What is Bitcoin mining?

The Bitcoin system releases a block containing 12 blocks into the network. 5 BTC (Currently), every 210,000 blocks this amount is reduced by half, this is so that not all the BTCs are released to the world, this process is gradual, those who are dedicated to mining in their beginnings used computers with a good level of processing to obtain these blocks because the block is encrypted and there can only be one person who decrypts it, so they compete with each other to see who could decrypt the block first, currently they use hardware dedicated exclusively to BTC mining, There are also sites called Pools where a group of miners can join together to try to get the BTC block and the reward is shared among the group, this equipment for BTC mining is currently extremely expensive without counting the energy consumption, BTC mining is no longer profitable for inexperienced miners or those with a small budget, currently "farms" are used for mining to be able to compete with the current difficulty, there are other cryptosystems that can be mined with a normal PC.

Published on: 6/28/20, 1:48 AM