About CleanSpark

Bitcoin is a digital currency or form of online money that is not overseen by a bank or government. There are no physical coins or dollars, but you still need a virtual wallet to send and receive Bitcoin. It was introduced on Halloween in 2008 when someone by the name of Satoshi Nakamoto (who still remains anonymous), released a white paper explaining the groundbreaking idea of Bitcoin as a decentralized, peer-to-peer electronic cash system. In early January 2009, the first Bitcoin block was mined and entered into circulation on the blockchain, or digital ledger.

You can think of Bitcoin mining as the digital version of gold mining. But instead of chipping away at a boulder with a pickaxe, a special computer is programmed to “chip” away with lines of code (or a hash). Once the computer matches with the correct code, it is awarded Bitcoin. Any time Bitcoin is awarded or transacted, it is recorded on the blockchain.

There is no CEO for Bitcoin like other crypto and miners follow the rules established by Satoshi’s white paper. This is the most secure network that has ever existed. The greater the computational power (hashrate), the more secure it becomes.

Bitcoin is a finite resource and once all 21 million bitcoin are mined, there will never be more. When it reaches that point (estimated in the year 2140), bitcoin miners will still have the important responsibility of securing the blockchain and earn money from transaction fees.