Simply put, mining is the process of running complex calculations in search of a specific number. In a competition to find the number first, mining hardware is used to run through as many calculations as possible to secure the block reward. Currently BTC network rewards miners with 12.5 BTC per block. Each calculation attempt to solve the computation is known as a “hash” and the “hash rate” is computed in hashes per second (h/s).
Ilgamos provides Hash Rate for its partners that makes it possible for them to start mining any self-selected cryptocurrency on their own platform. Currently our partners can select from the below list:
Bitcoin is the first decentralized digital currency. On the other hand you have bitcoin-the protocol, a distributed network that maintains a ledger of balances of bitcoin-the-coin. Both referred as Bitcoin.
The system enables payments to be sent between users without passing through a central authority, such as a bank or payment gateway.
It was the first example of what we call cryptocurrencies today, a growing asset class that shares some characteristics of traditional currencies, with verification based on cryptography.
ILCOIN is a modern alternative to Bitcoin developed by R&G Mentor GmbH, using SHA-256 encryption technology. ILCOIN is not dependent on the present banking system. It has its own independent value. ILCOIN can be safely stored in wallets built for the Cloud, Android, OSX and PC and it can be transferred directly to anyone instantly at virtually no cost – without banks, without chargebacks.
ILCOIN users can monitor their transactions through our own block explorer.
The system is already capable of handling up to 5.9 million transactions per second, and it is compatible with today’s crypto platforms.
Bitcoin will likely go down in history as a great technological invention that popularized blockchain but has its design limitations.
Bitcoin is trying to overcome design limitations and few solutions had been proposed. Because of the disagreements of the solutions proposed a hard fork of Bitcoin was done on 1st August 2017 creating another cryptocurrency called Bitcoin Cash.
Since the fork occurred, Bitcoin Cash has increased block size to 32 MB.
Also a new difficulty adjustment algorithm and convenience has been created, which provides Bitcoin miners the opportunity to migrate from the Bitcoin blockchain at any time.
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