Learn how bitcoin is mined

[Lens1000]

Mining is simply when a crypto coin is made by computers solving complex computational mathematical equations. Bitcoin mining has become an household name and its been practised by many. When a complex mathematical equation is successfully solved it produces a new bitcoin.

The bitcoin miners are also used to solve this complex mathematical problems. The power of your computer hardware is directly proportional to the number of bitcoin produced. High powered mining equipment means a high hashrate per seconds.

Bitcoin Mining is a very profitable business and it's being adopted by institutions, governments and individuals
The bitcoin miners started using equipment specifically for mining in 2013. The bitcoin mining machine uses Application Specific integrated Circuits or ASIC for mining.

What do you know about bitcoin mining

 

[Mika]

I know you can mine bitcoin on your computer by running software, you can also mine bitcoin by buying mining hash rates from the cloud mining programs, and you can mine bitcoin by setting up your mining rig. For a common individual, bitcoin mining is a costly affair because you will have to invest a lot of money in setting up a rig

 

[Sherman198]

I think mining Bitcoin before used to be profitable without having to spend so much money. But now it's very expensive to mine Bitcoin this period as you will spend so much money setting up the amount of powerful rigs needed to mine your Bitcoin. Even you may even lose because if you calculate the amount of money you spent buying the rigs and the money you pay on power supply, you may realized that, the amount of Bitcoin mined is not up to the amount you spent.

 

[Yugocean]

How bitcoin is mined or How bitcoin was mined?
This was a mixup title.
The solving of complex code is more of manipulation, using hash power. This is a nice technology, where best mathematical magic is involved, and people need power of computer to solve the problem, this is called Proof-of-work (POW).

 

[Lens1000]

I know you can mine bitcoin on your computer by running software, you can also mine bitcoin by buying mining hash rates from the cloud mining programs, and you can mine bitcoin by setting up your mining rig. For a common individual, bitcoin mining is a costly affair because you will have to invest a lot of money in setting up a rig

It requires a lot of money to set up a bitcoin mining farm. Mining bitcoin with your phone or with your PC is not profitable when you consider the resources and the energy input. Except you buy the hashrate and when the hashrate per second increases your phone or computer hardware is in danger

I think mining Bitcoin before used to be profitable without having to spend so much money. But now it's very expensive to mine Bitcoin this period as you will spend so much money setting up the amount of powerful rigs needed to mine your Bitcoin. Even you may even lose because if you calculate the amount of money you spent buying the rigs and the money you pay on power supply, you may realized that, the amount of Bitcoin mined is not up to the amount you spent.

You are absolutely right. If you do not calculate the capital input and the expected profit, you might run at loss. That is why the big players in the bitcoin mining space look for countries or locations with cheap energy. Some miners have migrated to Miami because of cheap electricity and the green energy there

 

[Alexandoy]

I am still confused why mining Bitcoin consumes much electricity. It is like a real mining that you spend for the needed resources for input to get the desired output which is the Bitcoin. Crypto coin is a commodity and it may be cute to be in a blockchain. But perhaps a crypto coin would be better if it will not use energy for mining.

 

[Mandy96]

Bitcoin mining nowadays are mostly scams especially when it is free.. they will ask you to click on some ads to earn Bitcoin and the next thing you will find out that you have been wasting your time on the particular website.

 

[Ahmedo24]

Bitcoin mining nowadays are mostly scams especially when it is free.. they will ask you to click on some ads to earn Bitcoin and the next thing you will find out that you have been wasting your time on the particular website.

Don't waste your time and such mining sites because if you really want to mine Bitcoin you have two options basically your mind privately by having your own mining rig or you join the mining pool or cloud where people pull resources together to buy hash power then mine Bitcoin and share the profit. Every other form of mining activities are nothing more scam and waste of time because you can get paid.

 

[Mandy96]

Don't waste your time and such mining sites because if you really want to mine Bitcoin you have two options basically your mind privately by having your own mining rig or you join the mining pool or cloud where people pull resources together to buy hash power then mine Bitcoin and share the profit. Every other form of mining activities are nothing more scam and waste of time because you can get paid.

Yeah I agree with you because I believe it requires money to make more money especially when it comes to making money online. Some websites are just out there to use you to create traffic and awareness for there website and at the end you will realize they have been using you

 

[Ahmedo24]

All companies that are into Bitcoin mining are spending huge amount of money to buy sophisticated mining rigs which will bring them results so it shows you that mining is expensive to start if you really want it better results so most of the sites that are advertising for free mining it is better one should ignore them