Interested in the world of cryptocurrency? The first thing you need to do is learn how to mine Bitcoin. Bitcoin is like digital gold, highly valuable and sought after. One of the ways to get Bitcoin is through mining.
Even though the price of Bitcoin is currently down, making mining or farming activities a bit risky, learning how to get Bitcoin through mining is still beneficial for beginners who want to enter this world.
It’s important to note that mining Bitcoin requires special devices with high specifications and the process is also complex. So, before you start, understand how it works. Let’s discuss it!
In cryptocurrency, mining is the process of creating new coins and verifying transactions on the network. So, mining Bitcoin is like creating new Bitcoin to be circulated.
Many people are confused about the term “mining” Bitcoin. However, it’s just a term for the process of obtaining crypto assets by solving complex mathematical algorithms. So, miners are actually just trying to solve the code to add new blocks to the Bitcoin transaction system (blockchain).
Each Bitcoin transaction is peer-to-peer, meaning it is sent directly from the buyer to the seller. Each Bitcoin sent has a complex code that must be solved to verify the Bitcoin transaction.
If miners successfully solve the algorithm and add a new block to the network, they will receive a reward. The reward is given in the form of Bitcoin, around 6.5 BTC.
But, don’t get too excited and think the process is easy. This is where the challenge of mining Bitcoin lies. Because using the proof-of-work system, you will compete with other miners to be the first to solve the code.
So, Bitcoin mining can also fail. In fact, there are cases where a miner has verified a transaction block, but did not receive the reward.
How is the Bitcoin Mining Process Done?
Simply put, mining Bitcoin is the process of solving numeric codes called hashes (hexadecimal) that enter the proof-of-work implementation.
You might think, “Do I have to be a math genius to solve hash codes?” Not really, guys. You don’t need to have advanced math knowledge to solve the code.
Mining Bitcoin is indeed difficult, but the difficulty does not come from complex mathematics. The difficulty lies in how to make as many nonces (“number only used once”) as possible and as fast as possible.
So, miners have to guess nonce randomly to produce a hash that is less than or equal to the target hash. For example, the target hash looks like this:
“00870000857e2525f4573737faa0aaa3e9f967ac56e4df598ee90000000057fcc758”
Miners have to create a nonce less than or equal to the target hash above to get a new block. The hash that is closest will receive the Bitcoin reward.
So, that’s why miners need a sophisticated mining rig and high electricity consumption. They have to be able to produce nonce quickly.
Free Bitcoin Mining Method
Before starting mining, there are several things you need to do. First, prepare a Bitcoin wallet to safely store your crypto coins. Second, access a website or application that provides Bitcoin mining services.
After that, you can start mining Bitcoin. The mining process can be done on a PC or Android. But, it’s important to remember that mining on a PC requires a large investment, guys. Meanwhile, mining on Android is less effective in terms of performance.
That’s the free Bitcoin mining tutorial for beginners. Although the process can be complex and requires special equipment, learning how to mine Bitcoin can provide a deeper understanding of the world of cryptocurrency.
It’s also important to remember that the profitability of mining can vary depending on many factors, including electricity costs, the value of Bitcoin, and mining difficulty.
So, before you start, make sure to consider all these factors carefully. Hopefully, this article is helpful for those of you who want to try mining Bitcoin!
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