At the beginning, Bitcoin mining was something enthusiasts practiced using their laptops. As interest in Bitcoin and mining grew, technology and infrastructure developed to aid in Bitcoin mining.
Compass Mining is giving people the opportunity to bring Bitcoin mining back to their homes again. The company believes that miners will once again want to start mining Bitcoin at home, if enabled with the technology to do so.
Bitcoin Mining at Home
To have a secure Bitcoin blockchain, Bitcoin mining is necessary. Bitcoin miners compete to gain the right to compile their transactions into new blocks. These blocks are then added to the chain. When done successfully, miners receive new Bitcoin. They also receive the transaction amount associated with the mined block.
If you can successfully find a block, that means that your return on investment will be high. However, it usually takes expensive infrastructure to mine for Bitcoin successfully. Till Compass Mining came into the market, people at home couldn’t enjoy Bitcoin mining due to prohibitive costs associated with the infrastructure.
Compass Mining and Supporting Miners at Home
Compass Mining will allow people to purchase single ASICs. These are Bitcoin mining rigs that can be set up at home. You will still be able to plug your mining rig into a pool of miners. This means the rewards you earn are proportional to the hash rate you contribute.
By joining a pool, you greatly increase your chances of success, as well as your returns on investment.
