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Bitcoin Mining Is It Still Worth?

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Bitcoin mining is simply the process of adding new blocks to the blockchain. In other words, it is the process of generating Bitcoin.

A stored or encrypted Bitcoin is a huge series of equations and codes, and miners decode these codes to reach the next block and then generate Satoshi and Bitcoin.

Bitcoin mining is not similar to mining gold and minerals from underground, all you need is an electronic device or a digital mining device to decode Bitcoin.

Is mining important?

If we look at mining from the point of view of Bitcoin and from the point of view of users, we find that the mining process is a very important process for both parties.

With regard to Bitcoin or the blockchain network, it is a very important process to ensure the continuity of the network’s work through miners who do a very important job, which is auditing the transactions that take place through the network.

Also, for users, one of the sources of profit in the blockchain network or in the world of crypto is mining, in addition to storage and trading.

Can you buy a $ 5 coffee drink twice? It is also impossible, as the mining process is among its importance that it ensures that Bitcoin is not copied or fake copies are added to the purchase as the auditors check to make sure that no transaction is made twice.

How does mining work?

The computer or mining device decodes the block and is done through the first device, and then the devices begin to verify this mining process before adding a new block and so on.

The first Miner to solve the problem or decipher the encryption code is the one who is rewarded with the Bitcoin currency, so the mining process is a competitive process, as the more capabilities of your device, the greater your chance of finding a solution to the problem and thus obtaining a greater reward.

Here, the Miners began to search for the higher possibilities of mining and found that graphics cards are more effective in mining than CPUs.

Miners are rewarded with 6.25 Bitcoin per block, which acts as a catalyst for engagement and keeps things running smoothly.

Difficulties facing the mining process?

Although the mining operation is profitable, it faces many difficulties. As the high energy consumption led to many people withdrawing from Bitcoin mining, mining became limited to large pools of companies, and then they would share the mining reward.

The relatively low price of Bitcoin relative to the bonus mining after the split made it unprofitable.

The other matter is the high energy prices in most countries of the world, the exposure of mining equipment to damage and the need for central coolers, which makes capital risks great.

After all, if you're mining, is it still profitable for you?

Mining Memes

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