Bitcoin Mining

Mining was already done since our prehistoric times.

People mined for stones during the early times looking for a better stone to make either weapons and tools to use. They most likely used their bare hands in the beginning then used the same stone to break or form it to what they need.
Then people improved and started to mine metals and various minerals to be used as weapons, tools and later on jewelry, ornaments and then for trading.
It is a pick and shovel type of mining.
We humans really mined the earth for almost everything that it has, from stones to precious metal.

Images from Pixabay

Now we have Bitcoin mining, which is literally mining of Bitcoin. Virtual money or digital currency.
Why on earth will we want to mine something that is not even existing in the air?
For the same reason, for trading like silver and gold.

Then again “mining Bitcoin!?”, actually, it is more of problem-solving as I learned about how you mine Bitcoin.
It is the process of getting something which becomes yours when you “mine”. Again almost “literally”.

How to mine Bitcoin.

Bitcoin mining is done using computers, with machines dedicated to solving complex math problems.

When a mathematical calculation is done, meaning the problem was answered.
It is then placed in a block.
Bitcoin miners are the people responsible for verifying and validating the transactions done before it is added to a block to create a blockchain.
This signals the approval to the transaction, which is then shared publicly to peer-2-peer (P2P) network that everyone can access and see. The process continues to the next block.

The moment a miner places the block on the blockchain, the miner will then claim for his reward.
The reward is, of course, the bitcoins.
Therefore, the more the mathematical problems you solve, the more you will earn bitcoins.

It is as simple as that. Or is it?

Image from Pixabay

How a Bitcoin Miner Works

It is said that you may not be a professional software developer to get into Bitcoin mining business.
But you will be needing a Bitcoin Mining Hardware and Softwares.
Here you need to do adequate research before investing in a Hardware including its Softwares.
You have to consider the time, power, your resources and return of your investment.

Disclaimer: Investing takes a risk which I can not and do not guarantee. You may seek professional advice in this regards.

Hope you have mined another lesson today.

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Really appreciate it.

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