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The BitCoin BitClub Guide - Part 9

· Bitcoin,BitClub Network,Crypto Currency

If you want to purchase Bitcoin as an investment and you want to join the BitClub Network Company, so that BitClub can mine Bitcoin on your behalf to grow a stable and increasing investment for you, please Join BitClub Here For Free. Once you join, you will be set up with a free lead account and receive follow up emails detailing how you can create a Bitcoin investment account with The BitClub Network. For any answers to questions Contact Clyde Thorburn Here.

The complexity of Mining the Bitcoin. As the popularity of Bitcoin increases more miners join the network, which makes it harder to solve these math problems. For this reason Mining is no longer feasible for an individual and it will continue to get even harder. This has led to the creation of Mining Pools, where many people combine their computing power and increase their odds to mine for Bitcoin. Watch a video where BitCoin mining is explained at https://youtu.be/dPsMEye309A. Bitcoin Mining Equipment. Mining equipment is the term used for specialized computer hardware that has been customized to run hashing functions. These machines can be strung together and plugged into the Bitcoin Network (BitClub have a live chart of the total power hashing power here). The mining equipment is basically an ASIC chip that is designed to handle hashing functions. The rest of the “equipment” is used to cool the chip and provide power to it. BitClub are constantly buying new equipment to leverage their purchasing power on behalf of all BitClub Members. Most of the miners we purchase are from Bitmain (which is the number one seller of mining gear worldwide).
 

BitClub have built a relationship with them that allows BitClub to get preferred pricing and deploy racks of new servers. In addition, BitClub are able to liquidate some of the older mining equipment with Bitmain through their secondary market and this allows BitClub to maximize profits. Anytime BitClub sell off older equipment, BitClub give their members a chance to buyout of their mining contracts and take possession of the equipment they purchased. This is based on the total hashing power and value of the existing shares. You can choose to take possession of your miners and cancel your contract at any time. This is not a refund, you are simply giving up your future earnings to take possession of this equipment so you can mine for yourself or re-sell it. You must contact BitClub individually to get a quote for this. Bitclub Mining Pools. How does BitClub Mining Pool Work? If you are not familiar with Bitcoin mining here is a very basic overview. Every 10 minutes a new block of 25 Bitcoin is found by someone in the network who is hashing. In order to find a block, you must attempt to solve a simple mathematical problem using a cryptographic hashing function. To see an example of this go to the BitClub Pool Website at http://www.bitclubpool.com/ and under Pool Stats you will see a column showing Total Shares in the Round.
 

This is showing how many times BitClub have attempted to solve the mathematical problem since the last Block that BitClub solved. You will also see the column right above showing Current Block Difficulty. This difficulty is the entire network difficulty which is basically showing how many times on average it would take to guess the correct answer and be awarded the block of 25 Bitcoin. The more hashing power you have the higher the probability is to guess the correct answer and solve the problem. When the total shares in the round are equal to the difficulty it means a block should be hit (in theory). However, there is also luck involved and this can be tracked by how many times it actually takes before the block is found. So if you look in the table on this same page at the bottom you will see a list of each block that has been found by the BitClub pool (stats are from pool re-launch July 12th, 2015). You will see under the column labelled Diff how many actual hashes the BitClub machines performed before guessing the answer and hitting a block. Sometimes BitClub gets lucky and sometimes BitClub get unlucky and go way over 100% difficulty before a block is found. This will constantly vary because of many factors but it also averages out over the long term and the more hashing power our pool has, the smaller the variance will be between blocks. You can now track everything on the BitClub page in real time.
 

Read more about Bitcoin and The BitClub Network.

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