What Is Bitcoin Mining?



Bitcoin mining is the process by which new bitcoins are entered into circulation, but it is also a critical component of the maintenance and development of the blockchain ledger. It is performed using very sophisticated computers that solve extremely complex computational math problems
  • By mining, you can earn cryptocurrency without having to put down money for it.
  • Bitcoin miners receive Bitcoin as a reward for completing "blocks" of verified transactions, which are added to the blockchain.
  • Mining rewards are paid to the miner who discovers a solution to a complex hashing puzzle first, and the probability that a participant will be the one to discover the solution is related to the portion of the total mining power on the network.
  • You need either a GPU (graphics processing unit) or an application-specific integrated circuit (ASIC) in order to set up a mining rig.

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