Bitcoin is a digital currency and is away from the government’s or bank’s control, meaning it’s authorized by the decentralized system. Since the coinage is completely virtual, there are several ways of procuring it. It can be bought online, exchanged for goods and services, bought or sold at Exchanges, and it can also be obtained through a process called Bitcoin Mining.
- Bitcoin Mining: All that is involved in it
It is a process performed by supremely powerful computers that solve intricate math questions that require sophisticated computers for solving, since the difficulty level of these problems is so high it’s considered hitting the jackpot or something as close to finding gold while mining. When the computers solve these questions, they create a new Bitcoin code and the entire process of Bitcoin mining makes the network more stable and secure as it leads to verification of the transaction information.
- Eligibility for Bitcoin Mining
Obtaining bitcoins isn’t as simple as answering a few questions on a survey and earning from them. For the completion of the process, miners must confirm the 1-megabyte worth of transactions using previously owned Bitcoins. Then comes the challenge of solving the complex maths question using powerful computers which are also called ‘proof of work,’ the rate at which the solutions for these problems are released makes it very difficult for anyone to be able to win, it’s a wager. One computer is sufficient to compete with the ‘mining pools,’ which is a team of miners who join their computing power and divide the mined coin amongst the members. After this, a new block is added to the already growing blockchain. It is intentionally made difficult for miners to keep the network of blocks steady.
The entire process of Bitcoin mining is challenging, intriguing, rewarding, and safe. It is a fool-proof method used by bitcoin to distribute the coins and sustain the network in a guaranteed way.