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Assalamu Alaikum how are you all I hope you are well Alhamdulillah I am also well today I will discuss about bitcoin mining.
Bitcoin mining is the mining of valuable resources like gold and diamonds from the ground by digging the ground through different machines, Bitcoin mining is done by computer graphics or through acic machines made for a little mining.
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| Bitcoin Mining Transactions |
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Suppose you live in Dhaka, I live in Barisal, now I told you to send me one lakh rupees, then you tell the banker to send money from your account to my account, it will be my minus and your money will be plus.
You have to transact money through the bank in which your transaction ledger will be stored in the bank.
But in case of Bitcoin it is completely different if you are going to pay me Rs 1 lakh then you first go to any of your wallets and pay to the address.
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| Difference between Bitcoin and Bank Transfer |
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For example, when you want to make a transaction with the bank, the bank will deduct a large fee from you and the bank can block your transaction if you want. Then your money in the bank can be hacked at any time and many times it is seen that the bank fails to pay when you need it. On the other hand, when you make a transaction with Bitcoin, any miner completes the transaction and all computers worldwide verify the transaction and upload your transaction to the Bitcoin ledger. If a miner tries to mark Gold he is automatically kicked out of the network.
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| What is Bitcoin |
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Bitcoin (Bitcoin) is a digital or virtual currency, known as cryptocurrency.
It is decentralized and not controlled by any central bank or government.
Transactions using Bitcoin are stored in a public ledger called Blockchain, which is secure and transparent. Bitcoin was first launched in 2009 by an individual or group named Satoshi Nakamoto. Satoshi Nakamoto faced several questions about who would complete Bitcoin transactions and the supply of Bitcoin in the market.
How will it be given? Satoshi Nakamato selects miners to complete Bitcoin.
Basically, miners will use computer power to verify your transactions and secure them in the Bitcoin network, so miners will get a free transaction. Besides the free transaction, a certain amount is released for each blog and it is rewarded among the miners.
Initially miners were rewarded with 50 bitcoins per block.
Its supply is limited which is only 21 million bitcoins that can be mined.Bitcoin is considered by many as digital gold and is also used as a means of investment.Hope I made it clear to all.Thanks to all.Allah Hafeez.
https://x.com/MonjurulIslam39/status/1796551634946031642?t=y4o4XLyADEfr7t9aoycoXg&s=19
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Thanks for the quality post you have written here on Bitcoin mining, it's quite shedded light on what the mining of Bitcoin involves, thanks for sharing though.
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wow what a beautiful description really appreciated very nice thank you
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