EVIDENTLY! Here's how to mine Bitcoin (How to Mining Bitcoin) that can be done by laymen

in #haejin6 years ago

Many ask how to mine Bitcoin (mining Bitcoin) in this heyday. Are you also interested in mining Bitcoin for profit? If so, see the following discussion!

My Financial Rubric
Is it mining Bitcoin or MiningBitcoin?
The process of mining Bitcoin is the most important thing in its development. Why? Because with the mining process carried out by Bitcoin (miner) miners, each transaction will be validated, built, and stored in a new block on the blockchain.
Many think it's wrong to mine Bitcoin, where there is an assumption that all activities to search for Bitcoin are like searching for free Bitcoin via faucets, giveaway, and games are mining activities for Bitcoin.
Though actually mining Bitcoin or mining Bitcoin is a mining activity using certain devices, where mathematical solutions are needed which involve a number of algorithms and software.

  1. Bitcoin Mining Device
    The miners are mining Bitcoin by using their respective devices.
    Bitcoin mining devices include CPU, GPU, FPGA, and ASIC.
    2 . Bitcoin Mining Actors
    Bitcoind mining agents are called "miners", or in English are miners. Now, what are the roles of Bitcoin miners?
    3 . Six Role of Bitcoin Miners
    To become a miner, we must be connected to the Bitcoin network.
    Once connected, then we will become a "node", which is one of all devices connected to the Bitcoin network.
    As a "node", these miners will carry out their roles and perform the following tasks:

#Listen to Transactions
All nodes that have been connected in the Bitcoin network, must listen to all transactions that occur. This process is then continued by validating the transaction that is heard by checking the digital signature (digital signature).
This is done with the aim of ensuring that the digital signature and output included in the transaction have not actually been spent (not yet issued in other transactions). Thus there is certainly no double spending.
#Keep Blockchain and Listen to New Blocks
A miner also has a role in maintaining blockchain. Bitcoin miners will maintain the blockchain which has saved all transactions.
This block history can be moved from the node you entered before you. You can also listen to new blocks broadcast in the network, then validate the blocks received.
#Making a New Block
Once you have a complete blockchain history, you can also start building blocks.
The trick is to classify all transactions that are heard into a new block, then later expand on the blocks we know. However, all transactions within the block must be valid.
#Looking for Nonce to make Block Validation Work
After all transactions on the candidate block are validated, then you look for nonce to be able to validate the candidate block earlier. This stage is the most difficult stage for each miner.
#Expect Block Received
The next step is to expect the block to be accepted, where there is no guarantee that the new block can be part of the blockchain consensus.
The miner will ask for approval from the block proposal to other miners, so they can start mining on the block. So it's not on another miner block.
#Receive Benefits
The last stage certainly receives benefits like other investments. This advantage can only be obtained when another miner accepts your block as a valid block.
If the block is accepted, then you will get a profit of 25 Bitcoin (according to the current one).
In addition, if several transactions within the block are included in the transaction costs, the miner can collect all transaction costs.
Well, you have to run the six roles to become a Bitcoin miner. So it seems that mining Bitcoin is not just looking for Bitcoin in a faucet, giveaway or something else.
#4 Things to Look For When Mining Bitcoin
You are now familiar with the term miners and their role in mining Bitcoin.
Now is the time to enter practice, where there are 2 things you need to pay attention to when mining Bitcoin to get profit:

#Hashrate
Hashrate is the number calculated from your hardware performance level in every second to solve mathematical problems in mining.
Hashrates are measured in units of gashes, teeth, and eyelashes per second (MH / sec, GH / sec, and TH / sec).
The higher your hashrate than the average hashrate, the more likely you are to break the transaction block.
#Energy Consumption
All of this computing is certainly consuming electricity, and electricity requires a fee.
So of course the consumption of energy or electricity also needs to be considered when making a decision.
You must ensure that the cost of electricity is not spent on all of your profits.
The trick is to calculate how many hashes you get from each watt of electricity used. You can divide the hash count by the number of watts directly.
As an example:
If you have a 500 GH / sec device, with 400 watts of electrical energy, then you will get = 500 GH / sec: 400 watts = 1.25 GH / sec / watt.
In addition, you also use computers to mine Bitcoin and computers use electricity. Therefore, don't forget this factor when you count.

thanks to @haejin for giving me motivation. success always
#follow @beta23

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