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What Is Mean By Bitcoin
Bitcoin is one of the most popular types of cryptocurrencies, which are digital mediums of exchange that exist solely online. Bitcoin runs on a decentralized computer network or distributed ledger that tracks transactions in the cryptocurrency. When computers on the network verify and process transactions, new bitcoins are created, or mined.
These networked computers, or miners, process the transaction in exchange for a payment in Bitcoin.
Bitcoin is powered by blockchain, which is the technology that powers many cryptocurrencies. A blockchain is a decentralized ledger of all the transactions across a network. Groups of approved transactions together form a block and are joined to create a chain. Think of it as a long public record that functions almost like a long running receipt. Bitcoin mining is the process of adding a block to the chain.
How To buy Bitcoin ?
“We can process a little over 10 billion Ethereum algorithms per second” alone, Ishaan says.
In addition to being very complicated, mining is certainly not cheap, as it requires expensive equipment, a lot of energy and computer power.
Ishaan and Aanya, for example, have over 97 processors, which their father Raj, a former investment banker, helped fund by taking out a loan.
Raj declined to disclose the exact loan amount. But, the worldwide shortage of computer chips made finding equipment much more difficult and set prices at a premium.
“We moved from my desk to the garage, since the house was getting too much heat and noise. [W]e outgrew the garage, since heat and noise was too much for the garage too,” Ishaan says. “We now use the garage only for building and testing mining rigs. When they are ready, we move them to a professional, air-conditioned data center in downtown Dallas.”
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