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All You need to know about Gainers Bay Mining

  • Thank you for visiting our mininging platform. To help you understand what bitcoin mining is, read through our explanation of what Bitcoin Mining is and all you need to know.

    Bitcoins act like cash, but they are mined like gold. So how does someone get into the current bitcoin rush? If properly done and willing to take the investment risk, you could wind up with a few bitcoins of your own which currently have an average weekly price of $945 on the largest bitcoin exchange. Here's how it's done.


    When the algorithm was created under the pseudonym Satoshi Nakamoto - which in Japanese is as common a name as Steve Smith - the individual(s) set a finite limit on the number of bitcoins that will ever exist: 21 million. Currently, more than 12 million are in circulation. That means that a little less than 9 million bitcoins are waiting to be discovered.

    Since 2009, the number of bitcoins mined has skyrocketed. That's the way the system was set up - easy to mine in the beginning, and harder as we approach that 21 millionth bitcoin. At the current rate of creation, the final bitcoin will be mined in the year 2140.


    There are three primary ways to obtain bitcoins: buying on an exchange, accepting them for goods and services, and mining new ones. "Mining" is lingo for the discovery of new bitcoins - just like finding gold. In reality, it's simply the verification of bitcoin transactions.

    For example, Nina buys a TV from Merkel with a bitcoin. In order to make sure his bitcoin is a genuine bitcoin, miners begin to verify the transaction. It's not just one transaction individuals are trying to verify; it's many. All the transactions are gathered into boxes with a virtual padlock on them - called "block chains."

    Miners run software to find the key that will open that padlock. Once their computer finds it, the box pops open and the transactions are verified. For finding that "needle in a haystack" key, the miner gets a reward of 25 newly generated bitcoins. The current number of attempts it takes to find the correct key is around 1,789,546,951.05, according to Blockchain.info a top site for the latest real-time bitcoin transactions.

    Despite that many attempts, the 25-bitcoin reward is given out about every 10 minutes. In 2017, the bitcoin reward for verifying transactions will halve to 12.5 new bitcoins and will continue to do so every four years.


    Bitcoin mining can be done by a computer novice - requiring basic software and specialized hardware. The software required to mine is straightforward to use and open source - meaning free to download and run. A prospective miner needs a bitcoin wallet - an encrypted online bank accoun - to hold what is earned.

    The problem is, as in most bitcoin scenarios, wallets are unregulated and prone to attacks. Late last year, hackers staged a bitcoin heist in which they stole some $1.2 million worth of the currency from the site Inputs.io. When bitcoins are lost or stolen they are completely gone, just like cash. With no central bank backing your bitcoins, there is no possible way to recoup your loses.

    How at gainersa bay, investors dont need to worry about their mined bitcoin as all risk of mining are taken care of.

    The second piece of software needed is the mining software itself - the most popular is called GUIMiner. When launched, the program begins to mine on its own - looking for the magic combination that will open that padlock to the block of transactions. The program keeps running and the faster and more powerful a miner's PC is, the faster the miner will start generating bitcoins.

    When mining began, regular off-the-shelf PCs were fast enough to generate bitcoins. That's the way the system was set up - easier to mine in the beginning, harder to mine as more bitcoins are generated. Over the last few years, miners have had to move on to faster hardware in order to keep generating new bitcoins. Today, application-specific integrated circuits (ASIC) are being used. Programmer language aside, all this means is that the hardware is designed for one specific task - in this case mining. New faster hardware is being created by various mining start-ups at a rapid rate and the price tag for a full mining rig - capable of discovering new bitcoins on its own - currently costs in the ballpark of $12,000 or more.

    This is where gainers bay comes in. Often times individuals are unable to afford buying the bitcoin mining machine since PCs powers are no longer sufficient to mine effectively.

    There is a way around such a hefty investment: joining mining pools. Pools are a collective group of bitcoin miners (Just like Gainers Bay) from around the globe who literally pool their computer power together to mine. (However at Gainers Bay, we do not use our investors computer rather, they pay an investment capital which is use to pay, maintain and operate large mining stations with different mining machines and computers).

    Bitcoins can be broken down into eight decimal points. Like wallets, pool sites are unregulated and the operator of the pool - who receives all the coins mined - is under no legal obligation to give everyone their cut. Well at Gainers Bay, we make sure every investors gets their cut of mined bitcoin and these profits are allocated to all investors under such investment package they chose.

    The other way you could lose money when it comes to mining is power consumption. Currently, profits outweigh money spent on the energy needed to mine. Again, that could quickly change due to the volatile price of bitcoin. Again, Gainers Bay takes care of mining expenses as investors only have to wait to be credited with their profit weekly or monthly.