Do you know What is Bitcoin Mining (What is Bitcoin Mining)The Many will know how the bitcoin rate is increasing day by day. If anyone who has Bitcoin Mehjud, 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 you Bitcoin Mining And I want to give information about how it works.
If seen, this Bitcoin Mining does both such things as it adds the new transaction to the block chain 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 block chain and he can claim his prize. For the prize, he gets Bitcoin which is nothing else but Transaction Fees. Today we will know that Aakir What is Bitcoin Mining and how it works. Then what is the delay? Let’s start.
What is Bitcoin Mining?
On hearing the words Bitcoin mining, perhaps something may have come to your mind like 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 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 a reward 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? Maybe this thing is troubling you Bitcoin mining In how it works, 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, the Miners should 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 but the network so that the average time block can be kept to find 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 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 though 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 spends 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 nowadays 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 Block Chain. By doing this, it makes the transaction of Bitcoin more secure, so that no one has the power to control some transactions of the block.
Through this, one cannot manipulate the block chain 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 was first introduced, 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, making the discovery of new blocks even more smiling.
If we talk about today’s problems, nowadays new and advanced Specialized Hardware have 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.
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