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Legitimate miners and buyers need to incur substantial production and energy costs, or need to pay the going exchange rates for bitcoins.

Criminal miners pay nearly nothing for the production of new coins, outsourcing the job to hapless victim machines all over the world. Criminal bitcoin thieves don't incur the exchange rate fee for acquisition of bitcoins. They simply rely on hacking and malware to siphon bitcoin wallets from law-abiding owners.

What we've got here, then, is a commodity (I hesitate to call it a currency) with a current value, is absolutely free from regulation (for the moment), allows for completely anonymous ownership, and is both highly profitable and almost free to produce (if you're willing to break the law).

 

 

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There is no doubt the bitcoin has staying power, but if that is only among criminals (and people who wish to traffic together, like the Silk Road drug sellers and customers), or if it will become a valuable trading commodity for the rest of us remains unclear.

 

 

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My information to law enforcement is easy: follow the bitcoin. There's no doubt that more and more criminals will be using bitcoin to generate profit as well as cover their tracks. Whenever you find a stash of bitcoin and possess judicial permission to follow the footprints, do this.

 

 

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While bitcoin use is not limited to criminals, there is an undeniably large correlation between bitcoin ownership and criminal activity. Especially since bitcoins are becoming increasingly more profitable to criminal malware seeders and botnet operators while concurrently becoming ever less profitable for traders that are valid.

Here is the vital take-away: bitcoins are becoming the"national currency" of criminals the world over and are becoming an increasingly inadequate investment for legitimate miners.

Cryptocurrency mining is painstaking, expensive, and only sporadically rewarding. Nonetheless, mining includes a magnetic draw for many investors interested in cryptocurrency. This might be because entrepreneurial types see mining as pennies from heaven, such as California gold prospectors in 1848. And if you are technologically inclined, why not do it

 

 

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Before you invest the time and equipment, browse this explainer to find out whether mining is really for you. We will focus primarily on Bitcoin. (Related: How Bitcoin Works and our useful infographic, What is Bitcoin)

 

 

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By mining, you can earn cryptocurrency without having to put down money for it. Nevertheless, you certainly don't have to be a miner to own crypto.   You can also buy crypto using fiat currency (USD, EUR, JPY, etc); you can trade it on an exchange like Bitstamp using other crypto (example: Using Ethereum or NEO to purchase Bitcoin); you even can earn it by playing video games or simply by publishing blogposts on programs which cover its consumers in crypto.

In addition to lining the pockets of miners, mining functions a second and vital purpose: It is the only way to release new cryptocurrency into circulation. In other words, miners are basically"minting" currency. For instance, at the time of writing this bit, there were approximately 17 million Bitcoin in circulation.

In the absence of miners, Bitcoin would still exist and be usable, but there would never be any additional Bitcoin. There will come a time when Bitcoin mining ends; each the Bitcoin Protocol, the number of Bitcoin will be capped at 21 million. (Associated reading: What Happens Bitcoin After All 21 Million are Mined).

 

 

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Aside from the short-term Bitcoin payoff, being a miner can provide you"voting" electricity when changes are suggested in the Bitcoin protocol. In other words, a successful miner has influence on the decision-making process on such matters as  forking.

Bitcoin are mined in units known as"cubes" As of the time of writing, the reward for completing a cube is 12.5 Bitcoin. At today's price of approximately $10,000 per Bitcoin, this means you'd earn (12.5 x 10,000)$125,000.

When Bitcoin was first mined in 2009, mining one block would earn you 50 BTC. In 2012, this was halved to 25 BTC. In 2016, this was halved to the current degree of 12.5 BTC. In 2020 or so, the payoff size will be halved again to 6.25 BTC.

 

 

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If you want to keep track of exactly when these halvings will occur, then you can consult with the Bitcoin Clock, which upgrades this information in real time.

 

 

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Miners are getting paid for their work as auditors. They are doing the job Source of verifying preceding Bitcoin transactions. This convention is meant to maintain Bitcoin users honest, and has been conceived by Bitcoin's founder, Satoshi Nakamoto. By verifying transactions, miners are helping to prevent the"double-spending problem."

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