What Is Bitcoin Mining?
1- Buy Bitcoin Mining Hardware.
For Mining BTC At First You Need an ASIC Miner Machine.
Asic Miners are Specialized Machines were Built with Asic Chips For Mining Bitcoin .
How Ever You Can Mine With Your Pc and Laptop But it’s not efficiency and you won’t be able to earn penny per Month .
Machines Power metric is Hash Rate and it’s a way to measure of the processing Power in Bitcoin Network .
2- Chose a Mining Pool
You need to select a mining pool to join and the others to mine with your Mining Machine.
Otherwise you should go for Solo Mining and you need a huge amount of Hash Power for Solo Mining.
By joining a pool you will share your own hash power with the other miners in the pool and when the pool found a bitcoin block you get paid based on your hash power.
3- Use Bitcoin Mining Software
The Software of mining will actually hook your mining machine hardware and transfer your Hash Power to The Pool and you can monitor your machines Hash Power with Mining Software.
Now we have a software for Linux Mac and Windows.
And for payout BTC From the chosen pool you need to have Bitcoin Wallet Address and you can make one in many platforms.
4- Check profitability before Start Mining
You should check your mining machine hash power
With the Usual calculator to see if your power actually profitable in that moment.
There are two major things in profit calculator one is bitcoin price and the other is your electricity Price.
5- What Is Mining Difficulty
Difficulty is in Bitcoin Algorithm which is control how quickly the block is found with the timeframe.
Network difficulty changes with deployment of Hash Power that comes from mining machines to control the average time between bitcoin blocks and now it’s around 10 minutes .
6- Bitcoin Block Reward
Each bitcoin block contain a reward and now this reward is about 12 bitcoin in each block however in each 210.000 block we have halving in network and by halving the bitcoin block rewards became half.
7- What is 51% Attack
The attacker should gain 51% of network hash power and then able to spend the same value of bitcoin multiple time and get control of transaction in network.
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