How to mine Bitcoin - What is the biggest problem in mining?

How to mine Bitcoin - What is the biggest problem in mining?

Today's explanation is How to mine Bitcoin, and what are the most important risks in cryptocurrency mining.

What are the risks of mining
How to mine Bitcoin

Bitcoin mining .. One of the ways to get bitcoin, which in the past was rewarding, but now with so many bitcoin miners, it takes some effort to get a bit of bitcoin, and get a lucrative profit from it.

Mining meaning

Like bitcoin mining, it searches for gold in its own mines in the underground, as well as in bitcoin, it searches for the currency but not in the underground.

But you mine it with your own computer, but that process with the great technological development, and the increase in the number of miners has become very difficult.

Bitcoin mining is the process of adding transactions to the public record to past transactions, and this ledger of past transactions is called ablockchain, which is a chain of blocks.

Bitcoin is designed to be so resource-intensive and difficult that the number of blocks found each day by miners remains constant, those individual blocks must contain proof of work that is considered valid.

The process of mining can be called the process of solving complex mathematical equations by computers with superhuman abilities, and the miners are rewarded or (Miners) by bitcoins, 

The Bitcoin network changes many levels of difficulty of mathematical equations, based on the speed and probability of solving a mathematical equation.

Mining was initially done by graphic cards, which can perform these operations faster, but they use a large electrical power, and then a new product was launched that helps in the mining process،

The first of the products was a chip named ASIC, or integrated circuit application. Designed specifically for the mining process, this chip speeds up the mining process while consuming less power.

What causes mining difficulty?

Bitcoin mining was initially very profitable, but with the advent of bitcoin, and the search for it, the number of miners for that currency increased, which made the number of bitcoin seekers very large.

We know that mining is a process of solving mathematical codes and equations, and it is also known that only 21 million bitcoins will be generated and then these coins will be traded and no new coins will be produced.

 All this has led to difficulty in the mining process now, but do not lose hope, as the increase in mining on the currency, makes its price rise, which makes the mining operation well profitable.

And do not forget that technology has provided a lot in all fields, including digital currencies, of course, which has discovered new ways in the process of mining digital currencies increased the process of profit.

Bitcoin mining cloud

I discovered the method of cloud mining, to help solve the profit in the mining process, and this process is simply a long-term investment, makes a profit over the long term and guarantees you a monthly income effortlessly.

All you have to do in this matter, is that you join one of the cloud mining companies, which in turn buy mining hardware, And use everyone's hardware in a mining operation , and one of the best networks you can include:

  • HashFlare: one of the leading and trusted companies in bitcoin mining and its profits are excellent, higher than any other company.
  • Genesis-Mining : The oldest bitcoin mining company, one of the largest known and reliable companies with a large customer base from all over the world, but (HashFlare) is much higher profitable.

What is the mining of CPU?

This is a step that was used at the beginning of the emergence of bitcoin mining, and the difficulty was then almost non-existent, but of course, as we talked before about the development of mining, there is very little demand for this step.

When you search by computer you will find manyBitcoin mining software, which can be counted through them for up to a year without earning a penny, so dear reader you should avoid this type of mining because it is useless, but it should have been mentioned.

Mining via screen cards

Screen Cards are also an old way of mining bitcoin, the hash power they produce will make you mine 1 bitcoin in about 100 years.

There are many, many new coins that can be mined in the previous two ways, but bitcoin has not been suitable for years for these methods.

Currently profitable mining devices

 / S is one of the best devices at the moment in the mining process. The price of the device is about.1881 dollar, the weight of the device is about 5.5 kg, 

the use of electricity with this device will cost you about. 94 per month, the yield from the device is about. 205 per month, and when deducting the cost of electricity, the profitability will be 112 dollar per month. 

This amount will not be profitable at first because you have to pay for the device, it may take a whole year, until the process of making a profit begins.

Is Bitcoin mining harmful for my PC?

In the event that you are mining bitcoin, via your personal device, you have to bear all the consequences that will result from this process.

This method is very common, but you should be careful because by doing this you will reap many risks and the most important:

  1. Personal computer problems
  2. Viruses love computers that are mining

Personal computer problems: The process of mining as mentioned is complex and not only open a program and leave the device running for long periods of time, 

Personal computer problems

The process of decoding one block containing 25 Bitcoin processes needs powerful resources up to 1 terahash, while the most powerful computers do not reach this power, simply what you do is waste time and torture the computer.

 The end is inevitable and your device crashes and stops working, which can cause other losses for you, including the loss of data you store on the device, as well as the cost of repair or purchase of a new computer.

Viruses: Downloading software on your computer, and constantly searching the internet for the mining process makes your device vulnerable to many malware and viruses.

If you are a beginner, you should not access any site until you confirm its authenticity, because the field of digital currencies has many fake sites that aim to steal your device data, and control them in major operations.

Trojan-ransom.Win 32.Link, is one of the most powerful viruses that changes the address of the DNS and turns your device into a mining robot.

These viruses target thousands of computers, and by collecting their revenues, hackers get good returns.

Therefore, you need to be careful when mining your personal device, so as not to lose your device as well as all the bitcoin mining you have done.

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