Bitcoins mining and getting paid in bitcoins is gaining in huge popularity today more than ever before, as more and more people embrace this digital wallet that has revolutionized how people do business. Most people are confused on how the mining process takes place and exactly how one ends up getting paid in bitcoins. This article seeks to clarify some of the most misconstrued theories around bitcoin mining and explains exactly how Sii Global Cryptocurrency mining pays you in Bitcoin.
What is Sii Global? Well, this is a Mexico based company whose main business revolves around cryptocurrency mining. Due to the complexity of cryptocurrency, Sii Global has put in place what is now referred to as the Sii Global Compensation plan, which ensures you are compensated on time. 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. The next important point to look at is how the whole idea of cryptocurrency mining came about, something which many people would tell you it is both confusing and fascinating at the same time. Basically, these currencies are mined from entry onto an online ledger stored in many different computers in different parts of the world.
The mining process is through mathematical algorithms where you as an individual or a group of people will run computational analysis to identify the specific series of data for that particular mine, known as blocks. Upon matching the series of data to their corresponding cryptographic algorithm, you will have a final block which is what you get paid for in the long run. The value for bitcoin is affected by the demand and supply meaning as more people get to match their series of data to their cryptographic algorithm, bitcoins will get scarce.
What this means is that many people will be searching for series blocks, but the rate at which the algorithms to match their series blocks is created will have reduced significantly. Bitcoin mining is open source software meaning it is free to use for anyone who is interested.
On the flip side of the coin, however, you should appreciate the fact that the computers have to be operational 24 hours a day, 365 days of the year. As such, having Sii Global in the picture means the coins are not duplicated to ensure the systems are not hacked, which they do by having systems in place to keep track of all ledgers and entries of all transactions.