If you have even the slightest interest in bitcoin and cryptocurrencies, then you must have heard about bitcoin mining. But do you know what is bitcoin mining, in today’s job we are going to talk about this, let’s know what is bitcoin mining.
Bitcoin mining is the process in which new bitcoins are created, bitcoin mining is an important part of the blockchain. Do you know if there is no bitcoin mining or fewer people are mining bitcoin, then in this situation it may take a long time for the transaction in bitcoin to be confirmed?
Whenever a transaction takes place in bitcoin, those transactions are confirmed by bitcoin mining and for each transaction confirmed, the person who is mining bitcoin is paid a part of the transaction fee. So the work on it works for a full circle. Let us now know how bitcoin mining is done?
1.How is bitcoin mining done?
Bitcoin mining is not a simple process at all, you will need a powerful computer to do bitcoin mining. There are different types of computers available in the market today to do bitcoin mining, which can do bitcoin mining quite well. Bitcoin mining is an expensive process, it costs you hardware as well as electricity and internet.
But if you want to do bitcoin mining from your home computer, then you can. But with the power of just one computer, you will not be able to earn more bitcoins. And there have been some cases in which the computer got crushed or the hardware of the computer got damaged. That is why the advice of experts is that you should not do bitcoin mining from your home computer.
2.What is required for bitcoin mining?
Given below are some of the main points that you will need for bitcoin mining…
- Computer hardware that includes a high-quality graphic card
- a good internet connection
- A bitcoin mining software
- 24-hour power supply
- A bitcoin wallet account – in which your bitcoins earned by mining bitcoins will be kept
Be careful – there have been many cases of cyber fraud related to bitcoin and bitcoin. Please be careful while transacting with bitcoin.