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<p>The decentralized nature of Bitcoin means that transactions are broadcast to the peer-to-peer network (people running computers) and once broadcast, they must be verified, validated and then recorded in a public transaction database, known
as the Bitcoin blockchain.</p>
<h2><span style="color:#d35400"><strong>What is involved in the mining process?</strong></span></h2>
<p>Miners are basically the people involved in processing and verifying transactions before the transactions are recorded on the Bitcoin blockchain. Miners then receive transaction fees in <strong>the form of newly created bitcoins.</strong>
</p>
<p>Computers are used to embed new transactions into the Bitcoin blockchain. While computers find it relatively easy to complete the verification process, the process becomes more difficult, as the capacity of the computer becomes vulnerable to
more complex algorithms with faster processing speeds.</p>
<p>Trying to get Bitcoin users from all over the world to agree to a single copy of the transaction is the challenge, and it has to do with what is referred to as proof of work. Miners compete with everyone on the peer-to-peer network to earn
bitcoins. The higher the processing power, the more attempts the devices will make to try to complete the verification, thus the miner will earn much-needed bitcoins in addition to the transaction fees.</p>
<p>It is worth noting that the Bitcoin network is self-developing, to ensure that the time it takes for a miner to win a block is fixed at about 10 minutes. The speed of the processing power in bitcoin mining is referred to as the hash rate and
the processing power is referred to as the hardware hash power.</p>
<p>To get a little more technical and introduce some of the more common terms used in the crypto world, the mining process is where Bitcoin miners run the hashing and cryptographic function of the blocks that make up the blockchain. For each
new hash attempt, the miner will use different numbers as a random element, which is the number indicated by the nonce.</p>
<p>Once a proof of work is produced, by random computation of tokens until the correct number is discovered, a new block is essentially discovered, which is validated and agreed upon by the peer-to-peer network. At this point, the miner is
rewarded with a certain number of bitcoins, currently set at 6.25 bitcoins. Although this bonus will be halved every 210,000 blocks.</p>
<p>In addition to the bitcoins received, the unsuccessful mining reward will be given fees related to the transactions paid by users within the successfully mined block, which is a much bigger incentive for miners as the number of bitcoins per
block continues to decline.</p>
<p>Mining from start to finish:</p>
<p>Perhaps the process of mining from start to finish can be described in the best and simplest possible way through the following points and elements:</p>
<ul>
<li> Check if the transactions are valid.</li>
<li> Aggregate transactions into a block.</li>
<li> Select the header of the latest block and insert it into the new block as a hash.</li>
<li> Proof of work completed.</li>
<li> Adding a new block to the blockchain and adding it to the peer-to-peer network.</li>
<li> The miner receives the bitcoin reward and transaction fee.</li>
</ul>
<p>Typically, the ideal average block mining time is 10 minutes, and the cycle continues to repeat at a two-week cycle rate.</p>
<h2><span style="color:#d35400"><strong>What is cloud bitcoin mining?</strong></span></h2>
<p>Bitcoin cloud mining provides a way to receive newly mined bitcoins, without the need to own bitcoin mining hardware or even possess any technical knowledge of mining, allowing the mining world to not only attract technically minded people
but also to a much wider audience.</p>
<h2><span style="color:#d35400"><strong>What is the difference between bitcoin mining and cloud mining?</strong></span></h2>
<p>It boils down to the Bitcoin Miners website.</p>
<p>For a bitcoin miner, the user will buy, build and maintain bitcoin mining hardware, which is not suitable for many people except for a few technology enthusiasts, in addition to these devices requiring cooling and operating electricity,
which increases the necessary cost. Mining equipment requires a lot of ventilation and cooling, not to mention processing.</p>
<p>Cloud mining is backed by mining companies that set up mining rigs in their own facilities, where a cloud miner only needs to sign up and buy shares or a mining contract. The user does not have to do anything else, the miner does all the
work and gives the cloud miner returns on a regular basis. The user essentially buys a percentage of the bitcoin mining hash power.</p>
<p>One of the main concerns to point out about cloud mining is fraud, as there are a lot of reports of fraudulent activities, not to mention declining profits and even miners with the ability to stop operations if the price of Bitcoin drops
below certain levels, so due diligence must be taken. And a good search for reliable names in the field, there are some indicators and basic steps to reduce the risk of fraud, including these signs that suggest that the company is fraudulent:
</p>
<ul>
<li> No mining address and/or no user defined pool.</li>
<li> There are no pictures of the hardware or the data center of the miner.</li>
<li> There are no restrictions on sales or no display of the retail rate of miners sold.</li>
<li> Referral and social networking programs.</li>
<li> Avoid miners willing to pay high referral fees as this could be a Ponzi scheme.</li>
<li> Inability to sell your position or get paid when selling.</li>
</ul>
<h2><span style="color:#d35400"><strong>Bitcoin mining hardware:</strong></span></h2>
<p>Mining hardware has changed from what it was in the early days, where bitcoin mining relied on CPUs.</p>
<p>As miners continue to develop their mining capabilities, which means they continue to develop devices capable of earning much more bitcoins, leaving CPU and laptop users behind, it is now unlikely that a laptop will generate even a single
bitcoin. mining for years.</p>
<p>Then, instead of CPUs, came GPUs, as miners found that using high-end graphics cards was more efficient than mining bitcoins. The use of GPUs has increased mining power by up to 100 times, while using significantly less power, saving big
electricity bills.</p>
<p>Next came the FPGA, short for Field Programmable Gate Aray, which aims to reduce power usage rather than the actual mining speed, with mining speeds slower than GPUs, while power consumption has been reduced by up to 5 times.</p>
<p>Energy savings led to the development of mining farms and the bitcoin mining industry as it is known today, where bitcoin mining power is controlled by a few miners known as bitcoin mining pools.</p>
<p>Since FPGAs, the mining community has turned to application-specific integrated circuits (ASICs), where an ASIC is a chip designed for the sole purpose of mining, with no other functional capabilities.</p>
<p>While an ASIC chip performs only one function, it provides 100 times more hashing power, while also using much less power than was the case with CPUs, GPUs, and FPGAs.</p>
<p>Software development has slowed, with nothing currently on the market or in development expected to replace ASIC hardware, and ASIC chips will likely see minor modifications at best to try and create hardware with greater features and
efficiencies, although it will only be a matter of A time before the crypto world came up with something newer and faster as miners were catching up to the hashing power.</p>
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<h2><span style="color:#d35400"><strong>How difficult is bitcoin mining?</strong></span></h2>
<p>The difficulty of Bitcoin mining is the degree of difficulty in finding the solution to the algorithm provided by the Bitcoin blockchain. The Bitcoin mining difficulty score is recalculated every 2016 blocks. That is, the mining difficulty
is inversely proportional to the target value. As the mining difficulty increases, the target value decreases and vice versa.</p>
<p>In basic terms, as more miners join the Bitcoin network, the rate of block creation increases, resulting in faster mining times. As mining times speed up, mining difficulty increases, lowering the block generation rate to the required 10
minutes as mentioned earlier.</p>
<p>Once the mining difficulty increases, the average mining time returns to normal and the same cycle repeats approximately every two weeks.</p>
<h2><span style="color:#d35400"><strong>How to start a bitcoin mining business?</strong></span></h2>
<p>To start mining you can become a node within a peer-to-peer network, and to start generating bitcoins, all that is required is a high-performance computer with internet access.</p>
<p>Wallets can be downloaded for free, mining software can be downloaded and once downloaded, they are ready to work.</p>
<p>The truth is that your desktop or laptop computer will not work in the world of bitcoin mining, so the options are to either make a large investment and create a mining rig, join a mining pool or even sign up for a cloud mining service,
with the latter requiring a certain degree of care. Duty as with any type of investment.</p>
<p>In mining pools, the company that runs the mining pool charges a fee, while mining pools are able to solve several blocks each day, giving miners who are part of the mining pool instant profits.</p>
<p>At a minimum, you'll need graphics processing units (GPUs) and a good place for your mining hardware with fans set up to keep the machine cool, as well as a stable internet connection.</p>
<p>Two of the global GPU manufacturers are Ati Radeon and Nvidia, while Radeon cards are much better for mining than Nvidia cards.</p>
<p>While you can try mining with GPUs and gaming hardware, the income will be significantly lower and the miners may actually lose money instead of achieving their desired goal, leaving the more expensive alternative which are dedicated ASIC
hardware.</p>
<p>The best ASIC devices on the market that may be necessary for bitcoin mining depending on price, hashrate and electrical efficiency are:</p>
<p>Antrouter R1, Antminer S9, BPMC Red Fury USB, Antminer.</p>
<h2><span style="color:#d35400"><strong>How can you make money from bitcoin mining?</strong></span></h2>
<p>Miners obtain bitcoins through the creation and authentication of blocks. The current number of bitcoins that miners receive when creating a block is 6.25 cryptocurrencies and then transaction fees per block, which equates to approximately
1.5 bitcoins in value per block.</p>
<p>It is estimated that ASIC miners will pay for themselves in about 15 days, assuming the device is priced at just under $2,500, and then eventually boils down to the rate of increase in miners, which then requires more computing power for
the device to be able to maintain its power. At the same level as creating coins and receiving transaction fees.</p>
<p>In short, if you're going to try to use a CPU or laptop, mining pools are a better option, and even then you won't get much.</p>
<h2><span style="color:#d35400"><strong>Is it possible to get rich from mining?</strong></span></h2>
<p>It is more likely from the rise in the value of Bitcoin than from the mining itself, with a few mining pools accounting for the lion's share of Bitcoin mining power making it difficult for new miners to enter this battle.</p>
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Login Remember * Register Firstgooal Q&A * Questions * Unanswered * Tags * Users * Ask a Question Ask a Question WHAT IS CRYPTOCURRENCY TRADING AND HOW IS MINING DONE 0 votes asked 13 hours ago in question by mrcat (2.3k points) The decentralized nature of Bitcoin means that transactions are broadcast to the peer-to-peer network (people running computers) and once broadcast, they must be verified, validated and then recorded in a public transaction database, known as the Bitcoin blockchain. WHAT IS INVOLVED IN THE MINING PROCESS? Miners are basically the people involved in processing and verifying transactions before the transactions are recorded on the Bitcoin blockchain. Miners then receive transaction fees in the form of newly created bitcoins. Computers are used to embed new transactions into the Bitcoin blockchain. While computers find it relatively easy to complete the verification process, the process becomes more difficult, as the capacity of the computer becomes vulnerable to more complex algorithms with faster processing speeds. Trying to get Bitcoin users from all over the world to agree to a single copy of the transaction is the challenge, and it has to do with what is referred to as proof of work. Miners compete with everyone on the peer-to-peer network to earn bitcoins. The higher the processing power, the more attempts the devices will make to try to complete the verification, thus the miner will earn much-needed bitcoins in addition to the transaction fees. It is worth noting that the Bitcoin network is self-developing, to ensure that the time it takes for a miner to win a block is fixed at about 10 minutes. The speed of the processing power in bitcoin mining is referred to as the hash rate and the processing power is referred to as the hardware hash power. To get a little more technical and introduce some of the more common terms used in the crypto world, the mining process is where Bitcoin miners run the hashing and cryptographic function of the blocks that make up the blockchain. For each new hash attempt, the miner will use different numbers as a random element, which is the number indicated by the nonce. Once a proof of work is produced, by random computation of tokens until the correct number is discovered, a new block is essentially discovered, which is validated and agreed upon by the peer-to-peer network. At this point, the miner is rewarded with a certain number of bitcoins, currently set at 6.25 bitcoins. Although this bonus will be halved every 210,000 blocks. In addition to the bitcoins received, the unsuccessful mining reward will be given fees related to the transactions paid by users within the successfully mined block, which is a much bigger incentive for miners as the number of bitcoins per block continues to decline. Mining from start to finish: Perhaps the process of mining from start to finish can be described in the best and simplest possible way through the following points and elements: * Check if the transactions are valid. * Aggregate transactions into a block. * Select the header of the latest block and insert it into the new block as a hash. * Proof of work completed. * Adding a new block to the blockchain and adding it to the peer-to-peer network. * The miner receives the bitcoin reward and transaction fee. Typically, the ideal average block mining time is 10 minutes, and the cycle continues to repeat at a two-week cycle rate. WHAT IS CLOUD BITCOIN MINING? Bitcoin cloud mining provides a way to receive newly mined bitcoins, without the need to own bitcoin mining hardware or even possess any technical knowledge of mining, allowing the mining world to not only attract technically minded people but also to a much wider audience. WHAT IS THE DIFFERENCE BETWEEN BITCOIN MINING AND CLOUD MINING? It boils down to the Bitcoin Miners website. For a bitcoin miner, the user will buy, build and maintain bitcoin mining hardware, which is not suitable for many people except for a few technology enthusiasts, in addition to these devices requiring cooling and operating electricity, which increases the necessary cost. Mining equipment requires a lot of ventilation and cooling, not to mention processing. Cloud mining is backed by mining companies that set up mining rigs in their own facilities, where a cloud miner only needs to sign up and buy shares or a mining contract. The user does not have to do anything else, the miner does all the work and gives the cloud miner returns on a regular basis. The user essentially buys a percentage of the bitcoin mining hash power. One of the main concerns to point out about cloud mining is fraud, as there are a lot of reports of fraudulent activities, not to mention declining profits and even miners with the ability to stop operations if the price of Bitcoin drops below certain levels, so due diligence must be taken. And a good search for reliable names in the field, there are some indicators and basic steps to reduce the risk of fraud, including these signs that suggest that the company is fraudulent: * No mining address and/or no user defined pool. * There are no pictures of the hardware or the data center of the miner. * There are no restrictions on sales or no display of the retail rate of miners sold. * Referral and social networking programs. * Avoid miners willing to pay high referral fees as this could be a Ponzi scheme. * Inability to sell your position or get paid when selling. BITCOIN MINING HARDWARE: Mining hardware has changed from what it was in the early days, where bitcoin mining relied on CPUs. As miners continue to develop their mining capabilities, which means they continue to develop devices capable of earning much more bitcoins, leaving CPU and laptop users behind, it is now unlikely that a laptop will generate even a single bitcoin. mining for years. Then, instead of CPUs, came GPUs, as miners found that using high-end graphics cards was more efficient than mining bitcoins. The use of GPUs has increased mining power by up to 100 times, while using significantly less power, saving big electricity bills. Next came the FPGA, short for Field Programmable Gate Aray, which aims to reduce power usage rather than the actual mining speed, with mining speeds slower than GPUs, while power consumption has been reduced by up to 5 times. Energy savings led to the development of mining farms and the bitcoin mining industry as it is known today, where bitcoin mining power is controlled by a few miners known as bitcoin mining pools. Since FPGAs, the mining community has turned to application-specific integrated circuits (ASICs), where an ASIC is a chip designed for the sole purpose of mining, with no other functional capabilities. While an ASIC chip performs only one function, it provides 100 times more hashing power, while also using much less power than was the case with CPUs, GPUs, and FPGAs. Software development has slowed, with nothing currently on the market or in development expected to replace ASIC hardware, and ASIC chips will likely see minor modifications at best to try and create hardware with greater features and efficiencies, although it will only be a matter of A time before the crypto world came up with something newer and faster as miners were catching up to the hashing power. YOUR ANSWER Your name to display (optional): Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on Privacy: Your email address will only be used for sending these notifications. 1 ANSWER 0 votes answered 13 hours ago by mrcat (2.3k points) Best answer HOW DIFFICULT IS BITCOIN MINING? The difficulty of Bitcoin mining is the degree of difficulty in finding the solution to the algorithm provided by the Bitcoin blockchain. The Bitcoin mining difficulty score is recalculated every 2016 blocks. That is, the mining difficulty is inversely proportional to the target value. As the mining difficulty increases, the target value decreases and vice versa. In basic terms, as more miners join the Bitcoin network, the rate of block creation increases, resulting in faster mining times. As mining times speed up, mining difficulty increases, lowering the block generation rate to the required 10 minutes as mentioned earlier. Once the mining difficulty increases, the average mining time returns to normal and the same cycle repeats approximately every two weeks. HOW TO START A BITCOIN MINING BUSINESS? To start mining you can become a node within a peer-to-peer network, and to start generating bitcoins, all that is required is a high-performance computer with internet access. Wallets can be downloaded for free, mining software can be downloaded and once downloaded, they are ready to work. The truth is that your desktop or laptop computer will not work in the world of bitcoin mining, so the options are to either make a large investment and create a mining rig, join a mining pool or even sign up for a cloud mining service, with the latter requiring a certain degree of care. Duty as with any type of investment. In mining pools, the company that runs the mining pool charges a fee, while mining pools are able to solve several blocks each day, giving miners who are part of the mining pool instant profits. At a minimum, you'll need graphics processing units (GPUs) and a good place for your mining hardware with fans set up to keep the machine cool, as well as a stable internet connection. Two of the global GPU manufacturers are Ati Radeon and Nvidia, while Radeon cards are much better for mining than Nvidia cards. While you can try mining with GPUs and gaming hardware, the income will be significantly lower and the miners may actually lose money instead of achieving their desired goal, leaving the more expensive alternative which are dedicated ASIC hardware. The best ASIC devices on the market that may be necessary for bitcoin mining depending on price, hashrate and electrical efficiency are: Antrouter R1, Antminer S9, BPMC Red Fury USB, Antminer. HOW CAN YOU MAKE MONEY FROM BITCOIN MINING? Miners obtain bitcoins through the creation and authentication of blocks. The current number of bitcoins that miners receive when creating a block is 6.25 cryptocurrencies and then transaction fees per block, which equates to approximately 1.5 bitcoins in value per block. It is estimated that ASIC miners will pay for themselves in about 15 days, assuming the device is priced at just under $2,500, and then eventually boils down to the rate of increase in miners, which then requires more computing power for the device to be able to maintain its power. At the same level as creating coins and receiving transaction fees. In short, if you're going to try to use a CPU or laptop, mining pools are a better option, and even then you won't get much. IS IT POSSIBLE TO GET RICH FROM MINING? It is more likely from the rise in the value of Bitcoin than from the mining itself, with a few mining pools accounting for the lion's share of Bitcoin mining power making it difficult for new miners to enter this battle. YOUR COMMENT ON THIS ANSWER: Your name to display (optional): Email me at this address if a comment is added after mine:Email me if a comment is added after mine Privacy: Your email address will only be used for sending these notifications. Welcome to Firstgooal Q&A, where you can ask questions and receive answers from other members of the community. RELATED QUESTIONS 0 votes 1 answer what is a sheave wheel and what does it do asked Sep 2 in question by ta (116k points) 0 votes 1 answer explain what a sheave wheel is and what its function is asked Aug 30 in question by mrcat (2.3k points) 0 votes 1 answer what is a nsfas bursary and who qualifies to receive a bursary after grade 9 asked Aug 30 in question by mrcat (2.3k points) 0 votes 1 answer How to profit from bitcoin trading asked 13 hours ago in question by mrcat (2.3k points) 0 votes 1 answer how poverty leads to hiv and aids infections among the youth asked Aug 27 in question by mrcat (2.3k points) * Send feedback Snow Theme by Q2A Market Powered by Question2Answer ...