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What is Bitcoin mining:-
Bitcoin mining is the process of adding transaction records to bitcoin's public ledger of past transactions or blockchain.........bitcoin nodes use the blockchain to distinguish legitimate bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
So in bitcoin mining it usually involves individual putting together their computer mining power and they get rewarded with new bitcoins. so with this process individuals can tap into the riches of Bitcoin meaning they can get Bitcoin through mining, though it might sound strange or unbelievable but I assure u that after finishing reading this post you are going to be able to understand much about Bitcoin and Bitcoin mining, now don't let me bore you with much stories let's go into what Bitcoin mining entails and how it can be mined
Bitcoin mining explained:-
At a particular time when bitcoin was first created it was possible for people to mine Bitcoin with their device or PC but now it is almost impossible due to the mining difficulty in bitcoin.
Even if you are succesfully able to mine bitcoin on your phone with some apps u will likely make less than a penny in a year, even with a PC Bitcoin mining is almost non profitable. only specific machines called asic miners can mine Bitcoin profitably and as even as such will definitely take months for them to successfully mine one bitcoin
Even if you are succesfully able to mine bitcoin on your phone with some apps u will likely make less than a penny in a year, even with a PC Bitcoin mining is almost non profitable. only specific machines called asic miners can mine Bitcoin profitably and as even as such will definitely take months for them to successfully mine one bitcoin
What are Asic miners:-
Asic miners are specifically computers with extreme speed capable of solving complex mining algorithms. They are much faster than our normal computers
As at now the mining algorithm for bitcoin is SHA-256 which is one of the hardest cryptocurrency script unlike dogecoin, monero and others.
For those wondering woah I'm gonna get an asic miner and start mining Bitcoin, I must make this revelation. asic miners are quite expensive and require lots of electricity to successfully do its mining operation.
For those that have access to cheap electricity and can spare some bucks on mining machines I will say you can go ahead and get them and set up your mining rig but for people that lives in Africa countries like Nigeria I don't know what to say due to the electricity issue (lols)😁 but anyway have it mind that u are not gonna become a millionaire one night with bitcoin mining.
On my next post I will be taking about how to mine other cryptocurrencies on your phone also known as altcoins on your phone, how to buy a asic miner machine, how to setup a mining rig, how to extend life of your mining machines, how to mine profitably, how to trade bitcoin, do's and dont's of mining and much more I can't continue to say here
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