What is bitcoin mining? - Economist

We can clarify that the term mining refers to the exploration of something in the ground such as gold and minerals, but when it comes to Bitcoin, the interpretation varies greatly because the currency is not present in the ground.

As the Bitcoin currency is a virtual, electronic, and intangible currency, and therefore its mining requires special electronic programs and devices of special specifications.

In the same context, we find that the process of Bitcoin mining is partly similar to printing securities, and mining keeps Bitcoin transactions organized and stable, by removing old transactions when they expire, and adding new ones.

Those who perform the mining process receive an amount of cryptocurrency as a reward, and in order to tighten control over the mining system, the mined and traded must not exceed 21 million bitcoins in circulation.

In this part of the article, we will explain to you the steps of Bitcoin mining and we will mention them in detail below:

Where the process of Bitcoin mining requires certain hardware and very powerful processors, the average device does not tolerate such programs, and all opinions of mining hardware must be reviewed and compared to find out the best hardware.

The “Antminer S9” is the latest and most powerful device in this field, and it is recommended before starting this process to know how profitable it is, and this can be done by using a Bitcoin mining calculator, entering the data for the amount of Bitcoin to be purchased, and knowing how long it may take to make a profit or achieve Break-even point between the buy and sell price.

After identifying the device, you can think about the second and most important stage, which is getting a bitcoin wallet, because bitcoin is just a virtual currency that needs a place to put it and store it.

After you create an account on any "cryptocurrency platform", once you get a wallet, you should be sure to get an address for it, which is a long string of numbers and letters.

It is a place where miners gather together to use the capabilities of their computers together to produce more bitcoin. In this pool, each miner is given smaller and easier algorithms, and through the joint work of all miners, the larger algorithms can be solved, and more coins are earned that are divided between miners according to the contributions of each person.

The choice of any mining pool depends on specific factors:

In this step you should carefully choose the right mining software for your computer, many mining pools have their own software like Bitminer and some don't.

There are many mining programs such as "MacMiner" for Mac computers, "BFGMiner" and "50Miner", and Windows has a simple program called NiceHash.

The required data must be entered into the chosen program after your mining hardware is connected to the collective mining network, and then the network is entered using the username and password that you create.

In the end, you should think seriously before starting the mining process and compare its profits and expenses, and is it feasible or not?