what is a bitcoin mine
Bitcoin mining isthe process of creating new bitcoin by solving puzzles. It consists of computing systems equipped with specialized chips competing to solve mathematical puzzles. The first bitcoin miner, as these systems are called, to solve the puzzle is rewarded with Bitcoin.
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What is bitcoin mining and why is it important?
Bitcoin mining is necessary to maintain the ledger of transactions upon which bitcoin is based. Miners have become very sophisticated over the last several years using complex machinery to speed up mining operations. The result of bitcoin mining is twofold.
What are the requirements to start mining bitcoin?
To start mining bitcoin, the following are required: 1 Competitive mining computers (rigs) 2 Low-cost power supply 3 Mining software 4 Mining pool membership More …
Is it possible to mine bitcoins today?
Well, you can do it. However, it’s not profitable for most people as mining is a highly specialized industry. Most Bitcoin mining is done in large warehouses where there is cheap electricity. Most people should NOT mine bitcoins today. Most Bitcoin mining is specialized and the warehouses look something like this:
What is a bitcoin mining pool?
A mining pool is a group of miners who combine their computing power and split the mined bitcoin between participants. A disproportionately large number of blocks are mined by pools rather than by individual miners. Mining pools and companies have represented large percentages of bitcoin’s computing power. Bitcoin vs. Traditional Currencies