Profits are basically the most expedient motivation to why people get into mining.

Simply put, if your cost to mine 1 BTC is lower than the current BTC price, then mining allows you to accumulate BTC at a discount. In other words, when the current BTC price is $20,000 and you can mine 1 BTC for a total cost of $15,000, then you have a 25% profit margin. This is effectively the same as purchasing BTC at 25% below the market price.

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And certainly there is money to be made in this industry. At the time of writing this article, the daily revenue earned by miners is over $18.8 million, totaling up to about $6.87 billion annually. But then, the industry is incredibly competitive, and slicing out your piece of the revenue will be difficult.

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But did you know there are other benefits to mining?

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For one thing, mining enables people to acquire KYC-free crypto (anonymous ownership). 

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Asides that, another reason to get into cryptocurrency mining is as a hobby if you are engineering-minded or simply want to better understand this important aspect of Bitcoin.

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There is also a more noble reason to mine, even on a small scale. By mining, you're contributing to Bitcoin’s decentralization — the core tenant that makes BTC revolutionary.

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Whether you're mining to make money, starting a new hobby, or simply contributing to Bitcoin’s decentralization, mining is not easy. Regardless of your reason, I’d walk you through the entire process as time advances.

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$BTC.X $ETH.X #bitcoinmining #ethereummining #longterm #possibilities

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So good so far

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$GOLD keeps rising 📈🤝

Well, that was quick 😂

$USDRUB hit 177 (very close to my 180 target I mentioned today)

I'm not sure we've seen the top TBH. It's probably going higher

Russian Ruble has been seriously hit, but it doesn't seem to be the end

Next Target is 180

$USD $RUB

Here are the basics on how Bitcoin mining works and some key risks to be aware of🤔.

When computers on the network verify and process transactions, new bitcoins are created, or mined. These networked computers, or miners, process the transaction in exchange for a payment in Bitcoin.

Bitcoin is powered by Blockchain, which is the technology that also powers many other cryptocurrencies.

A blockchain is a decentralized ledger of all the transactions across a network.

Groups of approved transactions together form a Block and are joined to create a Chain. Think of it as a long public record that functions almost like a long running receipt.

Bitcoin mining is the process of adding a block to the chain.

How Bitcoin mining works👇

In order to successfully add a block, Bitcoin miners compete to solve extremely complex math problems that require the use of expensive computers and enormous amounts of electricity.

To be continued..............

#mining #bitcoin #bitcoinmining #cryptocurrency #miningrigs #miningpools

Bitcoin is a cryptocurrency that’s gained wide popularity due to its rising price and is created through a process known as “mining.” Bitcoin mining is how new bitcoins get introduced into circulation.

Bitcoin mining is the process of creating new bitcoins by solving extremely complicated math problems that verify transactions in the currency. When a bitcoin is successfully mined, the miner receives a predetermined amount of bitcoin.

Gold has miners because people want gold and it just so happens, unfortunately, that most gold is deep in the earth. Bitcoin has miners because people want bitcoins, but something here seems so silly: how did  a bunch of bitcoins, the tokens of a man-made invention, end up locked up in circumstances demanding mining?

The truth is, bitcoin “mining” is a misnomer. When gold is mined, nothing is achieved beyond the discovery of new gold. When bitcoins are mined, however, a valuable service is provided to the Bitcoin network: decentralized transaction recordation and validation.

To be continued.......