Ever wonders how cryptocurrencies are made? Is there any special place for it? Yes, cryptocurrencies are mined in a specific location, usually having ample space with high-tech computers with an air conditioning system. Bitcoin is the most popular cryptocurrency in Blockchain Technology, and people are actively investing in it. However, bitcoin miners who tend to crack the code and build the bitcoins are rewarded with some amount of cryptocurrency for the work they do. As A lot of energy is consumed in developing or mining a single bitcoin, a lot of computers are needed. So to reduce the cost of computers, mining pools are considered. This means coordinating with the group of miners in a single space consisting of several computers where they can efficiently work on their hash code together for mining the bitcoin. This type of place where miners can contribute together is known to be a Mining Farm. We will be discussing more about the Bitcoin farms in this article.
There are many advantages of being a bitcoin miner as you can gain bitcoin without spending actual money. You can get rewarded quite a good amount of bitcoin from mining. You can also sell & buy bitcoin after the mining. To start your career as a bitcoin miner, you can have Bitcoin Certifications and become a Certified Bitcoin Expert. There are a lot of online courses and certifications available at the Blockchain Council, which you can explore.
Table of content
- What is bitcoin farming?
- How does bitcoin farming work?
- Top 5 Bitcoin farms in the world
- How to become a Bitcoin farmer or miner?
What is Bitcoin Farming?
As discussed above, for mining cryptocurrency, a large amount of investment is required for high-quality computers. So to overcome this situation, mining farms are developed. Bitcoin farm is a large space more like a warehouse or a repository where computer equipment is stored with central cooling or air conditioning systems, preventing the computers from overheating and getting damaged.
Farming is a process that extracts the core value from Bitcoin. Hence, the production of these farms is going to be the next big thing. This farm is where the farmers, also known as miners, do their programs to harvest the digital coins. These farmers who process these coins are the backbone of the Bitcoin network. Without farmers, the network would fail and ultimately be out of all value. These farmers secure the network and help to process every transaction accordingly. Farmers of Bitcoin farm complete their task by solving the computational problems. Therefore the farmers who corporate and help in solving the computed win newly made coins and transaction fees. To understand this blockchain, you must educate one with the method of how to mine it.
How does Bitcoin Farming Work?
Do you know where bitcoins come from? Digital currency, not physical money, got prominence in the digital world. Bitcoin doesn’t have a central government because it is autonomous.
The farmers of this network who mine use software to solve the fundamental problems. They are issued with these digital coins for their services from this perspective. This has become a platform to earn more incentives and currency smartly.
All transactions are the new currency exchange model, and when it gets bundled, the blockchain gets the name “blocks.”The blockchain is an important ledger where pieces of information and details are freely shared and updated without any interference from an outside entity.
This farming is the efficient way of adding transaction records to Bitcoin’s ledger of the previous transactions that came up in the blockchain. This ledger shows the previous or past transactions get the name “Blockchain” due to the formation of a chain over the blocks.
These nodes help to distinguish the needed Bitcoin transactions from attempts to take back the already spent coins.
Top 5 Bitcoin farms in the world
Crypto mining is a huge part of blockchain technology, and so are the bitcoin farms. Here you can have a look at the world’s top 5 bitcoin farms.
On this farm, around 600 bitcoins are mined monthly. It is equipped with the most advanced and powerful computer setups for mining bitcoin. The capacity of this farm is approximately 45000 KW/H. The owner of this farm is unknown.
Guido Rudolphi, the owner of this lethal-based farm in Switzerland, chose the small European village and moved from Zurich. This farm also has large space, but it struggles with its cooling systems.
China is on the top when it comes to mining bitcoin. This mining farm mines around 750 bitcoin per month, producing a considerable hash rate of 360000 TH. Dalian Bitcoin farm makes upto 3% of the complete bitcoin network. China is preferred for mining bitcoin because of its reasonable electricity bills.
This is the largest bitcoin farm, known as Genesis Mining having farms in Iceland and Canada. Also, these bitcoin farms are located in the coldest countries. However, the electricity bills might be higher due to its large capacity and electricity consumption.
The exact location is still not disclosed due to security reasons. However, the owner of this farm, David Carlson, movers his career from a software specialist to a cryptocurrency miner. Started from a basement, Carson is now the owner of GigaWaat and mines a massive amount of bitcoins from this farm with the help of professionals.
How to become a Bitcoin Farmer or Miner?
Becoming a bitcoin miner or farmer is an exciting concept, isn’t it? You can become a bitcoin or any other cryptocurrency miner or farmer on your own. You will need some basic knowledge and an expert bitcoin certification. For farming bitcoin, special hardware equipment is needed. To be precise Application Specific Integrated Circuit Chips (ASIC) are used in mining bitcoin. Standard computers can not do the job efficiently and accurately.
Following are the steps by which you can start becoming a bitcoin farmer or miner-
- Get proper knowledge, go for Bitcoin Certification or online courses
- Choose an ASIC mining rig.
- Have a bitcoin wallet, and this is where you can be rewarded with the bitcoin in return for mining.
- Join a mining pool or a bitcoin farm
- Get a mining program for your computer
- Now lastly, start mining
We discussed the Bitcoin farm, how bitcoin farming works, and the top 5 bitcoin farms worldwide. Also, the steps which you can follow to be a part of bitcoin mining. In this digitally transforming world, blockchain technology is increasing the carrier opportunity. Therefore, to be a part of the blockchain ecosystem, you can be a certified bitcoin expert or a bitcoin financial advisor. For that, check out blockchain certification at blockchain council and give a kickstart to your career.