What is Bitcoin Mining?

in blockchain •  7 years ago 

Lately I've been investigating bitcoin mining as a source of passive income. I've decided that this is very different from trying to make money by publishing online content. To have a chance of earning anything at all, it requires a fairly big initial investment.

Most people are now familiar with bitcoins, even if they've never used them, as the new virtual currency. It is the first currency to be controlled by a cryptographic protocol rather than a central bank. Basically you pay for something by sending BTC from a virtual wallet in your computer to the merchant's computer.

unnamed.png

Technically all you need to become a node in the network, and to start printing your own virtual mone,y is a computer with internet access. You can download a free wallet to your computer, one of several free miner programs, and join in.

Sounds great doesn't it? The problem is that the computer power required is phenomenal. If you work by yourself, with only a personal computer, it might be years before you see your first block. For this reason most miners join a pool, where the work and rewards are shared.

In a pool, when a block is solved and new coins created, you will only get a tiny fraction of a coin. But usually several blocks are solved in a day. The person running the pool takes a small percentage as a fee (say 3%), but you get (almost) instant gratification.

One important aspect of mining is that the difficulty of solving the blocks increases with time.

Watch this vedio and join this mining.

Joining link- <a href="https://www.1-hash.com/ref/USR115728" target="_blank"><img src=""></a>

Thank you friends.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!