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Questions and StoriesCategory: Questions💰 How Bitcoin Is Mined?
Ahmad Khasan asked 2 months ago

💰 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 Bitcoins
Buying bitcoin is a straightforward method to get bitcoin. But, in its current price, this method may be a bit expensive.

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Mining Bitcoins
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?

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11 Answers
Jackson Mugarura answered 2 months ago

I have no idea about how bitcoin is mined but I hear it very expressive to mine it.

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Gareth White answered 2 months ago

The simplistic step by step process pretty much follows

  1. Get a Bitcoin mining rig.
  2. Get a Bitcoin wallet.
  3. Join a mining pool.
  4. Get a mining programme for your computer
  5. Start mining
Jackson Mugarura replied 2 months ago

Indeed it’s so sophisticated and requires a lot investment maybe. If those are the steps that are followed.

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David Matlala answered 2 months ago

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.

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Muda Markus Dolopoto answered 2 months ago

I don’t want to mine Bitcoin, lots of scammers there. I’m just mining Pi.

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Leno Jean Pierre answered 2 months ago

Bitcoins mining is done by specialized computers, mininers are securiting the network and conforming bitcoins transactions.

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Muda Markus Dolopoto answered 2 months ago

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.

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Gareth White answered 2 months ago

Yes Bitcoin is no longer easy to mine, near impossible for most people.

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Leno Jean Pierre answered 1 month ago

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.

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Leno Jean Pierre answered 1 month ago

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.

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Steinar Kloverod answered 3 weeks ago

Mining bitcoin is very expensive. The mining process use much electricity and have a negative effect on the environment.

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Jackson Mugarura answered 3 weeks ago

No wonder Bitcoin has attracted the highest value. It’s worth mining.

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