Bitcoin Mining | Beginner's Guide to Mining Bitcoins | Mining Pools for Bitcoin

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BITCOIN MINING EVERYTHING YOU NEED TO KNOW

• PLATINUM CRYPTO ACADEMY

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BITCOIN MINING

• Bitcoin mining is a very popular concept.
• The process of mining entails transaction
  validation, which takes place on every single
  Bitcoin block.
• The main aim behind the best bitcoin mining is
  to make the Bitcoin nodes secure as well as
  capable of resisting any sort of misuse or
  tampering.
• After broadcasting, Bitcoin transactions require
  verification that further establishes whether
  theyre valid or not.
• Theyre further registered on a separate database
  of public transactions, which is further called
  the Bitcoin blockchain. Thus, miners are those
  individuals whore involved in the verification
  and processing of transactions over the
  blockchain. They get their transaction fee in
  terms of Bitcoins.

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WHAT DOES THE MINING PROCEDURE INVOLVE?

• Getting the users of Bitcoin, across the globe,
  to agree to just one sort of transaction is
  extremely challenging and this is where proof of
  work comes into picture.
• According to the protocol, miners interested in
  including extra blocks on the blockchain must
  come up with proof that they expanded a limited
  resource.
• As a result, miners keep competing with each
  other on the P2P network in order to gather
  Bitcoins.
• In Bitcoin mining, the processing speed is called
  the hash rate whereas the power of processing is
  known as the hardwares hash power.

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WHAT DOES THE MINING PROCEDURE INVOLVE?

• During the mining process, the hardware operates
  hashing functionality on the header of a block.
  For every single hash, the software used for
  mining will utilize different figures or numbers
  known as nonce.
• After a proof of work is created by calculating
  nonces till the time the right nonce has been
  discovered, a fresh block is discovered that is
  later verified as well as agreed to by the P2P
  network.
• This is where a miner gets few Bitcoins, which at
  present has been fixed at 12.5 coins. Apart from
  the Bitcoins, the miner also gets transaction
  fee.

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HOW TO START BITCOIN MINING?

• In order to start Bitcoin mining, a miner needs a
  PC as well as access to the internet.
• According to the experts at Platinum Crypto
  Academy, miners can easily download wallets as
  well as miner programs for free of cost. 
• It is also important for Bitcoin miners to invest
  certain amount and set up a rig or join a Bitcoin
  mining pool or opt for Bitcoin cloud mining
  solution if theyre serious about mining. 
• In case of a mining pool, the organization that
  runs the pool charges a specified amount of fee.

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HOW TO START BITCOIN MINING?

• In turn, the bitcoin mining pools solve several
  mining blocks every day, providing miners with a
  portion of the pool earnings instantly.
• Miners are required to invest in a GPU and must
  also keep the hardware used for mining cool in
  order to make the most of Bitcoin mining.
• Once, they have all the pre-requisites in place,
  miners need to find proof of work and also
  create blocks in order to make enough Bitcoins.
• To sum up, individuals whore interested in
  Bitcoin mining must set up their own rigs and
  work towards learning more about the technology
  as well as processes to become a successful miner.

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THANK YOU.