Chainscrypt Platform is a group company of 190, 000+ strong professionals and 5 mega data center’s parent Cyfuture with experience of over 15+ years in Data Center Industry serving 32 million Customers. Our crypto mining team comes from different scientific disciplines and constantly monitor latest innovations and implement them in order to benefit our investors.
At Chainscrypt, we’re using world’s best ASIC (Application specific integrated circuit) and GPU (Graphics processing unit) machines to generate best returns for investors with high efficiencies.
Bitcoin is mined using custom-built computing systems and miners earn bitcoin in exchange for validating bitcoin transactions by solving a "hash" on the blockchain. These transactions provide security for the bitcoin network, which compensates miners through payment in bitcoin.
Changes in mining devices and technology, the creation of professional mining centers with enormous computing power, and the shifting price of bitcoin have affected the incentives and landscape for mining. Individual miners wonder if bitcoin mining is still profitable.
According to recent research in 2021, bitcoin mining is a highly concentrated business. 10% of bitcoin miners control 90% of the mining capacity on bitcoin's network with 0.1% of all miners owning 50% of the network's mining capacity.
The hash rate measures the rate of solving the problem and the difficulty changes as more miners enter as the network is designed to produce a certain number of bitcoins every 10 minutes. When more miners enter the market, the difficulty increases to ensure that the number of bitcoins produced remains the same.