Bitcoin has completely upended the way we’ve traditionally viewed money. After years of trying, innovators were able to develop a digital currency that has finally decentralized money. Bitcoin’s usage doesn’t require permission from a bank or government. Since it is transmitted through thousands of computers and millions of users, it is decentralized; this means the power of bitcoin lies with those who use it. The goal is to make trusted third parties, like banks, obsolete. Bitcoin has revolutionized how our money will work in the future, so now is the time to become an essential part of the process through bitcoin mining.
What Is Bitcoin Mining?
Bitcoin mining doesn’t take place deep underground with men in hardhats doing manual labor. It is the process through which bitcoins enter into circulation and how transactions are processed and cataloged through an extensive network. It all starts at the blockchain level.
The blockchain is part of what makes bitcoin trustworthy; it is a digital ledger that includes all transactions. To change one element of the blockchain, you would have to change it on every level. As more blocks are added to the blockchain, it increases the system’s security. This digital technology, combined with the fact that there are a finite number of bitcoins, allows bitcoin to be a trusted source of money. With bitcoin, there is not a single person in charge; instead, anyone who uses the blockchain can view and use it.
Bitcoin mining is a computational process that requires specific hardware to solve complex mathematical problems to add transactions to the blockchain. As a reward for solving this puzzle, the miner is rewarded with bitcoin. Then, the other bitcoin miners and users must verify that the correct solution was indeed found.
Can I Mine Bitcoin at Home?
If you have the required technical skills, you may be able to mine bitcoin at home. Since bitcoin was created with the principle of decentralization in mind, it is a very supportive online community; you can easily find the information you need to get started.
It is worth noting, though, that bitcoin mining requires significant computational power. If you are working with your old PC, you probably don’t have enough power to reap much of a reward from bitcoin mining. Instead, you should invest in a computer setup specifically designed for bitcoin mining. These setups require ASIC chips, which cost several thousand dollars. You will also need to find bitcoin mining software, which is readily available and affordable. However, these setups are very expensive to run and maintain.
Since there are a finite amount of bitcoins, 21 million to be specific, as more get mined, it will become more difficult to solve the problems which run the blockchain; this will require more computing power. Between the investment in hardware and the electrical cost it takes to run your computer 24/7, it may cost a lot more to mine than the ROI.
This doesn’t mean you can’t mine from home, just know that constantly running your rig will quickly drive up your energy bill. Consider working with a mining pool to cut operational costs; pools connect multiple computers into a single network, and the bitcoin rewards will then be divided evenly within the pool. You can still support the bitcoin mining community without an insane energy bill by investing in a bitcoin mining company that already has the infrastructure in place to support the high energy demands of mining.
Invest With Gryphon Digital Mining
By investing in a bitcoin mining operation, you are not responsible for providing the hardware but you can still benefit from the process. You will be investing in the future of currency while becoming part of the community that supports the decentralization of money.
Unlike other bitcoin mining operations, Gryphon Digital Mining is dedicated to creating a bitcoin miner with a net-zero carbon footprint. Since so many computers are constantly running, bitcoin mining requires an incredible amount of energy. Think of the thousands of computers running just to fill in one block on the blockchain. Now, think of them doing that constantly to profit from bitcoin mining. By investing in a company like Gryphon Digital Mining, you are part of the solution to the energy crisis bitcoin mining poses.
We know we live in a world with finite resources and when we mine bitcoin the traditional way, we use excessive amounts of electricity. Gryphon Digital Mining has partnered with one of the world’s largest digital currency data centers with 21 million watts of hydro-powered energy. They plan to use their carbon-neutral mining system to continue to invest in high-powered technology, which they hope to apply to solar and wind-powered energy sources in the future.
With the use of renewable energy, Gryphon Digital Mining can mine bitcoin without as high an overhead. This means they forecast a high return on investment with a low BTC, or bitcoin price. By choosing to invest with Gryphon Digital Mining, you will be an integral part of the bitcoin mining process while finding a solution to its negative environmental impacts.
