Bitcoin and Crpyto Currency Mining Explained by BET Capital LLC

BET Capital is a company based out of Springville Utah founded by Bennett Hortman and Lee Woods. I’ve used some of their language below from some promotional materials I came across recently to create the bulk of this article.

Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released Bitcoin Cloud mining is the ability to mine remotely without the need of purchasing or maintaining hardware/software.

3 Types of cloud mining

In general, there are three forms of remote mining available at the moment:

1. Hosted mining
Lease a mining machine that is hosted by the provider.

2. Virtual hosted mining
Create a (general purpose) virtual private server and install your own
mining software.

3. Leased hashing power
Lease an amount of hashing power, without having a dedicated physical
or virtual computer. (This is, by far, the most popular method of cloud
mining.)

Why cloud mine vs mine yourself?

Here’s why you cloud mine:
• You make more money regardless of how the crypto market moves
• A quiet, cooler home – no constant humming fans
• No added electricity costs
• No maintenance problems
• No cost for expensive and scarce equipment
• No building to lease or buy when growth is necessary
• You have limited liability
• You get your time back while you make money

With the cryptocurrency space being so exciting right now, a lot of people are buying bitcoin and other altcoins out of pure excitement while neglecting research all together. This is not a bad thing if you stick to the core coins we mine, Bitcoin, Litecoin, and Ethereum, but you have to be careful with your choices.

With the rise of cryptocurrency, a lot of criminals see the opportunity to get easy money by creating elaborate scams to catch these excited and blind “investors.” Mining is the safest
and most efficient way to get a return in this highly volatile cryptoverse.

BET Capital claims they value trust and honesty. They also claim to “do our best to answer any and every question our investors have for us. We give you open and honest feedback and expect the same in return.”

Melissa Thompson writes about a wide range of topics, revealing interesting things we didn’t know before. She is a freelance USA Today producer, and a Technorati contributor.