What is Bitcoin Mining and how to do it?

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What is Bitcoin Mining and how to do it?

Do you know what is Bitcoin Mining? Many will know how the bitcoin rate is increasing day by day. If someone who has Bitcoin Mejhud, then it is considered rich. Have you ever misunderstood where Bitcoin comes from and how to circulate it, if you know about it then it is a good thing and if you don't know then don't panic because today I want to give information about Bitcoin Mining and how it works?

If seen, this Bitcoin Mining does both such things as it adds the new transaction to the blockchain and also releases the newly created Bitcoin. Bitcoin Mining mainly involves compiling recent transactions and preparing blocks and solving computationally difficult puzzles. Here the first participant who resolves that puzzle gets an opportunity to place the next block in the blockchain and he can claim his prize. For the prize, he gets Bitcoin which is nothing else but Transaction Fees. Today we will know what Bitcoin Mining is and how it works. Then what is the delay? Let's start.

What is Bitcoin Mining
On hearing the words Bitcoin mining, you might have come to your mind, such as gold mine or gold mine from where people used to dig gold. So let me tell you clearly that nothing like this happens here, but here Mining means something else, here it means a process where Transaction is processed by using Computing Power, the network Is kept initialized and everyone who is connected to it is synchronized in the same system.

It is like a Bitcoin Data Center but it is a Decentralized system which is controlled by Miners located around the world, here no single person can control it. It is called the Decentralized system because it cannot be controlled by any individual. Here, instead of gold mining, Transaction also gets the reward for processing. Here, whoever does the work and the amount he gets, gets rewarded accordingly. Bitcoin mining is not only used to create new bitcoin but also contributes to other tasks like sending bitcoin from one wallet to another, so bitcoin mining will continue even after the last bitcoin has been mined.

How to do bitcoin mining

How Bitcoin mining works? Perhaps it will be troubling you that how this bitcoin mining works in, I want to tell you that everyone who wants to become a Bitcoin miner can become one, all they need is a specialized hardware and a bitcoin mining Software. With mining software, we process bitcoin transactions and it is also confirmed. These Miners work because if they complete this Transaction then they get Transaction Fees from users for quick Transaction Processing.

To confirm a new Transaction, they have to join a block and also have to provide a Mathematical Proof of Work. Generating this type of proof is very difficult because there is only one way to generate it in which your system takes Billions of Calculation per Second to confirm the transaction. For this, Miners need to do all these calculations before their block network is accepted so that they can be rewarded for their work at the right time. 

As more miners join the network to mine then the method of finding the valid block becomes even more difficult and it is done by no one else but the network so that the average time block can be found to be 10 Mins. This is why Bitcoin mining has become a competitive business where there is no control in the hands of any miner.

Bitcoin miners can never cheat by increasing their fees and reward or by processing a fake transaction, because if someone wants to do so, it will corrupt the Bitcoin Network, and Bitcoin rejects blocks that contain invalid data. This is why Bitcoin Network is secure even if Bitcoin miners are thugs in it.

Is Bitcoin a Waste for Mining Energy?

I do not think that the power used in Bitcoin mining is a waste, because if a payment system can run cheaply and smoothly using any power, then believe that the power used in Bitcoin mining It is waste is completely wrong. As we all know that just like any other payment service, there will be some service cost in the processing of bitcoin as well. If seen, today's payment services like banks, credit cards, etc. demand very high service costs. And the power it costs is not transparent and cannot be measured as it is in the field of Bitcoin.

Bitcoin mining has been designed in such a way that over time specialized hardware has come up which uses less power, but the cost of bitcoin mining is always proportional as per demand. Right now, new research is going on how to minimize this mining power so that an Energy Efficient Bitcoin Mining System can be created.

How does mining protect Bitcoin?

Through Mining, a competitive Lottery-like model is created so that it is impossible to favor someone to continuously add new transaction blocks to the BlockChain. By doing this, it makes the transactions of Bitcoin more secure, so that no one has the power to control some transactions of the block. Through this, one cannot manipulate the blockchain or even roll back the Transaction done. Due to mining, no Transaction can be reversed, which makes Bitcoin more secure.

Can you do bitcoin mining too?

When Bitcoin first started, there were not many Miners who were searching for new blocks from their personal computer's CPU. As Bitcoin became famous, more and more people started mining, which made the discovery of new blocks even more smiling. Talking about today's Dor, nowadays new and advanced Specialized Hardware has come in the market so that mining can be done easily. According to my opinion, this is a work of little patience, no one can become an Aamir overnight, you may have to work very hard for this.

I sincerely hope that I have given you complete information about what is Bitcoin Mining and I hope you have understood this new Virtual Money Mining. Will happen. I request all of you readers that you too should share this information in your neighborhood, relatives, and friends so that there will be awareness among us and it will benefit everyone. I need your support so that I can convey more new information to you.

It has always been my endeavor that I always help my readers or readers from all sides, if you people have any doubt of any kind, then you can ask me irresponsibly. I will definitely try to solve those Doubts. You find this article What is Bitcoin Mining and how does it work? Tell us how you felt by writing a comment so that we too have a chance to learn from your ideas and improve something.