Bitcoin, as well other cryptocurrencies, were like the boogeyman of the digital finance world. There are a lot of reasons, and one of them is they are untraceable. And is not controlled by any banks. With that, people have mixed conception and sentiment for them. Some think that they may seem enigmatic and only used for shady transactions, others think of them as revolutionary and may change the course of digital finance forever.
You may have heard that bitcoin’s price is more than that of gold. So for that, how can one acquire these mysterious yet valuable things?
How Bitcoin is Acquired
The acquisition of bitcoin is called Bitcoin Mining. You don’t need a shovel and picks to do this, but a powerful computer instead. This process is performed by a high-end computer, solving computational math problems which are so complicated that you can’t explain it manually. Bitcoin mining is almost akin to gold mining for you need a considerable amount of luck, work, and patience to get even a morsel or a fraction of bitcoin.
How Bitcoin Mining Works
Remember what I said about the kind of complex problems the computer needs to solve? Well, the chance that a computer can solve one is like one in six trillion. Thus, this means that you have more luck in winning a lottery than your computer solving one problem.
Bitcoins are mined in units called blocks. A miner’s computer painstakingly solves each block, and upon completion, it rewards the miner 12.5 bitcoins for every block finished. It is a complex process that needs time and an excellent right to solve a single block completely. Each bitcoins, as of this writing, is worth $3,500, which means each block completed is worth $42,000.
If you need more ideas, information, and news about Bitcoin and other cryptocurrencies, you can check netwelsh. But to sum it all up, bitcoin mining is a high risk, high reward task that involves luck, patience, and hard work.