Mining Bitcoin

[Alaa1996 33]

What is Bitcoin mining? In short, the process of approving and recording operations on distributed records is called "prospecting." This guide will cover almost everything you need to know about mining Bitcoin.

Bitcoin mining helps support the decentralization of the network in terms of security and the creation of new Bitcoins.

Quite simply, it works like this:
- All the approved transactions are grouped into one block.
To obtain approval to add a new block to the Bitcoin blockchain, the computer must solve very complex cryptographic questions.
A computer that is able to solve the mystery first is rewarded by giving it a quantity of Bitcoin.
So, the logical answer to the question "Who is the Bitcoin miner", is the person who sits behind the computer and does the mining process. Bitcoin mining for interest has become one of the most common ways to get money.

Bitcoin mining can be profitable, as prospectors also get fees that people pay in exchange for agreeing to the operations they perform.

Once the puzzle is solved and the block is added to the blockchain, the prospector gets a reward of 12.5 BTC. This bonus decreases over time - halving every time the number of blocks mined reaches 210,000 blocks. Early prospectors could have obtained 50 BTC bonus on every block being mined, while this percentage will drop to 6.25 BTC by 2020. Mining for Bitcoin is not free, as you have to buy a mining rig and pay electricity bills, which may be expensive. You can calculate how much you might earn by using the Bitcoin calculator; There are several of them available on the Internet. You can also pay a company that has the necessary equipment to do mining for your benefit: to receive the Bitcoin mining service, you must sign a two-year contract under which you must pay for two-year mining services, and obtain coins periodically according to what was agreed upon in the contract

[awwad 74]

On 10/2/2020 at 7:48 PM, Alaa1996 said:

What is Bitcoin mining? In short, the process of approving and recording operations on distributed records is called "prospecting." This guide will cover almost everything you need to know about mining Bitcoin.

Bitcoin mining helps support the decentralization of the network in terms of security and the creation of new Bitcoins.

Quite simply, it works like this:
- All the approved transactions are grouped into one block.
To obtain approval to add a new block to the Bitcoin blockchain, the computer must solve very complex cryptographic questions.
A computer that is able to solve the mystery first is rewarded by giving it a quantity of Bitcoin.
So, the logical answer to the question "Who is the Bitcoin miner", is the person who sits behind the computer and does the mining process. Bitcoin mining for interest has become one of the most common ways to get money.

Bitcoin mining can be profitable, as prospectors also get fees that people pay in exchange for agreeing to the operations they perform.

Once the puzzle is solved and the block is added to the blockchain, the prospector gets a reward of 12.5 BTC. This bonus decreases over time - halving every time the number of blocks mined reaches 210,000 blocks. Early prospectors could have obtained 50 BTC bonus on every block being mined, while this percentage will drop to 6.25 BTC by 2020. Mining for Bitcoin is not free, as you have to buy a mining rig and pay electricity bills, which may be expensive. You can calculate how much you might earn by using the Bitcoin calculator; There are several of them available on the Internet. You can also pay a company that has the necessary equipment to do mining for your benefit: to receive the Bitcoin mining service, you must sign a two-year contract under which you must pay for two-year mining services, and obtain coins periodically according to what was agreed upon in the contract

Excellent topic but avoid scam mining sites especially sites thats ask you to deposit money into them. I have tried many sites and 99% of them were scam. 

Edited October 3, 2020 by awwad

[billo89 48]

I like the local mining company since this way you can monitor what you are generating yourself.

However, there is a great cost to perform this operation.

You need to have a strong, well-maintained team to be profitable.

This causes that sometimes this form of mining becomes very expensive. 

 

 thanks 

[mikail12 24]

a subject that you think a lot but can not do because  of electricity cost

[nykas 2812]

Bitcoin mining is quite interesting process, but it was actual in early 2010th, because now network is overloaded due to many people want to mine own BTC, so profit is too low and most people start to mine another coins to earn more money

[Shaza Ahmad 1682]

In current times, the price of Bitcoin has exceeded $18,000, so Bitcoin mining these days is very profitable due to the unexpected increase in the Bitcoin price in recent days, and the bulls may continue to push Bitcoin up to $30,000, as many analysts expect, and this will increase the profits of miners and holders.

[BrolySSJ 7899]

This is an excellent explanation of mining and very detailed as well. I think that something important that the members who are interested in mining need to remember, is that in order to mine bitcoin and be profitable you need to have the right equipment. If you do not have the right equipment then the bitcoin that you mine will not cover your electricity and energy cost. Also without the right equipment mining can cause considerable damage to your machine, i.e. your laptop or pc, and therefore it is important to ensure that you consider these facts before going into mining. Cloud mining is also an option for those that do not have the equipment, where you would rent mining equipment that is in a mining rig overseas. 

[mrboks1232 611]

Bitcoin mining becomes more difficult every year. And soon it will not be profitable at all, so do not miss your chance and mine while it is possible. An excellent platform for this "Nicehash"

[khan22 3478]

Bitcoin mining is the best idea and this coin price is also very good this time in the crypto market the small bull is start and the BTC make a good price now its almost on 18200$ and i hope in just a 2 weeks it make a high jump and touch the 25,000$.

[RoyalHouse01 9]

You created a huge topic just for minig I can say that in simple words the mining is the way in which you put some investment on some machine and that will give you certain amount back on daily basis.

[Dorjoy12 8962]

 Mining is not easy as we think every time because in this crypto world there has lot of minors who fight every day to  create a block and some get success while some not..  Those minors has high quality GPU with the necessary thing to mine can easily create a block..  But the electricity cost of mining is really high so all need to be careful before start mining..  Again stay far from mining site 😆           

[minisrt_black 1112]

I believe that there is no point in mining bitcoin because it requires a very powerful PC because this is a big load on the video card and it can simply overheat

[TimopheyKa 3900]

I believe that mining has recently become quite popular, and many users are eager to master it. Even newcomers who come to cryptocurrency for profit. I believe that it is extremely relevant, especially when its price is high, because you get more coins, and its amount allows you to recoup all costs. Also, do not forget about halving, which makes the mining system slower!

[Moaz 7239]

I think that Bitcoin mining was profitable at the beginning of the cryptocurrencies about 10 years ago, when the price of Bitcoin was low, but now Bitcoin mining has become expensive and requires 24 hours of electricity without interruption, but it is possible to mine other cryptocurrencies that are less expensive than Bitcoin such as Litecoin or Monero.

[ShiNorton 906]

Bitcoin is mined according to PoW algorithm. Miners use mining machines by giving electricity supply into them. Minners mine transactions in Bitcoin blockchain network. Bitcoin mining isn't much more easier task.

[Syedbesharat 5423]

The mining is process for miners who mine the BTC from Internet which give market new BTC. The miners are the one who confirmed the transactions for the current the the fee of ETH and BTC is very high and miners are the who are making hood profit. The mining have good future because the crypto is going to legal and many big giants have make entry in crypto like Facebook, twitter, PayPal. So become miners is good for now the mining of BTC cost is $1100 and price is at $19K .The Breakthrough can be happen any time in December so Miners will make more profit with Bull run. 

[RonaldB 48]

Mining is very profitable if we have its own equipment and enough electrical power to generate a significant amount of Bitcoin ,  As for cloud mining sites, it is unprofitable and most of it is fraud.

[Upright 2688]

When we talk on mining the first impression in which most will relate is on the figure power computation as well as the electric power it needs, as the hashrates are the most essential on having a successful mining structure especially when the difficulty is now more higher than the regular days ago

[Jeje17 101]

Bitcoin mining is a very expensive and expensive process that an individual cannot do by himself because it needs expensive mining equipment and devices, and otherwise, you must bear the exorbitant bills for electricity, energy, and equipment maintenance expenses. If you mine yourself, you will definitely lose. But if you want the real profit, either to be a team of developers, that is, to work in partnership with people of great confidence. But I consider that buying Bitcoin at low prices and selling it when the price rises is the best way to make money, that is, what we call on the exchanges trading.

[Abuhassan 89]

Bitcoin mining is one of the ways to earn money also but it is very expensive to get started you need a huge capital to purchase mining equipment but you will earn Profit in the long run .

[1qDan 478]

Is mining currently profitable? I think it is not, at least in short-term terms, since it requires an exaggerated investment in mining equipment and the difficulty only increases, I think the best thing is to mine xmr or any other cryptocurrency.

[Froshk 1828]

On 12/15/2020 at 9:53 PM, 1qDan said:

Is mining currently profitable? I think it is not, at least in short-term terms, since it requires an exaggerated investment in mining equipment and the difficulty only increases, I think the best thing is to mine xmr or any other cryptocurrency.

Mining is actually profitable for those that can afford the toys and equipment otherwise you can just join a mining pool and yes you can accumulate profit from there

[ABIR21 426]

Many people earn money from bitcoin mining.  In past,  bitcoin mining was profitable but now for scammers it is really hard to earn money from bitcoin mining. Many one says that,  bitcoin mining is bad for computer or mobile. Because it overheated hardware. 

[Zafar123 906]

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.

[godislovefll 1880]

Very good information together, all well explained, and in fact the greatest thing about BTC mining is that it has a limit so the day will come when there will be no more mining and the btc will stop being mined so thank you that when you stop the mineries the BTC will increase its value.