Wealth Creation with BTC

Bitcoin mining explained.

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Mined blocks

A block reward is the amount of new bitcoin released with each mined block.

How to send the Blocks your can find on the next page .

Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released bitcoin. Quote Investopedia

The perils of bitcoin mining or the slow down of bitcoin production click here to find out more.

A block reward is halved every 210,000 blocks, about every 4 years. Block rewards began at 50% in 2009, they are not at 12.5% in 2018, and should continue to decrease. The block reward will result in a total release of bitcoin of about 21 million, purely theoretically as many bitcoins where lost already.

The more computational power is employed in mining the difficulty will adjust upwards to make mining harder. So if computational power is taken off of the network, the opposite happens. Thus the difficulty adjusts downward to make mining easier.

Technical advannces.

In the earliest days of Bitcoin, mining was done with CPUs from normal desktop computers. Graphics cards, or graphics processing units (GPUs), are more effective at mining than CPUs and as Bitcoin gained popularity, GPUs became dominant. Effectivelly hardware known as an ASIC, or Application-Specific Integrated Circuit, was designed specifically for mining bitcoin. The first ones were released in 2013 and have been improved ever since, with more efficient designs coming to market. Mining is competitive and today can only be done profitably with the latest ASICs. When using CPUs, GPUs, or even the older ASICs, the cost of energy consumption is greater than the revenue generated., A good reason why in some countries the mining is very popular, although limited to the entrepreneur making best use of cheap electricity.

How hard are the puzzles involved in mining? Well, that depends on how much effort is being put into mining across the network.

What are the advantages of BTC, here on the next page you get a view of the advantages of bitcoin.

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Sending mined coins
Mining Perils
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2nd passport opportunities
How to Mine
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