How can you do Bitcoin Mining?

raaman

Valued Contributor
Everyone knows about bitcoin. But, talking about bitcoin is not possible without the blockchain technology. This technology is the basic technology in the manufacture of bitcoin. There are a lot of ways to get bitcoin, one of them is by mining.

You can do bitcoin mining by solving math problems and tasks that are quite difficult to solve. This workaround will generate about 64 random characters called a hash. Those of you who want to mine bitcoin must solve this problem.

When this problem is solved a block will be formed and you as a miner will get the bitcoin. At the start of the bitcoin release, every miner who successfully solves this problem will get a reward of 50 BTC.
 

Sherman198

VIP Contributor
Mining was payable for those who pioneered mining during 2009/2010, imagine solving some mathematical problems and you are paid 50btc. That's huge when you compare the value of btc in today's monetary value. I wished I was one of the earliest miners. Mining Bitcoin now is no more paying for small time miners.
 
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sincerem

VIP Contributor
When it comes to real BTC mining, mobile phone devices or desktop devices can't perform the real mining tasks. The ones we are doing with our phone is just completing some task and earn some fraction of coins for the work we've accomplished, nothing more. I've been around with those mining apps, wasted my time earning peanuts.
 
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Josemendez

Valued Contributor
There is usually a specialized computer designed for mining bitcoin and it is usually costly. There is no way one can be able to mine bitcoin with his or her phone .
The issue of solving math problem is done by the computer and not human , so it is a digital action which produces bits and bitcoin in the end.
Renewable energy and green energy are the newest trend on bitcoin mining .
 
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Good-Guy

VIP Contributor
Mining was payable for those who pioneered mining during 2009/2010, imagine solving some mathematical problems and you are paid 50btc. That's huge when you compare the value of btc in today's monetary value. I wished I was one of the earliest miners. Mining Bitcoin now is no more paying for small time miners.

People who mined a lots of Bitcoin at that time have became billionaires by now. It is quite sad to see that no other coin is rising as much as Bitcoin did and I think this is why I call Bitcoin the real King of cryptocurrencies. I also beleive that BNB also has a great future but it is still not as powerful as BTC. Binance coin is expected to rise to more than $2,000 in value in the next few years.
 
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Sherman198

VIP Contributor
People who mined a lots of Bitcoin at that time have became billionaires by now. It is quite sad to see that no other coin is rising as much as Bitcoin did and I think this is why I call Bitcoin the real King of cryptocurrencies. I also beleive that BNB also has a great future but it is still not as powerful as BTC. Binance coin is expected to rise to more than $2,000 in value in the next few years.
Bitcoin is not having a matched competitor because it was the first valuable coin to be created. If it were to be created along side Ethereum, at the inception, they could have been side by side now. BNB definitely has a bright future, I see it meeting Ethereum in the race to the moon.
 
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Good-Guy

VIP Contributor
Bitcoin is not having a matched competitor because it was the first valuable coin to be created. If it were to be created along side Ethereum, at the inception, they could have been side by side now. BNB definitely has a bright future, I see it meeting Ethereum in the race to the moon.

Well, I never said that Bitcoin has a competitor. You are quite right when you stated that if bitcoin were created at a time when Ethereum was created, both of these coins would have an equal value. I believe that Binance Coin has much better future than other altcoins because Binance is developing a lot and it became a lot famous in the recent times and it will hopefully remain in a much better position in the future.
 
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jvanname

New member
Keep in mind that Bitcoin and Ethereum both have mining algorithms that secure the network, but where the mining algorithm was never chosen to perform any scientific calculation that is useful outside of securing the network. This means that Bitcoin and Ethereum are based on bad cryptography (unlike Circcash).
 
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Good-Guy

VIP Contributor
You can mine Bitcoin by setting up a huge mining rig and buying ASIC miner machines that would help you to mine Bitcoin. Please note that ASIC miners are quite expensive, so you would NOT be making profits right away when you start mining. You would need to cover the actual cost of the equipments you bought and probably after severla months, you will start making profits.
 
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