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What is Bitcoin Mining?
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What is Bitcoin Mining?

Views: 0     Author: Site Editor     Publish Time: 2021-05-10      Origin: Site

What is Bitcoin Mining?

Cryptocurrency mining is painstaking, costly, and only sporadically rewarding. Nonetheless, mining has a magnetic appeal for many investors interested in cryptocurrency because of the fact that miners are rewarded for their work with crypto tokens. 


This may be because entrepreneurial types see mining as pennies from heaven, like California gold prospectors in 1849. And if you are technologically inclined, why not do it?


KEY TAKEAWAYS

  • By mining, you can earn cryptocurrency without having to put down money for it.

  • Bitcoin miners receive Bitcoin as a reward for completing "blocks" of verified transactions which are added to the blockchain.

  • Mining rewards are paid to the miner who discovers a solution to a complex hashing puzzle first, and the probability that a participant will be the one to discover the solution is related to the portion of the total mining power on the network.

  • You need either a GPU (graphics processing unit) or an application-specific integrated circuit (ASIC) in order to set up a mining rig.


However, before you invest the time and equipment, read this explainer to see whether mining is really for you. We will focus primarily on Bitcoin (throughout, we'll use "Bitcoin" when referring to the network or the cryptocurrency as a concept, and "bitcoin" when we're referring to a quantity of individual tokens).


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