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[Dagov]

What exactly do you mean by mining Bitcoin?
Mining bitcoins is analogous to digital gold mining. Computers with specific software that can solve algorithmic equations are needed for the technique. The blocks of transactions maintained within each network are authenticated by these machines, which aid miners.

Bitcoin is paid to miners for validating and confirming transactions on the blockchain. These miners can take fresh currencies, and this process will keep going until the final Bitcoin is discovered.

 

[btaliat]

Mining is the process of creating new Bitcoin. Though the process does take variance time depending on the machines that's been used for it. While the fastest time is 10 minutes and the average one is 30days.

 

[Margery]

In simple terms, the mining of Bitcoins and not only them, but any cryptocurrency is a process that your computer carries out. With the help of video cards or asics, transactions are confirmed by which the mined block is signed and then added to the blockchain.

 

[Wisdom01]

Although mining Bitcoin comes in different form , there are different ways to mine Bitcoin , like for Instance many makes use of the non renewable source of energy to mine Bitcoin and the renewable source kind of energy

 

[Margery]

Although mining Bitcoin comes in different form , there are different ways to mine Bitcoin , like for Instance many makes use of the non renewable source of energy to mine Bitcoin and the renewable source kind of energy

Non-renewable and renewable energy is not the way to mine bitcoins. They (miners) simply use this energy to mine cryptocurrency. And there is only one way to get it - mining with ASICs

 

[Wisdom01]

Non-renewable and renewable energy is not the way to mine bitcoins. They (miners) simply use this energy to mine cryptocurrency. And there is only one way to get it - mining with ASICs

they actually connect the mining rig with the non renewable energy to mine Bitcoin , that's what I actually mean , I know for sure that you need a mining rig to mine Bitcoin , that can't be ignored on the other hand

 

[btaliat]

Mining is getting more expensive these days. This is because most governments do not really want the miners to be mining because of the negative effects that these activities do cause to the atmosphere.

 

[Wisdom01]

most miners sees this Bitcoin portal or ratio as their only avenue to make more money , they obviously aren't ready to invest in any scheme , just finding different available to make more money in that actually order , many died this a lot

 

[SlotsGator]

Mining is the process of creating new Bitcoin.

To be precise there are two aspects of mining, coin emission, and block creation. But IMO, Mining is first and foremost processing users' transactions and putting them in a block, or simply block creation. Mining isn't all about getting the block subsidy which is halved every ~4 years, since in the case of 0 block subsidy (all coins emitted), in theory, the mining activity is still running.

But yeah, in the first 10 years of Bitcoin, mining is seemingly all about emitting new coins since the block subsidy is very high.

 

[Emmanuel24]

Bitcoin mining is used to produce more Bitcoin through energy by using computer devices. Miners detect that mining of Bitcoin could affect environment so there's regulations upon it. Even many countries do not allow it.

 

[Margery]

Bitcoin mining is used to produce more Bitcoin through energy by using computer devices. Miners detect that mining of Bitcoin could affect environment so there's regulations upon it. Even many countries do not allow it.

Steel, mining, oil refining and other energy-intensive industries have a much greater impact on the environment than cryptocurrency mining. Miners essentially don't care what affects what. They pay for the energy spent on cryptocurrency mining and sleep peacefully.

 

[btaliat]

Steel, mining, oil refining and other energy-intensive industries have a much greater impact on the environment than cryptocurrency mining. Miners essentially don't care what affects what. They pay for the energy spent on cryptocurrency mining and sleep peacefully.

Definitely, there is conspiracy theory against the Bitcoin miners to paint them black. All these while, I have always been hearing that there is always economic hazards that are caused by the crypto miners.

 

[Margery]

Definitely, there is conspiracy theory against the Bitcoin miners to paint them black. All these while, I have always been hearing that there is always economic hazards that are caused by the crypto miners.

It's just that miners and cryptocurrency, respectively, are trying to be brought under control. And this is not one way, but only the beginning. First, they scare the public - they say, because of the miners, there is not enough light, and so on, the environment suffers. Then they'll come up with something else. And I think they will succeed, because the majority of people cannot think analytically.

 

[magnus2022]

Bitcoin mining is a process where miners are compensated by bitcoin blockchain for helping the blockchain in balancing the ledgers. Through this process more bitcoin is created. Bitcoin mining have become complex and advanced. Unlike before, bitcoin mining can be done with CPU or graphic card but now it is impossible. Now, miners use ASIC, a device created solely created for mining.

 

[Margery]

Yes, bitcoin mining is quite complicated now. But, the most interesting thing is that even with such a cost of bitcoin, it is profitable, although it depends on what time period. The longer bitcoin is mined, the higher the complexity of the network grows, the more equipment is needed. I wonder how much it will take to mine the last bitcoins, or will it still go to POS?

 

[Frenzybliz]

When mining Bitcoin, you are eventually earning Bitcoin also, there are mining machines programmed to generate more btc as time goes on, so mining Bitcoin shows you are making more Bitcoin without trading or any effort, just watching your money growing

 

[Riberet19]

When mining Bitcoin, you are eventually earning Bitcoin also, there are mining machines programmed to generate more btc as time goes on, so mining Bitcoin shows you are making more Bitcoin without trading or any effort, just watching your money growing

Bitcoin mining can only generate more Bitcoin if it expands its machinery since the BTC account is regressive and every 4 years there is a halving which halves the Bitcoin granted to miners, and expanding the machinery has a cost of both electricity and investment of the machine so the profits of BTC are not seen until the costs are covered and can ¡ttarting to see profit margins, so expanding the machines is not so easy for a mining company

Yes, bitcoin mining is quite complicated now. But, the most interesting thing is that even with such a cost of bitcoin, it is profitable, although it depends on what time period. The longer bitcoin is mined, the higher the complexity of the network grows, the more equipment is needed. I wonder how much it will take to mine the last bitcoins, or will it still go to POS?

We must take into account one thing, there are many companies that have the mining machines amortized for a long time and the only things they have to worry about is the price of energy and the price of BTC, if the price of energy and BTC is profitable for these companies they may already have profit margins with these prices.

 

[Margery]

We must take into account one thing, there are many companies that have the mining machines amortized for a long time and the only things they have to worry about is the price of energy and the price of BTC, if the price of energy and BTC is profitable for these companies they may already have profit margins with these prices.

 

[Margery]

Yes, I agree that if mining has been going on for a long time, then mining machines have already paid for themselves. But, as you answered the previous commentator, after the halving, you will have to purchase another half of the equipment, which should also pay for itself. That is, there will be no profit again for some time.

 

[btaliat]

It's just that miners and cryptocurrency, respectively, are trying to be brought under control. And this is not one way, but only the beginning. First, they scare the public - they say, because of the miners, there is not enough light, and so on, the environment suffers. Then they'll come up with something else. And I think they will succeed, because the majority of people cannot think analytically.

That's the major problem. Majority of the people do believe in government propaganda and that's why we are still having few people in cryptocurrency trading. The same ways we are having few people in mining of crypto.