdated and therefore unprofitable. At the same time this gradual development of the technology increases the overall difficulty of mining again. The result is a never ending circle of the constant need to optimize. This explains why it is a must to start with the best available hardware and to start immediately in order to mine profitable for as long as possible as well as not to lose a minute of precious mining time. The days when you could use your laptop to mine for bitcoins are long gone.
Genesis Mining offers a smart and easy alternative. Their solution is suitable for those who are new to the world of crypto currencies, as well as for cryptocurrency experts and large-scale investors. Genesis Mining is a large-scale multi-algorithm cloud mining service offering an alternative to those who would like to engage in Bitcoin and altcoin mining. They provide the most efficient and reliable mining rigs for rent. They have been around since 2014 and are a respected and trusted bitcoin company.
It’s probably the easiest way to get involved with Bitcoin: simply buy a cloud mining contract and start mining today without a headache or expensive hardware. There are other companies offering similar services. Some of them are very well known with excessive advertisements that don’t disclose any information about themselves or their founders and are offering impossibly low prices. Many of those came and went. A lot of them turned out to be not trustworthy at all or even pure scams. Be prudent when investing in cloud mining and stick with a company you can trust.
Genesis Mining also offers altcoin mining; like Ethereum mining, for example. Altcoins have a high importance because diversity fosters innovation. The many different coins with their strong communities are an inseparable part of the digital currency sector. Customers can decide which coins they want to mine with their purchased hashpower. The allocation of the hash power between the coins is completely flexible, and thanks to a great user interface, very simple and fun to do, too.