Bitcoin miners

What are Bitcoin miners

Bitcoin miners use specialized computer equipment to keep the BTC network secure. To get rewards, miners must compete to solve an extremely complex mathematical problem based on a cryptographic algorithm.

Bitcoin Mining

Bitcoin mining consists of two processes:

1. The verification of new transactions on the blockchain
2. The process by which new bitcoin enters into circulation.

Different transactions that occurred around the same time are bundled together into ´blocks´ in order to be added to the blockchain. A new block containing all of the transactions that have occurred since the last block is ´mined´ and will be added to the blockchain by one ´miner´ roughly about every 10 minutes. Once added, the transactions within the block are ´confirmed´.

What is the added value for bitcoin miners

Bitcoin miners are incentivised by BTC-rewards. These rewards can be receives in the following ways:

• If they are the successful miner who adds the new block to the blockchain
• Through transaction fees from all the transactions included in the block.

To be the miner who adds the next block to the blockchain, miners must compete to solve an extremely complex mathematical problem based on a cryptographic hash algorithm. The ´answer´ to the problem is called the ´proof of work´ and is included in the new block.

The miner who solves the puzzle fastest adds the new block to the blockchain.

Mining is performed by specialized computers with very high processing power.

Cryptocurrencies and online casinos

The adoption of cryptocurrencies depends on a few factors, such as support by the online casino developers, local government regulations, and the volatility of the cryptocurrencies themselves.

In the early days of blockchain and cryptocurrency, online casino platforms were questionable about the future of cryptocurrencies. At that time, casinos seriously doubted whether they should adding cryptocurrency as payment options.

Meanwhile, the world has either put into effect strict cryptocurrency legislation or, like China, banned crypto entirely. Nowadays, a lot of operators and countries took steps to offer licenses to cryptocurrency casinos, as long as they complied with the gambling regulations.

Crypto Gambling today, facts and future

• Cryptocurrencies have definitely come to stay, and all indications are that they will become a bigger part of gambling in the future.
• Bitcoin casinos generally offer fewer games, but there are no transaction fees. So! TIP! Don´t wait until after depositing your funds to discover that the BTC casino doesn´t offer any of the games you play regularly!
• For bettors that live in countries with restrictions on gambling, the anonymity bitcoin offers can be an appealing item. Read the terms and conditions of an online casino though before depositing funds. It may not offer its services in your country, which means you may risk losing money.
• If a bitcoin wallet is based in the United States, it will be fully regulated. That means, if it detects funds are being sent to gambling sites, your account may be closed.
• The digital environment of bitcoin means it can be accepted worldwide. Some gambling sites are unable to accept all currencies, making bitcoin´s universality a helpful feature for these players.
• No matter where online casino players are located, they should always follow the gambling legislation in their country of residence, even when using bitcoin.
  While bitcoin casinos do not have the same geo-location restrictions (read this item ´Geolocation at online casinos´ on our Faqs), some countries still ban players from gambling on these sites.