What is the meaning of bitcoin mining?

[Crypto123 0]

12 hours ago, iloveyobit said:

Yes, there are those who practice mining because he loves him as a hobby and not as work. For me, I also love him, but conditions did not allow me to work on it and I was satisfied with trading.

In fact, my friend, in the beginning, I was very enthusiastic about mining, and I bought mining equipment that cost me about 2000$ . I started mining in prime time in 2017 and the profits were very good until prices started to fall and the situation became very bad. Now I wish I could put this 2,000 $ in circulation instead.

[iloveyobit 6599]

11 hours ago, Crypto123 said:

In fact, my friend, in the beginning, I was very enthusiastic about mining, and I bought mining equipment that cost me about 2000$ . I started mining in prime time in 2017 and the profits were very good until prices started to fall and the situation became very bad. Now I wish I could put this 2,000 $ in circulation instead.

I am sorry for you, yes, in fact, this is the unfortunate thing, which is that the profit from mining is not fixed, but decreases over time, so I choosed to trade personally.

[Crypto123 0]

On 4/11/2020 at 11:57 AM, Jorondovon said:

whenever bitcoin dumps and the price goes down mining could be way less profitable for some people and even some of them might lose money because their cost of equipment is higher but if they keep mining regardless of the price in the long term they will be successful because crypto has the future.

Yes, the best solution is to continue mining and wait for prices to rise again because stopping will make them lose a lot, so continuing and storage are better, especially since he expects a significant price increase after Halving.

[koussai999 1986]

On 12/1/2019 at 9:14 PM, Crypto123 said:

Meaning of bitcoin mining

Mining is the process of adding transactions to the public record to past transactions, this professor of past transactions is called blockchain, a series of blocks, bitcoin designed to be resource-intensive and difficult so that the number of blocks found every day by miners remains constant, those individual blocks must contain Mining can be called solving complex mathematical equations by super computing computers, And miners are rewarded by Bitcoin currencies.The Bitcoin network changes the level of difficulty of mathematical equations, based on the speed of their solution.

Mining was in the past is powered by graphics cards, which can perform these operations faster, but they use large electric power, and then launched a new product to assist in the mining process, the first of these products is a chip known as ASIC or Application Specific Integrated Circuit designed specifically for Mining process, this segment accelerated the mining process with less energy consumption.

 

Reasons difficulty of mining now 
Bitcoin mining was initially very lucrative, but with the advent of Bitcoin and its search, the number of minerals for that currency increased, which made the number of Bitcoin seekers very large.We know that mining is a process of decoding and mathematical equations.It is also known that it will be Only 21 million bitcoins were created and then these currencies will be traded and no new currencies will be produced, all of which has made the mining process difficult now, but don't lose hope. Increasing mining on the currency will make its price rise, making the mining process profitable well, and don't forget. Technology has done a lot in all areas , Including cryptocurrencies of course, which has been discovered new ways in the process of mining cryptocurrencies increased the process of profit.

Thank you my friend for this post It seems that you are very tired in writing this excellent explanation and in collecting this information Thank you for making the site full of useful things 

[Crypto123 0]

On 4/13/2020 at 9:36 PM, koussai999 said:

Thank you my friend for this post It seems that you are very tired in writing this excellent explanation and in collecting this information Thank you for making the site full of useful things 

Thank you, my friend, I am glad that you liked the post, I have tried to make it as understandable and useful as possible and I love the members who write constructive responses that help improve the level of the forum.

[Yomose 3704]

On 5/24/2020 at 7:51 AM, ethan1751 said:

With the current conditions I think it is very difficult to get profits from mining Bitcoin. I don't know right now whether there are still those who are mining bitcoin that actually use some sort of RIG. So that the results obtained are faster by other mining methods.

Some still make use of right, it is the best especially if you are not new to the business. If the price of bitcoin increase to around $15000, this will make 2020 bitcoin miming with it. The price is the determinant and we can not just jump into conclusion. 

[Crypto123 0]

On 5/24/2020 at 9:51 AM, ethan1751 said:

With the current conditions I think it is very difficult to get profits from mining Bitcoin. I don't know right now whether there are still those who are mining bitcoin that actually use some sort of RIG. So that the results obtained are faster by other mining methods.

Yes, miners are still in business so far, despite Halving who happened recently and mining rewards have been reduced to 6.25 BTC and this means that rewards have been cut in half. But if the bitcoin price continues to drop, many miners will probably leave.

[BTC Future 3946]

13 hours ago, ethan1751 said:

If you think bitcoin will decrease as the chances of decreasing are very few, even many people's predictions after halving yesterday. there will be an increase, but with a long process.

If a decrease will happen it will be temporary. Personally I was expecting Bitcoin to go down after the halving but it was merely did a 10% dip and recovered. So now I think that even during this summer we will have an opportunity for new highs. Probably not an ATH but reaching to last year highs again would be nice.

Edited May 28, 2020 by BTC Future

[Crypto123 0]

On 5/28/2020 at 12:48 PM, rezzougali1985 said:

Very detailed explanation of the mining of bitcoin we are very thankful for your efforts, but the issue now is the mining of BTC is becoming no more profitable as before but the solution is to mine other coins and wait for their price to rise up, so we will do mining+holding. 

Yes, true Bitcoin mining is not as profitable as before, and the solution that you mentioned mining + Holding is a really good solution given that the bitcoin price is low now so Bitcoin storage and waiting for its price will rise until a good solution for the miners rises.

[Honny143 13612]

Well bro you share really informative topic about bitcoin mining, because so many new members entire in mining field without any knowledge, and they can't afford this mining  cost and face loss so its really good information before entire in mining.

[Crypto123 0]

On 6/9/2020 at 11:15 AM, Honny143 said:

Well bro you share really informative topic about bitcoin mining, because so many new members entire in mining field without any knowledge, and they can't afford this mining  cost and face loss so its really good information before entire in mining.

Thanks my friend, yes it is important that we teach new members some important information about mining, maybe they are not working in mining because it is currently expensive but it is necessary for every person to have a good knowledge of mining.

[Yomose 3704]

On 6/9/2020 at 9:15 AM, Honny143 said:

Well bro you share really informative topic about bitcoin mining, because so many new members entire in mining field without any knowledge, and they can't afford this mining  cost and face loss so its really good information before entire in mining.

Having your own miners and joining mining pool is not an easy thing to do, the process makes people doing such to first do their calculation before investing in it, but if not done properly, loss is the result. 

[guatazoo 7150]

Many newbies they don't know if there gave limited supply of bitcoin, so they think that bitcoin mining is the way to download new bitcoins, in fact bitcoin mining is the way of confirming blocks and transactions.