Mining Bitcoin – How To Earn Free Bitcoin
How do I get free Bitcoin? This is a question many people ask. The answer might be “mining”. You’ve probably heard about “mining Bitcoin”. But after all, what is this bitcoin mining Raspberry Pi exactly?
In fact, mining Bitcoin is adding transaction records to the Bitcoin blockchain, which stores past transactions. In more detailed words, mining Bitcoin is deciphering the encrypted codes that represent transactions. Once a code has been decrypted, the respective transaction will be registered successfully.
This process is necessary for Bitcoin network security, because the system is decentralized and needs volunteer miners to take care of it.
Is Bitcoin Mining Worth It?
You probably already know the biggest advantage of mining is getting free Bitcoin. To assess whether Bitcoin mining is worthwhile, you still need to know what the costs of this activity are.
How to get free Bitcoin?
Miners can earn free Bitcoin as a reward for their contribution to the blockchain. However, we can also consider that this Bitcoin earned is not totally free, because they have to make an effort and invest to do the mining.
What does it cost to mine Bitcoin?
Mining coins is difficult, because deciphering is not something that everyone knows how to do. You need advanced computers and the right algorithm to solve the mathematical issues involved in the process.
In this case, if you want to mine, you must take into account the cost to prepare computers with high hash rate. In addition, you must rely on the large amount of electricity that these devices consume. Also don’t forget to pay for their maintenance.
So what should you do if you really want to mine Bitcoin?
First, you need a BTC wallet, so you have a place to store your Bitcoins. Next, you must purchase an appropriate computer, considering the aspects mentioned in the cost section.
Travis is a cryptocurrency blogger and investor. He has been blogging about cryptocurrencies since 2017 and considers himself an expert in the space. Travis also invests in cryptocurrencies and believes that they will become more widely accepted as time goes on.
