An overview of Bitcoin Mining, how does it work?

I'm a web developer and blockchain technology has been my area of interest over the last few years. Along with that, the stock market and investment have also been my area of interest since I was a child. Here, in this article, I'm going to share how bitcoin mining works and how you can mine a bitcoin to generate an extra income.

What is bitcoin mining?

Bitcoin is just a digital currency without any bank or any other administration office. When the bitcoin is traded, it is sent from user to user on the peer-to-peer connection. As the countries need to print new currency, just like that bitcoin mining is the process of creating new bitcoins with the help of extremely complicated algorithms.

To start Bitcoin mining, all you need is a powerful computer. The power of your computer system is directly proportional to the speed of bitcoin mining. The more powerful system you have at the faster speed you can mine a bitcoin. To mine a bitcoin, you must have a great GPU and or a video card. This will increase the process of bitcoin mining.

Bitcoin mining is done using special hardware called ASIC (Application Specific Integrated Circuits). The price of this software is higher than the other software and it requires a powerful computer system with high-speed internet. Along with that, it also requires a huge amount of electricity. You also need a cooling device to prevent all electronic systems from over-heating.

Here is the list of things you require:

• 350 GB Storage
• 8 GB RAM Laptop
• Powerful GPU
• Non-stop electricity
• High-speed Internet
• ASIC (Application Specific Integrated Circuits) Software
• Internet security

You can get started with these configurations. China was the major country in bitcoin because, in any part of the country, electricity was very cheap. Developing countries are the perfect places to start bitcoin mining because electricity is cheaper than the other developed countries.

How to secure crypto mining?

• Avoid any kind of public network. These networks might be insecure as anyone has the access to operate
• Consider using VPN(a virtual private network). With the help of a VPN, it gets difficult for hackers to get your real IP
• Use a binary numbering system to store passwords in the sheet. It is easier to for humans to read and memorize text or symbols but it is really difficult to read binary numbers and memorize them. You can use a binary translator to convert text into all the major numbering systems
• Avoid installing any unknown app, avoid visiting spam websites that have too many redirects. Never install an app directly from an APK file