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What is Bitcoin Mining? (In Plain English)

July 12, 2018 16:01 3836

Bitcoin mining Bitcoin mining is the process by which new bitcoins are entered into circulation. Bitcoin mining is the process by which new bitcoins are entered into circulation.Learn more is the process of updating the ledger of BitcoinBitcoin1$ 24,004.730.33%-0.76%4.93%details transactions known as the blockchain A blockchain is a digital ledger of transactions that works from a decentralized network. A blockchain is a digital ledger of transactions that works from a decentralized network.Learn more. Mining is done by running extremely powerful computers (known as ASICs An ASIC miner refers to a device that uses microprocessors for the sole purpose of "mining" digital currency. An ASIC miner refers to a device that uses microprocessors for the sole purpose of “mining” digital currency.Learn more) that race against other miners in an attempt to guess a specific number.

The first miner to guess the number gets to update the ledger of transactions and also receives a reward of newly minted Bitcoins (currently the reward is 12.5 Bitcoins).

Today, in order to be profitable with Bitcoin mining you need to invest heavily in equipment, cooling and storage. It’s not possible to mine profitably with a PC or a GPU at home. You can calculate your profitability using a Bitcoin mining calculator.

0:20 Bitcoin mining in a nutshell
3:13 Mining difficulty and block time
4:22 Evolution of Bitcoin mining hardware
6:30 Bitcoin mining pools
7:24 Is Bitcoin mining profitable?
10:41 Other types of mining
13:14 Frequently asked Questions
15:20 Conclusion

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