Veröffentlicht: 26.01.2018

Miner

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What Does Miner Mean?

Miner is an English word that originates from the German word, “Schürfer”, meaning “‘prospector”. Just as gold prospectors mined the earth in the past, nowadays it is possible to “dig” for treasures digitally with computers.

This is made possible by cryptocurrencies such as Bitcoin and Ethereum. Cryptocurrencies exist thanks to the contributions of many participants collaborating via a network, confirming and verifying each other.

This means that no single participant can harm the integrity of the underlying system. This system is called the blockchain. As the name implies, this is a chain of data blocks.

The blockchain is based on a hashing algorithm, which sends increasingly complex computational tasks to participants. By helping computers in the network solve these tasks, participants help to add new blocks to the blockchain.

To ensure that participants use the computing power of their own devices, cryptocurrency developers offer small profits. These profits are usually gifted in the form of units of currency handled by the blockchain.

This process is called “mining” or “prospecting”. A miner is, therefore, someone who receives shares in a cryptocurrency by providing the computing power of their own device.

How to Mine Cryptocurrencies

In the early days, mining was easily handled with the use of home computers. This is occasionally still the case with young cryptocurrencies. The processors of graphics cards can be used to mine particularly efficiently.

However, since the calculation tasks of the blockchain are becoming increasingly difficult, the storage capacity of such cards is rarely sufficient. Here, special computer chips, called application-specific integrated circuits (ASICs), can help.

These chips can be programmed specifically for the purpose of mining.

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Earn Bitcoin with master nodes from 0.015 BTC - For beginners

Recommendation for beginners: Der Masternode Pool Club PoolNode is the little brother of the company GetNode. PoolNode enables its members to participate in a unique Masternode Pool which is already over 100 Bitcoin in size. PoolNode achieves very good results through active management of the pool and continuous acquisition of new master nodes. With GetNode you can participate from 0.2 Bitcoin and with PoolNode from 0.015 BTC.

Earn Bitcoin with Masternodes

Editor's recommendation Der Masternode Pool Club GetNode is the only provider of its kind. GetNode enables its members to participate in a unique Masternode Pool which is already over 100 Bitcoin large. GetNode achieves very good results through active management of the pool and continuous acquisition of new master nodes.

The big comparison - Masternodes vs Mining

What's the best way to make Bitcoin?
In our detailed article on Bitcoin Mining vs. Masternodes, we have compared the different methods of Bitcoin extraction. Bitcoin Mining or Cloud Mining is only worthwhile in very specific market phases. Learn more about this in our article Bitcoin Mining - Masternodes the better alternative!