Ever wonder what is Bitcoin Mining?

The whole world is just going crazy over bitcoin and cryptocurrency but do we really understand this phenomenon?

In this blog post will talk purely of bitcoin mining , this is another field that many people are having a bit of trouble understanding.

So really what is Bitcoin mining?

Bitcoin operates as a peer to peer network. This means that everyone who uses Bitcoin is a tiny fraction of the bank of Bitcoin.

But where do Bitcoins come from?, With paper money both governments chooses when to publish and dispense fund.

Bitcoin doesn't have a central government. With Bitcoin, miners use special software to solve math troubles. And are problem any particular amount a bitcoins in exchange.

This provides a smart path to issue the money And also generates an incentive for more people to mine. Since miners are required to approve Bitcoin transactions more miners intends a most secure network.

The Bitcoin network automatically changes certain difficulties of the math troubles depending on how fast the objective is being solved. In the early days, Bitcoin miners solved these math problems with the processors and their computers.

Soon miners discovered that graphics cards used for gaming were much better suited to this kind of working. Graphics cards are faster.

The first commercial Bitcoin mining makes included chippings "that's been" reprogrammed for mining Bitcoin. These microchips were faster but still power-hungry.

ASIC, or application specific integrated circuit, chips are designed specifically for Bitcoin mining. ASIC technology has stirred Bitcoin mining even faster while utilizing less influence.

As the popularity of Bitcoin grows, more miners join the network stirring it more difficult for individuals to resolve the math troubles.

To overcome this, miners have developed a route working in conjunction in ponds. Pools of miners find solutions faster than their individual member states and each miner is reinforced proportionate to the amount of act he or she supports.

Mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure.