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What Is Bitcoin Mining?

· November 6, 2014 · 8:35 am
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What Is Bitcoin Mining?

Bitcoin Mining is not easy. But, it is a possibility. You can still join thousands, if not millions of people, who are trying to mine bitcoins today. Actually, there many new people trying and succeeding in mining bitcoins today.

When the bitcoin developers came up with the bitcoin market, they set up a certain limit of the number of coins that can be mined at a time. Only 21 million bitcoins exist in the world. Today, more than 12 million bitcoins have been mined already. This means that many people are rushing towards making efforts to mine bitcoins before all of them are mined.

The Struggle for Bitcoins

Many people opt to buy or go for the exchanges to obtain bitcoins. These are the easiest ways of going about obtaining bitcoins. However, there are still some people who opt to go for mining. Just like gold is mined, bitcoins are also mined in a struggling manner.

Certain algorithm is used in the bitcoin mining process. However, one must install some software for the mining process to be initiated. The software will be looking for the combination that will unlock the padlock that makes the mining process to be successful. Finding this combination is however very difficult.

People have to try many times and have to have very powerful PCS to be able to make it in such mining. For individuals who cannot afford to buy the machines, their only option is to find groups of people who do bitcoin mining together. In the end, the profit is shared.

The effort of buying bitcoin is paid at the end because the value of these coins has been on the rise on a daily basis. In the recent past, the value of bitcoin has risen to 950 dollars. This means that every time spent on mining any bitcoin is always worthwhile in the end.

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