Have you ever thought about mining ? And where does the coin come from ? Today lets find out together !
Bitcoin mining is the process by which new bitcoins are entered into circulation. It is also the way the network confirms new transactions and is a critical component of the blockchain ledger’s maintenance and development. “Mining” is performed using sophisticated hardware that solves an extremely complex computational math problem. The first computer to find the solution to the problem receives the next block of bitcoins and the process begins again.
Cryptocurrency mining is painstaking, costly, and only sporadically rewarding. Nonetheless, mining has a magnetic appeal for many investors who are interested in cryptocurrency because of the fact that miners receive rewards 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?
The bitcoin reward that miners receive is an incentive that motivates people to assist in the primary purpose of mining: to legitimize and monitor Bitcoin transactions, ensuring their validity. Because many users all over the world share these responsibilities, Bitcoin is a “decentralized” cryptocurrency, or one that does not rely on any central authority like a central bank or government to oversee its regulation.
However, before you invest the time and equipment, read this explainer to see whether mining is really for you.
KEY TAKEAWAYS- ARE YOU READY FOR IT ?
• 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 network’s total mining power.
• You need either a graphics processing unit (GPU) or an application-specific integrated circuit (ASIC) in order to set up a mining rig.
Based on current crypto currency, the most profitable asic miners are Goldshell KD6, Goldshell KD5 , Antminer L7 9500M , and Innosilicon A11 1500M, with these you can get back your investment fast. The mid-level are S19jpro antminers and Avalon A1246 , A1126 and A1166pro , but the most stable ones are whatsminer ,no matter new or used, whatsminer M30S, M20S , M31S, M30S these are always reliable in any cases.
Post time: Mar-14-2022