A Beginner-Friendly Guide

Bitcoin mining is the process by which new bitcoins are created and transactions are verified on the Bitcoin blockchain. It’s a foundational element of the Bitcoin network that ensures decentralization, security, and trust — all without the need for a central authority.

 How Bitcoin Mining Works

Bitcoin operates on a consensus mechanism known as Proof of Work (PoW). This means that miners compete to solve complex mathematical problems using specialized hardware. The first miner to solve the puzzle adds a new block to the blockchain and receives a reward in the form of freshly minted bitcoins and transaction fees.

•  A new block is added approximately every 10 minutes
• The current reward is 6.25 BTC per block (as of the last halving)
•  Mining secures the network by making it computationally expensive to attack

Why Mining Matters

Mining plays two vital roles in the Bitcoin network:

1. Issuance of new bitcoins — This is how new BTC enters circulation.
2. Verification of transactions — Miners ensure transactions are legitimate and prevent double-spending.

In the early days, anyone with a personal computer could mine Bitcoin. Today, however, profitable mining requires specialized equipment (like ASICs), low electricity costs, and technical expertise.

The Rise of Cloud Mining

Due to the rising costs and complexity of home mining, many individuals are turning to cloud mining — a model that lets users rent computing power from professional data centers.

This is where BAY Miner stands out.

Why Choose BAY Miner?

BAY Miner is a global cloud mining platform designed to make Bitcoin mining accessible, transparent, and sustainable for everyone — from beginners to experienced crypto investors.

Advantages of BAY Miner:

1. Clean Energy-Powered Infrastructure

BAY Miner is powered by renewable energy sources, including solar, wind, and hydro, helping reduce the environmental impact of mining operations.

2. Flexible Contract Options

Choose from a variety of mining contracts tailored to different investment sizes and return expectations — perfect for both conservative and growth-minded investors.

3. Daily Passive Income

Earnings are distributed automatically on a daily basis, giving users consistent, hands-free returns.

 4. Zero Technical Hassle

No need to buy, set up, or maintain hardware. BAY Miner handles all technical aspects, making it ideal for non-technical users.

5. Transparent Payouts & Real-Time Monitoring

All mining rewards are backed by real hash power. Users can monitor performance with a live dashboard and enjoy full payout transparency.

Start Mining Smarter

With BAY Miner, you can participate in the Bitcoin ecosystem with ease, security, and sustainability.

Join BAY Miner today and start earning daily Bitcoin rewards — powered by clean energy and built for the future.

🧩 What Is the Myriad Protocol?

The Myriad Protocol is a decentralized identity and messaging protocol built for the blockchain world. It’s designed to give you control over your digital identity and let you communicate securely and anonymously across different platforms—without relying on big tech companies.

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🧠 Think of It Like This:

Imagine you have one digital passport that you can use:

• To log in to websites and apps (without giving away your email or phone number)
• To send and receive messages anonymously
• To prove who you are (or that you’re trusted) without revealing personal info

That’s what Myriad wants to enable—a universal identity and messaging layer for the decentralized web.

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🔑 Key Features of Myriad Protocol

1. Decentralized Identity (DID):
   • Your identity lives on the blockchain—you control it, not Google, Meta, or Apple.
   • You can prove you’re the same person across apps, wallets, and services without revealing your real name.
2. Private, Secure Messaging:
   • End-to-end encrypted.
   • No one (not even Myriad) can read your messages.
3. Interoperability:
   • Works across chains and apps (like Ethereum, Bitcoin, Solana, etc.).
   • You can link multiple wallets or accounts to one identity.
4. Zero-Knowledge Proofs (ZKPs):
   • You can prove things about yourself without revealing data.
     Example: “I’m over 18” without saying your birthdate.
5. Anti-Sybil Protection:
   • Helps apps know you’re a real, unique human without invading your privacy.
   • Great for voting, airdrops, or preventing bots.

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🤖 Why It Matters

Right now, most crypto users have multiple wallet addresses, scattered across apps. Myriad helps bring everything together under one trusted, privacy-first identity, so:

• You can build reputation
• Receive messages tied to your wallet
• Reduce scams and spam
• Keep control over your data

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💡 Who’s It For?

• Developers: who want to add secure login, identity, or messaging to dApps.
• Users: who want privacy-respecting tools without Big Tech tracking.
• Projects: that need reputation, anti-bot protections, or cross-platform identity.

Reprinted from 1440

Background

Colloquially known as “crypto,” cryptocurrencies are forms of digital currency that have evolved to have a wide variety of uses in recent years. Among their key features is decentralization, meaning that unlike traditional money, they generally aren’t controlled by a single authority like a bank or government. 

As of early 2025, cryptocurrencies had a cumulative market cap of almost $3.4T, making them worth more than some of the world’s most valuable companies, like Google and Amazon (both valued at roughly $2.3T).

The sector has seen significant growth since 2017, when the total market capitalization of all cryptocurrencies was still under $20B. A recent survey found roughly 17% of US adults had invested in, traded, or used cryptocurrency.

History and Uses

While modern cryptocurrency took off in the 2010s, some point to eCash—an early ’90s private peer-to-peer transfer system—as the forerunner to the modern crypto ecosystem. 

Currently, the most established and well-known cryptocurrency is bitcoin, which was created in 2009 following a now-famous white paper written by a programmer using the pen name Satoshi Nakamoto. It is mostly used as a substitute for traditional money and a store of value and has been referred to as “digital gold”—a limited resource not controlled by a central government. 

Bitcoin’s value remained relatively low until around 2017 but has peaked above $100K per coin as of this writing. Explore 1440’s Bitcoin topic page here. 

Ethereum, the second-most valuable cryptocurrency, was launched in 2015. Unlike bitcoin, Ethereum is more than just a digital currency. Instead, it operates similarly to a platform (think Apple’s iOS system on an iPhone), enabling applications ranging from smart contracts to decentralized financial tools to gaming, gambling, file sharing, road mapping, and more (how it works). 

A third type is referred to as “memecoins.” These easy-to-create tokens usually have no utility and are treated as speculative investments, many of which trade near zero. The first memecoin, Dogecoin—inspired by a popular internet meme featuring a Shiba Inu—was created in 2013 by software engineers as a joke (watch explainer). Unlike others, it is now one of the top 10 most valuable cryptocurrencies as of early 2025.  

As of this writing, the top three cryptocurrencies ranked by market cap are bitcoin, Ethereum, and XRP (see full list). See a timeline of crypto’s history and how it became so popular here.

Blockchains and Investing

Most cryptocurrencies rely on blockchain technology. Blockchains are the digital equivalents of public ledgers: On a blockchain, every transaction is recorded and bundled into a “block.” That block is then added to a long “chain” of blocks that anyone—aside from certain instances of private blockchains—can view and verify.

Some cryptocurrencies function like Ethereum—highly technical projects that use their underlying blockchains for more decentralized applications. 

Many believe such approaches may lead to a flourishing ecosystem of next-generation applications and businesses. Ethereum and Solana are the leading examples of the technology; see the differences here.

There are many ways to invest in crypto, including using a traditional broker, a payment app like Venmo, a peer-to-peer marketplace (P2P), or a bitcoin ATM. One of the most common ways to invest is via an exchange like Coinbase or Kraken. 

Pros and Cons

Advocates of cryptocurrency point to several advantages: instant transfer of funds, protection against inflation, ease of access, the ability to build decentralized applications, and much more.  

Conversely, critics argue cryptocurrencies help facilitate crime and can have an outsized environmental impact due to high energy consumption (though new approaches are addressing the energy challenge). 

Finally, many types of cryptocurrencies are susceptible to boom-and-bust cycles, making investments risky for those without a clear understanding of the ecosystem.

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Imagine your cryptocurrency as digital money stored in a virtual wallet. Now, a cold or hardware wallet is like a super secure vault for that digital money.

Think of it as a USB stick or a small device resembling a mini computer. Instead of keeping your cryptocurrency online, where it could potentially be vulnerable to hackers, a hardware wallet stores your digital coins offline, often disconnected from the internet.

When you want to transact, connect the hardware wallet to your computer or phone, do your business, and then disconnect it again. This way, even if someone tries to hack into your computer or phone, they can’t access your cryptocurrency because the private keys needed to move the money are stored safely offline on the hardware wallet.

In simple terms, a cold or hardware wallet is like a digital safe for your cryptocurrency, keeping it protected from online threats.

KEY TAKEAWAYS:

— The expression “not your keys, not your coins” refers to needing to own the private keys associated with your funds
— The person owning private keys is the one deciding how the crypto assets associated are spent – if you don’t own this, you’re entrusting your crypto to a third party
— If you do own your keys, you have complete control over how to use your funds
— Owning your keys also means being responsible for their security.

Public and Private Keys: Explained

Like a bank account number, cryptocurrencies are sent to a receiving address. The technical term for this address is the public key. When someone sends you some Bitcoin, they will send it to your public key. It’s called public since you can send it to anyone without compromising your crypto.

There is, however, another key that is linked to your public key. That would be the private key. This key is vital. Anyone with access to the private key can access the funds on the public key linked to it. In simpler terms, a private key is similar to a password – a means of identifying you as the true owner. When speaking of “not your keys, not your coins,” it refers to your private key.

Centralized Platforms Retain Custody Of Your Keys (And Therefore Your Coins)

When logging into your favorite crypto exchange, it might seem like you own the coins on your account. After all, you need to log in to access them, right?

Wrong. Not all exchanges work in the same way. Some cryptocurrency platforms, such as centralized exchanges, use custodial wallets. Put simply, custodial wallets allow users to access them but not own them. In fact, the centralized entity governing these platforms has the power to take a cut of any cryptocurrency transaction you make. This is because you don’t own the private keys to the crypto assets on your account – the exchange or centralized platform does instead.

This phenomenon isn’t limited to exchanges: it goes for any wallet provider that doesn’t allow you to own the keys to the associated funds. If you don’t own the private keys, you are not the true owner of the funds – you’d be entrusting a third party to it. This means they can do whatever they want with the cryptocurrencies on your account.

Self-Custody of Your Private Keys: Why It Matters

There are many reasons why you’d want to own your keys rather than leave them in the custody of a third party, requiring you to trust your funds to them. 

The most obvious is accidentally entrusting it to malicious actors. Should you have trusted a malicious third party with your money, you’ll likely never see it back. Thankfully, this is quite unlikely for established companies.

Even then, you will never be in total control over your own money with them. As mentioned previously, they can set certain restrictions like a maximum withdrawal limit or fees associated with using their services. They can decide what you can do with your own hard-earned money. Also, if their platform has any technical issues, you’re basically locked out of your cryptocurrencies. In short, so long as you don’t own your keys, you won’t have financial freedom, and your funds remain at someone else’s mercy. 

In addition, you won’t have control over the security of the platform’s system either—you’re outsourcing your cryptocurrency’s security to them. Unfortunately, over the years, there have been major hacks that have stolen around 2 billion dollars.

The opposite is true if you own your private keys. By having the private keys, you can set your own rules. There won’t be anyone else telling you what you can or cannot do with your own cryptocurrencies. By having your keys, you fully own your coins and can enjoy financial freedom.

Having your own keys does come with an important responsibility, though: you must ensure you’ll be the only one to hold those private keys. Anyone who manages to get their hands on them can access and take your cryptocurrencies.