Just behind the keyword “What is Bitcoin?”, The definition of “mining Bitcoin” is also a keyword that many users search for. So what exactly is Bitcoin mining? How to mine Bitcoin? Today’s article will help you learn about these concepts!
What is Bitcoin mining?
Before learning what Bitcoin mining is, you need to understand the purpose of mining. Mining is a process where cryptocurrencies are created on decentralized networks by individuals operating independently or in large mining pools, a miner known as a ” button ”(node). Mining for 2 purposes is to create more coins and to confirm the validity of transactions using money in circulation.
Bitcoin mining is a term used to describe the processing and confirmation of payments on the Bitcoin network. This helps information about transactions to be verified and stored on the Blockchain system.
How does the mining process work?
The mining process is operated by a computer application or hardware dedicated to bitcoin mining, making the processing and confirmation of transactions faster and more efficient than traditional computers. Anyone can participate in Bitcoin mining by running an application on a computer.
In addition to working on traditional computers, some companies have designed hardware specifically for Bitcoin mining, which makes it faster and more efficient to process new transactions and create new blocks than conventional computers. . To be able to confirm transactions and attach to the Blockchain chain, these devices have to solve complex cryptographic math problems.
What is a Bitcoin mining machine?
A bitcoin mining machine is a device that helps miners to mine by solving the system’s algorithm and earning Bitcoins more efficiently.
Currently, there are 2 types of virtual money miners:
- Dedicated Bitcoin miner: This type is designed only to mine bitcoins, neither can mine other cryptocurrencies nor do any other work. The advantage of this machine is fast and stable mining speed.
- Bitcoin PC miner: the machine with one or more powerful VGA installed. Then install mining software on this machine and run it 24/7 for it to mine bitcoin and other cryptocurrencies. Its disadvantages are high price, high power consumption, hot running, speed is not equal to specialized machines. The advantage of the machine is that it can mine many different virtual currencies and is easy to liquidate.
How to mine Bitcoin without investing?
If you want to own Bitcoin without having to invest in a mining machine, there is still a free way to mine bitcoin.
Earn Bitcoin through free mining sites: your job is just to visit these sites and then reload the page occasionally, each time you load the page you will receive a small amount of BTC and when the amount is allowed. Withdrawal then you can withdraw to your personal wallet.
Playing games for Bitcoin: you just have a smartphone, then download game applications to receive bitcoin and then open up to play, there will be a specified period of time, when you play enough time, you will receive the corresponding BTC.