Bitcoin Mining is the new gold mining: As a miner, you earn virtual money for making your computing power available. However, this requires a lot of technical prerequisites.
The idea of a currency that is managed decentrally and internationally valid has attracted many millions of fans since its launch in 2008. Meanwhile, bitcoins have been used for several years worldwide in Internet trading.
As with real gold mining, the right equipment is critical to the success or failure of Bitcoin Mining. In simple terms, the higher the computing power of the devices used, the more successful the mining.
That's what Bitcoin Mining is all about
Around the clock transactions are made around the world where bitcoins are paid. All these activities need to be recorded and managed so that they can be traced later. This is done so that within the network, all transactions made in a certain period of time are combined in a list. This list is called block.
The function of bitcoin mining is the confirmation and virtual booking of all operations within a block. A confirmed block is transferred into a virtual "account book", the so-called blockchain.
In order to ensure the security of this main source, the transmission into the blockchain takes place only after an encryption of the block in the form of a hash, i. H. a sequence of letters and numbers.
Bitcoin Mining also requires powerful expensive hardware, because the normal computing power of a computer is not enough to compete with the millions and billions of computers around the world. For this you need to upgrade either with an extremely good graphics card or with a special Bitcoin Miner. These devices are used via the USB port.
While a few years ago it was still possible to mine on its own, this effort is practically no longer worthwhile today. Even if your device manages to generate a worthwhile number of hashes thanks to the corresponding upgrade, the power consumption for this computing power is enormous. That is why bitcoin mining is now organized via so-called mining pools.
Bitcoins Mining is very time consuming and cost intesive.
Source: http://coin5s.com/content/how-does-bitcoin-mining-works
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Good info here. Thank you!!!
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