BITCOIN MINING - BITCOIN MINERS
What is Bitcoin mining?
Bitcoin operates as peer to peer network, Bitcoin doesn't have a central government.
in Bitcoin mining miners use special software to solve the math problems know as "Hash" for which they will be payed Bitcoins in exchange, it creates an incentive for more people to mine and get bitcoins in exchange.
more miners means more secured network, since miners are required to approve and authenticate the Bitcoins transaction.
the bitcoin network automatically changes and increases the level of difficulty of the math problem (Hash function) depending on how fast they are being solved.
Bitcoins are issued in certain numbers to miners in exchange for solving the problem.
Miners are also required to approve the Bitcoin transaction being part of Block chain network.
In the early days miners used their computes chips to solve the problems. later miners discovered that gaming graphic cards were much more efficient in solving the problems, graphics cards were fast but used more electricity and generated lot of heat.
later cards and chip set specially designed for Bitcoin mining were introduced into the market, these chips were faster but still power hungry.
ASIC chips are specially designed for bitcoin mining , ASIC made Bitcoin mining much faster using less power.
As the popularity of the bitcoin increases, more miners will involve in mining and try solving the math problem making it more difficult solve the math problems individually, to overcome this miners have developed a way to work together in mining pools, pools of miners find solutions faster than individual members and each miner is awarded proportionate amount of bitcoins based on the amount of works he/she provides.
Miners can exchange these Bitcoins for money , since the Bitcoins prices are skyrocketing, earning just few number of Bitcoins will be a lot profit and significant in earnings, it encourages more and more miners to be involved in Bitcoin mining.
More and more computer programming and Block chain enthusiasts are becoming Bitcoin miners every day, many of them have made Bitcoin mining as their full time professional job, since earning just few number of Bitcoins is significant enough in making money.
mining is an integral part of network while keeping bitcoin network, safe stable and secured.
the bitcoin network automatically changes and increases the level of difficulty of the math problem (Hash function) depending on how fast they are being solved.
Miners can exchange these Bitcoins for money , since the Bitcoins prices are skyrocketing, earning just few number of Bitcoins will be a lot profit and significant in earnings, it encourages more and more miners to be involved in Bitcoin mining.
More and more computer programming and Block chain enthusiasts are becoming Bitcoin miners every day, many of them have made Bitcoin mining as their full time professional job, since earning just few number of Bitcoins is significant enough in making money.
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