“Bitcoin mining is the process of updating the ledger of Bitcoin transactions known as the blockchain. Mining is done by running extremely powerful computers (known as ASICs) that race against other miners in an attempt to guess a specific number.
The first miner to guess the number gets to update the ledger of transactions and also receives a reward of newly minted Bitcoins (currently the reward is 12.5 Bitcoins).
Today, in order to be profitable with Bitcoin mining you need to invest heavily in equipment, cooling and storage. It’s not possible to mine profitably with a PC or a GPU at home. You can calculate your profitability using a Bitcoin mining calculator.” – 99Bitcoins (YouTube)
What is Bitcoin Mining? Video Outline
0:20 – Bitcoin mining in a nutshell
3:13 – Mining difficulty and block time
4:22 – Evolution of Bitcoin mining hardware
6:30 – Bitcoin mining pools
7:24 – Is Bitcoin mining profitable?
10:41 – Other types of mining
13:14 – Frequently asked Questions
15:20 – Conclusion
Spread the love
Disclosure: Nothing on of this is meant to be construed as investment advice, it's for entertainment purposes only and may not be accurate. Always do your own research.
Furthermore , Cryptoclubhouse.org does not necessarily share the same views and perspectives of information provide by others on this site (YouTube videos and such).