Crypto-Mining Explained

10 months ago

As the success and popularity of crypto-currency continue to grow, so does its mining industry.
Like gold mining, the coins already exist in the protocols design they just haven’t been ‘dug up’ yet.

If you’ve been combing the internet in search of a simple explanation of crypto-mining then you’ve come to the right article. We won’t delve into ‘nodes’ or ‘hashing’, what we will do is combine the important aspects of crypto-mining into 5 main points.

  1. Crypto Miners

    Miners check crypto-currency transactions such as Bitcoin payments. Coins are mined and used as a reward for whoever can solve the maths problem and validate the transaction first. Mining set-ups range from home desktops to full-scale warehouses of servers.

  2. Incentive for Mining

    As mentioned, miners work to be the first to solve a maths problem and verify a transaction; in return, miners receive an incentive such as a fraction of a Bitcoin. This is an efficient method to distribute currency and encourage miners to participate.

  3. Difficulty

    Depending on how fast the maths problems are being solved, a Bitcoin network, for example, will automatically change the difficulty to ensure the block time (average time to solve the maths problem) stays about 10 minutes.

  4. Decentralised

    Miners check transactions, this combats the need for an intermediary or a ‘middleman’. To read more about Bitcoin transactions and decentralisation.

  5. Mining Pools

    Crypto mining is basically an arms race and as more miners join, the math problems have become too difficult to solve alone. Therefore, Mining pools were developed to combat this problem, pools can find a solution faster and every miner involved shares the reward.

Let’s get started

Get in touch today and speak with one of our friendly staff. We will take the time to assess your business requirements and provide an obligation-free quote. 

Facebook
Twitter
LinkedIn

CORE

All the essentials
$ 69 Monthly
  • 3 Hours Remote Support
  • Support Hours 8am - 5.30pm M-F
  • Best Effort Response Times
  • Staff Onboarding + Offboarding
  • Microsoft 365 Administration
  • Cyber Security Awareness Training
  • EDR/Antivirus - Endpoint Protection
  • Cloud Hosted Email Security
  • Critical Software + Security Updates
  • Server Performance Monitoring
  • 24 x 7 System Monitoring + Alerts
  • Daily Backup Monitoring
  • Monthly Executive Reports
  • Standard Operating Environment

Growth

Unlimited Support + Security
$ 89 Monthly
  • Unlimited Remote + Onsite Support
  • Support Hours 8am - 5.30pm M-F
  • Guaranteed Response Times
  • Staff Onboarding + Offboarding
  • Microsoft 365 Administration
  • Cyber Security Awareness Training
  • EDR/Antivirus - Endpoint Protection
  • Cloud Hosted Email Security
  • Critical Software + Security Updates
  • Server Performance Monitoring
  • 24 x 7 System Monitoring + Alerts
  • Daily Backup Monitoring
  • Monthly Executive Reports
  • Standard Operating Environment
  • Keeper Password Manager
  • Duo Multi Factor Authentication
  • DNS Filter Internet Protection
Popular

Enhanced

Unlimited Support 24x7 + Security
$ 159 Monthly
  • Unlimited Remote + Onsite Support
  • 24 Hours Support - 7 Days a Week
  • Priority Response Times
  • Staff Onboarding + Offboarding
  • Microsoft 365 Administration
  • Cyber Security Awareness Training
  • EDR/Antivirus - Endpoint Protection
  • Cloud Hosted Email Security
  • Critical Software + Security Updates
  • Server Performance Monitoring
  • 24 x 7 System Monitoring + Alerts
  • Daily Backup Monitoring
  • Monthly Executive Reports
  • Standard Operating Environment
  • Essential 8 Assess & Report
  • Monthly Vulnerability Scanning
  • Threatlocker Application Control
  • Keeper Password Manager
  • Duo Multi Factor Authentication
  • DNS Filter Internet Protection