Bitcoin is the most popular cryptocurrency in the world. Its value is about 10 times more than the whole cryptocurrency put together. Investors all over the globe are now looking to benefit from the many advantages that bitcoin provides. Bitcoins are created by mining, which is a computational process by which bitcoins are put in circulation.
Bitcoin mining is performed by special computer software that is used to solve complex mathematical problems. Miners are people who engage in the mining process and are later compensated with a calculated amount of bitcoin token and transaction fees. The profits made are a function of the cost of mining which will increase over time and the cryptocurrency price.
The primary aim of mining bitcoin is to reap valuable rewards with bitcoin. However, it is not entirely necessary to mine to own cryptocurrency tokens. An alternate method is to purchase it through fiat currency and trade it on cryptocurrency exchanges.
How does bitcoin mining work?
The result of transferring bitcoin from one location to another is known as a transaction. The same way transactions are documented by banks, receipts, and so on, bitcoin is stored in blocks that are added into public records called the “Blockchain”.
Bitcoin miners are responsible for adding bitcoin in blocks by performing complex computations and making sure that the data stored is accurate. They also ensure that double-spending which is common practice among digital currencies is avoided. Double-spending is a case of the spender duplicating the cryptocurrency and sending it to another party while keeping with the original.
Miners are compensated for adding a new block of transactions to the blockchain. The amount of bitcoin awarded for each mined block is known as the block reward. Block rewards are halved almost every 4 years which can reduce the supply of new coins in circulation.
Reasons for bitcoin mining
Issuance of new bitcoins
The central bank handles all things relating to the issuance of fiat currencies for transactions. This system is heavily regulated and performed based on the value it adds to the economy. This is not the case in bitcoin mining, as miners are compensated every 10 minutes. Issuance codes are immutable and embedded in codes that ensure that miners cannot tamper with the system to create illegitimate bitcoins.
Transaction Confirmation
The bitcoin mining process is complete when transactions stored in blocks are included in digital records known as the blockchain. This guarantees that transactions that are complete, verified, and secure can only be stored on the blockchain network.
Block rewards
Bitcoin miners are rewarded for each block that is solved and added to the blockchain. The block rewards are expected to halve for every 2,016 blocks mined (2020). This process is known as halving and it occurs every 4 years. This insinuates that for every coin mined in 2020, the miner will be rewarded with 6.25 bitcoins.
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Realistically, bitcoin mining is not a reliable source of revenue. Most bitcoin mining is specialized and performed in large warehouses with sophisticated machines. However, It’s ideal as a hobby and an additional means of earning income.
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While some invested in this digital currency, many ran away from the opportunity out of fear.
But some twelve years down the line, the price of Bitcoin now ranges between $30,000 and $50,000.
The stability of Bitcoin, over these years, has made many traders investors.
What Affects the Value of Bitcoin Because Bitcoin is a cryptocurrency, many forget that it’s a commodity.
On the other hand, commodities like gold have more value because they aren’t readily available.
The market trend of Bitcoin behaves similarly to the gold market because Bitcoin is a scarce commodity.
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