Do you know what is Bitcoin Mining . What is Bitcoin Mining ? Many would know that how the rate of Bitcoin is increasing gradually day by day. If anyone who has Bitcoin, then he has become rich.
Have you ever wondered where this bitcoin comes from and how it is circulated, if you know about it then it is a good thing and if you do not know then do not panic because today you people I will give information about Bitcoin Mining and how it works.
If seen, this Bitcoin Mining does both the things as it adds the new transaction to the block chain and also releases the newly created Bitcoin. Bitcoin Mining mainly consists of compiling recent transactions and preparing blocks and solving computationally difficult puzzles.
On hearing this word bitcoin mining, something must have come to your mind like gold mine or coal mine from where people used to dig gold or coal. So let me tell you clearly that nothing like this happens here, but here Mining means something else, here it means that a process where Transaction is processed by using Computing Power, to the network. It is kept secure and everyone connected to it is synchronized in the same system.
It is like a Bitcoin Data Center but it is Decentralized system which is controlled by Miners located all over the world, here no single person can control it. It is called Decentralized system because it cannot be controlled by any one individual. Here instead of gold mining, there is also a reward for processing the transaction.
Here the one who works quickly and in quantity, he gets rewarded accordingly. Bitcoin mining is not only used in preparing new bitcoins, but it also contributes to other tasks such as sending bitcoins from one wallet to another, so even after the last bitcoin is mined, bitcoin mining will continue
How to do Bitcoin Mining
How Bitcoin mining works? Perhaps this thing must be bothering you that how this bitcoin mining works, I want to tell you that everyone who wants to become a bitcoin miner can become it, all he needs is a specialized hardware and a bitcoin mining machine. Software.
With Mining Software, we process the transaction of bitcoin and it is also confirmed. These miners work because if they complete this transaction, then they get Transaction Fees from the users for quick Transaction Processing.
For a new transaction to be confirmed, they have to be included in a block and a mathematical proof of work has to be given along with it. It is very difficult to generate this type of proof because there is only one way to generate it, in which your system takes Billions of Calculation per Second to confirm that transaction.
For this, the miners should do all these calculations before they are accepted by their block network, so that they can be rewarded for their work at the right time. As more miners join the network to mine then the method of finding the valid block becomes even more difficult and it is done by none other than the network itself so that the average time of finding the block remains only 10 Mins. For this reason Bitcoin mining has become a competitive business where no one miner has control in his hands.
Bitcoin miners can never cheat by increasing their fees and rewards or by processing a fake transaction, this is because if someone wants to do this, then it will corrupt the Bitcoin Network, and Bitcoin Nodes rejects such a block that contains invalid data. . For this reason, the Bitcoin network is secure, even if the bitcoin miners are cheated in it
Is Bitcoin a Waste of Mining Energy?
I do not think at all that the power used in bitcoin mining is waste, this is because if a payment system can be run cheaply and smoothly with the use of any power, then it is believed that the power used in bitcoin mining It is a waste that is completely wrong.
As we all know that like any other payment service, some service cost will come in the processing of Bitcoin. If seen, today’s door payment service like Banks, Credit Card etc. demand very high service cost. And the power that is spent in this is not transparent and cannot be measured like it happens in the field of Bitcoin.
Bitcoin mining has been designed in such a way that over time, specialized hardware has come nowadays which use less power, but the cost of bitcoin mining is always proportional according to the demand. Right now new research is going on how to minimize this mining power so that an Energy Efficient Bitcoin Mining System can be made.
How Mining Keeps Bitcoin Safe?
A competitive lottery-like model is created through mining, so that it is impossible for someone to continuously add blocks of new transactions to the block chain. By doing this, it makes the transaction of Bitcoin more secure, so that no one has the power to control some transactions of the block.
Through this, a person cannot modify the block chain or roll back his own transaction. Due to mining, no transaction can be reversed, due to which Bitcoin remains more secure.
Can You Also Do Bitcoin Mining?
When Bitcoin first started, there were not many miners present, due to which anyone was searching for new blocks from the CPU of their personal computer. As Bitcoin became famous, more and more people started mining, which made it even more difficult to find a new block.
Talking about today’s door, nowadays new and advanced Specialized Hardware has come in the market so that mining can be done easily. If my opinion is to be believed, then this is a little patience work, here no one can become Aamir overnight, you may have to work very hard for this.
what did you learn today
sincerely hope that I have given you complete information about What is Bitcoin Mining(What is Bitcoin Mining and how to do it) and I hope you people have understood about this new Virtual Money Mining. Will happen.
I request all of you readers that you also share this information in your neighbourhood, relatives, your friends, so that there will be awareness among us and everyone will benefit a lot from it. I need your cooperation so that I can pass more new information to you guys.
It has always been my endeavor that I should always help my readers or readers from all sides, if you people have any doubts of any kind, then you can feel free to ask me. I will definitely try to solve those doubts. You may like this article What is Bitcoin Mining and How does it work? Tell us how you felt by writing a comment so that we too get a chance to learn something from your thoughts and improve something.