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Blog 06, Apr

How Bex Trade Investment Cloud Mining Works?

Mining has been made possible since the inception of cryptocurrency. Mining in times of old was for minerals such as gold, silver and other earth minerals. Presently, in this age there has been a high wave of digital mining through the emergence of cryptocurrencies.

Miners function as auditors of the Bitcoin network as their role is to verify the validity of new transactions and, once verified, to add them to the blockchain. 

Importantly, this task helps eliminate the possibility of what is known as double spending. Unlike the fiat currency system, the decentralized structure of cryptocurrency networks exposes them to this unique type of problem. For the network to be viable, it must be possible to verify that participants are not trying to outsmart the system by spending the same coin twice — and this must be done without the intervention of banks or any other intermediary. 

Recall that in the case of fiat currencies, a person either spends a physical bill or coin – and therefore no longer has it in their possession – or else a bank audits their  transactions and continually updates the balance on their accounts.

How Does Our Cloud Mining Work?

We rent out servers to investors helping them predict the transaction on the blockchain network. This will allow them earn some coin depending on the server rented by the investor. The most mined cryptocurrency on our server is Bitcoin.