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When you deepen your understanding of Bitcoin (BTC), the word that always comes up is “mining”.

Mining generally refers to the act of digging up minerals such as oil and gold.

However, recently many people think of Bitcoin (BTC) first.

So why is Bitcoin (BTC), a collection of data that is not a mineral, mined?

What is cryptocurrency mining?

Mining is performed by trading various crypto assets, but here we will explain using the typical crypto asset “Bitcoin (BTC)” as an example.

First, let’s briefly explain Bitcoin (BTC) mining.

Bitcoin (BTC) mining is the “work of approving transaction data”, and the reward for the work is paid in the new Bitcoin (BTC).

It is called “mining” because it is similar to mining a small amount of gold from a large amount of stone.

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What is “work to approve a transaction”?

Bitcoin (BTC) is traded on a daily basis all over the world, and the amount of money is huge, such as billions of dollars and tens of billions of dollars.

All of these transactions are managed by blockchain technology, giving people around the world peace of mind when trading Bitcoin (BTC).

In other words, legal tenders such as yen, dollars, and euros are managed by the central banks of each country, but Bitcoin (BTC) is “managed by blockchain technology”, which is a general legal tender.

So how does blockchain technology manage Bitcoin (BTC) transactions?

In the blockchain, each transaction data of Bitcoin (BTC) is called a “transaction”, and each transaction is put together to make one “block”.

Then, important information such as “when”, “who (which address)”, and “how much Bitcoin (BTC) was traded” is written in the block, and a third party checks the transaction information, and approve.

In other words, this “work to approve a transaction” is mining.

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Who is mining now?

People who mine Bitcoin (BTC) are called “Miner” and there are many people mining all over the world.

In mining, the miner who approves the transfer transaction is paid.

Bitcoin (BTC) has a fixed amount of compensation, and as of August 2020, 12.5 BTC is paid for each block.

In the case of Bitcoin (BTC), on average, remittance transactions performed during that period are checked and approved approximately every 10 minutes, so if 1 BTC is 7,000 dollars, it will be 0.0875 million dollars in 10 minutes.

If 1 BTC is 0.01 million dollars, you can receive a high reward of 0.125 million dollars in 10 minutes.

The rewards of Bitcoin (BTC) mining are so attractive that miners from all over the world compete in mining.

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How does mining work?

Now that we’ve outlined Bitcoin (BTC) mining, let’s take a closer look at how it works.

The key to mining is to use the computing power of your computer to find the numbers needed to generate new blocks faster than anyone else.

Then, important transaction data such as “when”, “who”, and “how much Bitcoin (BTC) was traded” is encrypted and written in the block so that it cannot be tampered with.

So what kind of mechanism is used to prevent tampering with transaction data?

Blockchain technology uses a “one-way hash function” that is also used to speed up searches and data comparison processing.

When you enter the data in the hash function, the value and length Will generate different “hash values”.

This hash value is very complicated, and if the input data is different even by one character, it will show a completely different value, and once hashed data is irreversible.

Therefore, the miner who generated the new block hashed important transaction data such as “when”, “who” and “how much Bitcoin (BTC) was traded”, and wrote the generated hash value to the block.

Then, when all the hash values ​​have been written, the transaction ends.

In addition, actual mining requires “a large amount of computer resources”, and it is more economical to mine honestly than to do the bad thing of tampering, so tampering does not occur.

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How do I get a mining reward?

Mining rewards can only be received by miners who have created new blocks.

Therefore, in order to get the reward for mining, you need to win the competition with miners all over the world and finish the mining work as soon as possible.

However, finding the numbers needed to generate a block requires a lot of calculations, like drawing a lot of lots with a very low probability of winning.

Therefore, miners all over the world prepare a large amount of high-performance dedicated hardware for mining.

Many people also participate in mining by preparing a full range of equipment such as electric power for operating a large amount of dedicated hardware, equipment for cooling the dedicated hardware, and emergency backup power supply.

Some of the minors are expanding their businesses on a large scale in Scandinavian countries such as China, where electricity is cheap, and Iceland, where the temperature is low, and it is even described as a “mining factory” because of its scale.

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Can individuals participate in Bitcoin (BTC) mining?

You can participate in Bitcoin (BTC) mining with your own personal computer or smartphone, but it is quite difficult to receive rewards.

When Bitcoin (BTC) began to be issued, the number of minors was not so large, and the existence of mining was not widely known, so even if a person participates in mining using his/her own computer at home, it was easy to win some competition with other miners.

However, due to the significant rise in Bitcoin (BTC) prices, miners around the world are now participating in Bitcoin (BTC) mining, and moreover, they are running a lot of the latest computers, so individuals even if you challenge the battle with your home computer, there is almost no chance of winning.

If you are going to start mining from now on, it seems that you have a higher chance of receiving rewards if you participate in the mining of crypto assets other than Bitcoin (BTC).

With StormGain, you can easily start mining Bitcoin.

You don’t need to own a special computer or knowledge, but all you need to do is to Open StormGain’s Real Account.

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