To obtain bitcoins, it is necessary to mine them as if we were talking about a traditional mine somewhere on the planet. But in this case through computers. How can we mine them? In the following article, we get to know about How to mine Bitcoin? So please don’t skip the article from anywhere and read it carefully because it will be instrumental for you guys.
How to mine bitcoins?
We take the previous example of the mines to put ourselves in context to mine Bitcoin. We need heavy machinery to remove dirt and dig deep to find the gold medal to extract gold. To that, we must add the operating costs and others to mine Bitcoin.
We do not need any of that to mine Bitcoin, only a computer that performs computational calculations with bitcoin. We obtain new bitcoins and the reward or commission for it to mine Bitcoin. Come on. Any neighbor child can do it from his room without any problem in theory to mine Bitcoin.
How is the process?
After seeing a broad explanation, we explain the process in more detail:
- Miners receive a new math problem every ten minutes
- Whoever solves it faster gets the new coins in circulation
- These calculations are random, thereby finding the solution and validating the block
- The miner who deciphers it gets the reward, as long as the rest of the network members confirm that the answer is correct.
In this way, each new operation must be validated to avoid counterfeiting of coins in the market. Which also offers us transparency to mine Bitcoin, one of the main criticisms of cryptocurrencies.
The mining mission is to certify the integrity of each coin put into circulation and that there are no duplicates to mine Bitcoin.
The block, which we referred to earlier, is like an accounting ledger where all transactions are recorded to mine Bitcoin.
How to be a bitcoin miner?
After all the above, you will surely know how to become bitcoin miners to mine Bitcoin. Although it sounds promising only to require a computer, doing it alone is not the way to mine Bitcoin. Therefore, the best way to enter the universe of bitcoin miners is to join a mining cooperative or pool to mine Bitcoin.
In it, you will carry out the work together with other miners, increasing the potential to perform the calculations and keep the reward of each block created to mine Bitcoin. Remember that we are talking about computational analyses, and the more computers involved in the process, the more chances of success you will have to mine Bitcoin.
The reward, unsurprisingly, is paid in bitcoin to mine Bitcoins. To put a historical reference, after the third bitcoin halving on May 11 of last year, 6.25 bitcoins were paid for each confirmed block to mine Bitcoins.
What do I need to mine bitcoins?
In the beginning, to mine, we only needed the processor or CPU of any computer since very few people were doing the work to mine Bitcoins. As they were increased, the difficulty increased, and it was no longer enough with the processor. GPU or graphics processor was used if the same one you use for games because it has more significant potential to mine Bitcoins.
This did not stop there, and on December 16, 2009, version 0.2 of the software was released. That allowed the use of more processors, which facilitated the process of calculating. And obtaining the reward to mine Bitcoins. This led to the development of ASICs. A unique computer that has many processors to facilitate. Bitcoins mining and is much more agile than with a graphics card to mine Bitcoins.
What are the expenses to mine bitcoin?
The main expense that you will have will be the electrical cost. So, everything will depend on the power of your ASIC. And the pool in which we are working to mine Bitcoins. Which will affect the chances of the mining as many bitcoins as possible. We must also take into account the cooling of the equipment. Since they are powerful computers that could overheat if they are not in the appropriate conditions.
The cost of acquiring the equipment to mine Bitcoins. And that the competition from the same pool is another significant expense as new members are constantly being added to the network to mine Bitcoins.
Large mining farms are found in countries where electricity is cheap. Most of the pools look for sites where the production of energy is renewable, mainly hydroelectric. With that, you would save a few euros or bitcoins.
Also read: how to help someone with depression.