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Bitcoin Mining

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First of all before knowing what is bitcoin mining we have to know what a bitcoin is ? Bitcoin is basically a cryptocurrency which is intangible and exists only in cyberspace, well bitcoin mining is not like an ordinary gold or oil mining but is totally different from that , it is done manually not on fields but on computers.

A question might arise that HOW? it is done by using special bitcoin mining hardwares which have to be installed into our computers, bitcoin mining is a complex task to understand but basically in simple language this mining includes solving mathematics algorithhms, and puzzles and for that you are rewarded with a very little amount of bitcoins. Many people would be wondering that which software will be able to mine bitcoin well here are some names of the software that mine bitcoin CGminer,BFGminer,BitMinter etc.

There is one big drawback of bitcoin mining is that the electricity it consumes for mining bitcoin is very high and can cost a lot. Since we know bitcoin is a cyberspace currency so mining is risky because we don’t know who is controlling bitcoin .

Here is the process that how actually is bitcoin mining done:

  1. Get The Best Bitcoin Mining Hardware. Purchasing Bitcoins – In some cases, you may need to purchase mining hardware with bitcoins.
  2. Download Free Bitcoin Mining Software. Once you’ve received your bitcoin mining hardware, you’ll need to download a special program used for Bitcoin mining. There are many programs out there that can be used for Bitcoin mining, but the two most popular are CGminer and BFGminer which are command line programs.
  3. Join a Bitcoin Mining Pool. Once you’re ready to mine bitcoins then we recommend joining a Bitcoin mining pool. Bitcoin mining pools are groups of Bitcoin miners working together to solve a block and share in its rewards. Without a Bitcoin mining pool, you might mine bitcoins for over a year and never earn any bitcoins.
  4. Set Up A Bitcoin Wallet. The next step to mining bitcoins is to set up a Bitcoin wallet or use your existing Bitcoin wallet to receive the Bitcoins you mine.
  5. Stay Up To Date With Bitcoin News. Staying up to date with Bitcoin news is important for your bitcoin mining profits.

Here are some extractes which everyone should know:

  • BLOCKCHAIN : A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions.
  • BITCOIN WALLET : A Bitcoin wallet is a software program where Bitcoins are stored.

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Bitcoin Mining. (2018, October 26). GradesFixer. Retrieved December 8, 2022, from https://gradesfixer.com/free-essay-examples/bitcoin-mining/
“Bitcoin Mining.” GradesFixer, 26 Oct. 2018, gradesfixer.com/free-essay-examples/bitcoin-mining/
Bitcoin Mining. [online]. Available at: <https://gradesfixer.com/free-essay-examples/bitcoin-mining/> [Accessed 8 Dec. 2022].
Bitcoin Mining [Internet]. GradesFixer. 2018 Oct 26 [cited 2022 Dec 8]. Available from: https://gradesfixer.com/free-essay-examples/bitcoin-mining/
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