The excitement in the society around Bitcoin is growing and growing, and at the same time, the number of people who want to mine this cryptocurrency is growing. About how to mine bitcoins and whether they are enough for everyone, read further in the article.
What is bitcoin mining?
Cryptocurrency mining – the extraction of virtual money due to the computing ability of technology. Back in 2009, the process of generating cues began, and it continues to this day. But if before the extraction of crypto coins was not difficult at all, today, when a decent amount of bitcoins is already walking around the world, it is becoming more and more difficult to mine them, but the number of people who want to receive such virtual cash does not decrease.
The monetary units themselves of any cryptocurrency are unique codes in the cryptographic system. To obtain such a code, it is necessary to solve complex mathematical calculations, and it is impossible to do this without computer technology. Cryptocurrency mining has become possible due to the fact that any of them is based on open source code, which allows absolutely any miner to receive crypto signs. Of course, not a single inhabitant of the planet can independently calculate these same codes, but in our progressive age, technology comes to the rescue. At the same time, if before an ordinary average PC equipped with special software could independently get bitcoins, today solo mining is a thing of the distant past.
Bitcoin mining equipment
To mine crypto coins, you need to have not only a powerful computing machine but also a special program. Anyone can get them – they are in the public domain and are presented absolutely free. It is enough to install such a program and start, as your PC starts mining the desired cryptocurrency. But don’t think that from the start you’ll earn yourself a few dozens of cues – getting them is becoming increasingly difficult, and solo mining today does not even pay for the cost of electricity.
Why did single mining suddenly begin to lose its meaning? Initially, there were few miners, as well as unraveled bitcoins, but over time, everyone who was not lazy joined this movement, and the number of bitcoins issued is growing every day. The mining system is organized in such a way that when solving a mathematical problem, all the miners who took part in it get a certain amount of bitcoins – before it was 50 bitcoins, then 25, and this figure continues to decrease by half over time – it’s clear that if the amount for solving the code is divided into all participants, then they all get a negligible amount.
And, of course, computer technology had to make more and more efforts, solve more and more mathematical problems per second, which an ordinary PC could no longer do.
Bitcoin mining on a graphics card
A modern video card is best suited for mining bitcoin, and the more powerful it is, the more efficient the mining will be. It may seem strange to someone that a video card processor is capable of making money, but it really is: imagine how many encoded operations it has to carry out per second when working with modern games with high-resolution video frames.
But even the most powerful video card will not allow you to earn a bunch of cues – it can simply burn out, and then you will incur losses.
Bitcoin mining pool
You can mine alone for years, but you can’t solve the crypto task, which means you won’t get anything. That is why many miners are pooling – all calculations are done through one server, which shares the reward between the participants in case of opening a block. At the same time, everyone gets what they deserve – if the PC of one of the miners is more powerful, then he, of course, will get more than the one whose car is weak.
Bitcoin mining farm
The main producers of bitcoins in our time are those who have an industrial approach. Mining of cues opens up a broad prospect for making money with its competent implementation, and more enterprising people than solo miners could not take this opportunity. In order to get as many cues as possible with reduced process costs, industrial farms for bitcoin mining are being equipped.
When the difficulty of mining crypto coins increased, the era of ASIC miners began. These technical devices are aimed exclusively at calculating the hashes needed to obtain new crypto signs so that their performance can be compared with a hundred PCs. Every year, icebergs are improving, new super-powerful models appear, which makes mining very productive.
Of the ASIC miners, whole bitcoin farms are equipped, in which a large number of such ice machines are assembled, a modern cooling system is installed, and the energy consumption is minimized.
Bitcoin Cloud Mining
But individual miners should not despair – modern technologies allow you to get cue-ball thanks to icebergs, even if you do not have them. You can access remote equipment in a special data center by simply renting it. Having paid the required amount, the client of such a company will receive a cue ball, and employees will carry out full maintenance of the equipment, take care of its cooling and payment of utility bills.
Bitcoin mining 2017 – relevance
Thus, mining exists and has not gone away, and absolutely everyone has access to it – both for a fee, and completely free of charge. Yes, cryptocurrency mining is becoming more and more difficult every year, and the reward is becoming less, but do not forget that mining equipment is constantly being improved and updated, and the resourcefulness of network users has no limits. Therefore, we can safely say that, despite all the difficulties of this process, mining remains a profitable business, and the number of its adherents is only growing.