Bitcoin Mining: Explained

Bitcoin operates as a peer-to-peer network, which means that no one decides how much of it will be produced and how it will be distributed.

The miners are the ones who run the software on their machines and issue a certain amount of bitcoin in return. This provides a smart way to issue the currency while creating an incentive for more people to join it.

Unlike governments and paper money, bitcoin operates as a peer-to-peer network, which means that no one decides how much of it will be produced and how it will be distributed. The miners are the ones who run the software on their machines and issue a certain amount of bitcoin in return. This provides a smart way to issue the currency while creating an incentive for more people to join it.

Although personal mining is very rare today, there are people who want to do it by themselves.
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The reason why most people avoid it is that of the high costs. If you still want to do it though, you will need a specialized hardware designed for mining purposes only. Of course, they are very expensive to buy. If you have access to cheap electricity and high-speed network connection you can actually do it yourself. Just make sure you calculate if the expenses are worth it.

The bitcoin mining software is equally as important as the hardware. Once you acquire hardware, you will need a good quality software that can allow you to mine on your own or join a pool. When you install it you will be able to see all the statistics, miner speed, and hash rate. If you are cloud mining you don’t need it.