Unless you are living in a totally different world, which is not the case because you are reading this now, you have most certainly come across Bitcoins and people mining and getting paid in bitcoins. Most people are confused on how the mining process takes place and exactly how one ends up getting paid in bitcoins. Well read on to find out how cryptocurrency mining takes place and how Sii Global as a company ensures you get paid in bitcoins.
What is Sii Global? Well, this is a Mexico based company whose main business revolves around cryptocurrency mining. Among many other things, the company has put in place what is known as Sii Global Compensation plan that ensures all miners get paid in Bitcoin once they mine enough of this cryptocurrency. This cryptocurrency is available in many different forms including Bitcoins, manecoin, litecoin, dogecoin, peercoin and worldcoin to mention but a few.
They are all known as altcoins, and the price of each of these digital coins is determined by the supply and demand of each of these cryptocurrencies in the market. Let us now tackle the nature of how these coins came into being, a process that is both fascinating and complicated, hence the reason to understand if you intend to venture into the bitcoin mining industry. The process of mining of online currencies happens on ledgers that are found on different computers around the world.
As a miner or a group of miners, you are tasked with running mathematical algorithms and doing an analysis to end up identifying certain series of data, referred to as blocks. Once you unearth this data that matches the pattern of the cryptographic algorithm, then it will be applied onto its matching series and you will end up with a block. As time goes on, and more miners unearth their block of data and matches to their matching cryptographic algorithm, the reward amount of bitcoins decreases since the cryptocurrency will have become scarce.
Ideally, it means it gets harder to find complementing series, ultimately reducing the rate at which cryptocurrency is created. That settled, anyone can participate in cryptocurrency mining and get paid in bitcoins owing to the fact that Bitcoins founder made this mining tool an open source.
Due to the complexity of the cryptographic algorithms, it means the Central Processing Units of these computers must be operating on maximum tilt throughout the day and night. Companies like Sii global exist to work with miners to provide the hardware and software necessary for transactions to take place without duplication, hacking or compromising on the security of bitcoins.