💰 How Bitcoin Is Mined?
Bitcoin is the most successful cryptocurrency in the world. Currently, its price is approaching $20,000 after twelve years of its launching in 2008. The price may reach higher in the next few years, considering the growing popularity of digital currency right now.
For those who fortunate enough to join bitcoin from the early stages, they can get bitcoin for a low price and currently they are reaping the benefits. But for those who don’t, the question remains on how to acquire bitcoin. At least there are several ways to get bitcoin:
Buying bitcoin is a straightforward method to get bitcoin. But, in its current price, this method may be a bit expensive.
The second method is by mining bitcoin. Of course mining bitcoin is also expensive and is not for everyone. However, I think there is still an opportunity for those who wish to mine Bitcoin.
My question is, do you have any idea how is bitcoin mined? Do you know any alternatives to mine bitcoin?
I have no idea about how bitcoin is mined but I hear it very expressive to mine it.
The simplistic step by step process pretty much follows
- Get a Bitcoin mining rig.
- Get a Bitcoin wallet.
- Join a mining pool.
- Get a mining programme for your computer
- Start mining
Indeed it’s so sophisticated and requires a lot investment maybe. If those are the steps that are followed.
Bitcoin mining requires an investment in specialized mining hardware and software like the ones mentioned by Gareth above. It is a bit sophisticated and is best left to the professionals.
I don’t want to mine Bitcoin, lots of scammers there. I’m just mining Pi.
Bitcoins mining is done by specialized computers, mininers are securiting the network and conforming bitcoins transactions.
People say that the cost of mining Bitcoin is more expensive than the price of Bitcoin obtained from mining it. In addition, mining Bitcoin destroy the environment.
Yes Bitcoin is no longer easy to mine, near impossible for most people.
Mining bitcoin burn lot of energy that have an impacts in the environment. It is not possible for one person to mine bitcoin on computer, or phone unlike pi coin is easy to mine and don’t need lot of energy.
Bitcoin mining is performed by high powered computers that solve complex computational maths problems, these problems are so complex that they can’t be solved by hand and are complicated enough to tax even incredible powerful computers.
First when the computers solve these complex maths problems on the bitcoin network, they produce new bitcoins.
Secondly, by solving computational math problems, bitcoin miners make the bitcoin payment network trustworthy and secure by verifying its transactions information.
Mining bitcoin is very expensive. The mining process use much electricity and have a negative effect on the environment.