How does bitcoin mining works?

Do you want to read the answer to how does bitcoin mining works? okay nice question, but I think we should with telling you almost all that you need to know about bitcoin mining before getting there.

What is bitcoin mining?

There are some things that you need to know about bitcoin mining and that’s ;

1 when we are talking about bitcoin mining; this is the process where the bitcoin miner provides security for a confirmed successful transaction of a bitcoin.

2 Bitcoin mining is also the chance of earning some free cryptocurrency without you have to invest money in it.

3 Bitcoin mining is defined as the process whereby the miners have to solve computer related problems which will allow them to be able to handle all blocks of the transaction by chaining them together.

4 It is also the brain and the backbone of the entire bitcoin network.

5 Every new bitcoins that are emerging and are issuing out are done with the help of bitcoin mining.

Why Does Bitcoin Need Miners?

To have a successful and acquire result in a transaction, then miners are your men. They ensure that every transaction is done smoothly and also, they provide security to the system.

The ensures that every computational problem is solved and also that it is difficult to attack any files.

Therefore to have a secure network, miners are needed by bitcoin.

How To Mine Bitcoins

The miner has to help you verify whatever transaction that is carried out on the system that’s to say that the problem of double-spending is solved with the help of the miners.

How does bitcoin mining work?

To answer this question, I will like to start with an example so I hope you follow it up.

For example; You want to carry out a transaction of maybe $200, Yeah, $200 is what you have in mind but it is not what you have in your account or at hand. Let’s say you have $100, and you are thinking of a way out to do the magic.

You then decided to produce a fake $100 using the one you have for duplication. Then after duplication, you now decided to carry out your transaction because you feel you have made the $200 now, so its time to run the business.

During your transaction for the business, if you

handle the money to a person that has little knowledge of currency, can have difficulty to identify which one is real and which one is fake, with this, you will easily succeed with the transaction.

But someone that knows and can identify fake from

real will observe that the two cash is kind of different in terms of texture and also will have the same serial number, etc. and with this, you will be a catched.

So what bitcoin miners does is to ensure that during

the transaction, that there is no sure mistake or error, They make sure to check that whatever transaction a person is carrying out is not repeated twice.

So for the safety of both the user and the system, bitcoin makes use of bitcoin miners for all their transaction verification.

Note; having successful mining is always by luck.

that’s to say if you want to earn bitcoin through mining, then you have to ensure that you are the very first miner to arrive at the correct answer when solving the computational problems.

You will also have to verify before you can the bitcoin.

After the above example, do you still have a question on how does bitcoin mining works? If yes, then revisit the examples after going through these steps.

These steps will guide you by giving you the answer to how does bitcoin mining works.

To get started;

1 Create a bitcoin wallet:

A bitcoin wallet is like saying your bank account. this is where your bitcoins are stored on the system. So let’s say it is your online wallet.

Before you can start bitcoin mining, you will need the wallet.

2 After having the wallet, find a bitcoin exchange, this will help you anytime you want to sell or exchange for a product.

3 Mining hardware: You may want to check ASIC miners hardware system out. This is the best of it. Mining with this hardware will give you the chance of earning big.

4 Choose a mining pool to avoid solo mining. And has the implies, “solo” you have to do everything on your own.

If you don’t know where to start then join a mining pool group to learn more about this.

5 Bitcoin software: The hardware and the software have two different functions. for you to be able to point to your has rate when using the pool, you need the software.