Bitcoin mining

6 min read

what is bitcoin mining

The question of what bitcoin mining is a complicated, expensive and very tedious action. But people do not care about this as mining is done automatically and this is attractive to investors interested in cryptocurrencies, this is also because they are rewarded with crypto tokens. This is because the miners see these rewards as pieces of heaven as happened with the gold diggers and if you don’t have to do much to get these rewards why not do it?

Well, before investing your time and the necessary equipment, you have to understand if mining is really something you want to invest time in.

Well, what attracts bitcoin miners is the reward that are the valuable bitcoin tokens. These tokens are not unique to miners since they can be bought or sold by anyone and they are not unique to miners and with these you can exchange them for other cryptocurrencies or also exchange them for money.

The latter is what drives a miner since with minimal effort, but with a large investment in a machine with great processing power, they can earn these bitcoin tokens and then sell them to users who want to have those tokens

The rewards that a miner receives is an incentive that motivates them to help a main purpose of mining which is to support, legitimize and monitor the bitcoin network and its blockchain. Because this responsibility is shared among many users from all over the world, this makes bitcoin a decentralized cryptocurrency, or that it does not depend on a bank or government.

free bitcoin mining

To mine bitcoins for free you need a virtual wallet and an application that will use a type of hardware to mine cryptocurrencies in these we can find several programs that are totally free, some of the best known and for this reason they would be safer

CG Miner:

CG Miner is considered to be the best bitcoin mining software on the market because it is so versatile. CG Miner is open source and written in C, runs on Mac, Windows, and Linux and supports three types of mining hardware: GPU, FPGA, and ASIC.

This mining software also has many benefits such as new block detection, remote interface capabilities.

BFG Miner:

Like CG Miner, BFG Miner is written in C, so it can run on most operating systems like Linux, Mac, and Windows. This one is compatible with FPGA and ASIC mining hardware.

Its benefits are the ability to mine various cryptocurrencies at the same time. Another feature is overclocking, monitoring, and fan speed control.

is bitcoin mining profitable

The more bitcoin mining machines you have, the better the profit, but we have to take into account the energy consumption, the transaction fees of the cryptocurrency trading platforms. That is why the beginning miner who starts with a single machine may not get back what he spent on his mining machine and electricity.

This can improve in the future when the needs for mining do not require high caliber hardware or if the user has solar energy it can reduce costs and increase profit which could make mining users with one or a few mining machines profitable

bitcoin mining pools

groups of miners who agree to share rewards are good for the average miner so this mining becomes predictable, the bad thing is that the owner of the mining group has all the power.

However, miners can change their mining pool at any time some of these mining pools are

-Poolin is a public pool that extracts approximately 18% of all blocks. They are based in China, but have a website completely available in English.

-F2Pool is based in China. Mine about 17% of all blocks.

-BTC.com is a public mining pool that you can join and extract 15% of the entire block. We highly recommend joining Slush Pool or Poolin instead.

-Antpool is a mining pool based in China and owned by BitMain. Antpool extracts about 11% of all blocks.

– ViaBTC is a somewhat new mining pool that has been around for about a year. It is aimed at Chinese miners and mines about 9% of all blocks.

is bitcoin mining legal

Today bitcoin mining is legal in many countries while in others it remains strictly illegal

Legal countries

European Union, Mauritius, Nigeria, Angola, South Africa, Namibia, Zimbabwe, Canada, United States, Mexico, Nicaragua, Costa Rica, Jamaica, Trinidad and Tobago, Argentina, Brazil, Chile, Colombia, Venezuela, Kyrgyzstan, Uzbekistan, Cyprus, Russia, Israel, Saudi, Arabia, Jordan, Lebanon, Turkey, Iran, Bangladesh, India, China, Hong Kong, Japan, South Korea, Taiwan, Cambodia, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Brunei, Austria, Croatia, Czech Republic, Germany, Hungary, Poland, Romania, Slovakia, Slovenia, Switzerland, Belarus, Denmark, Estonia, Finland, Iceland, Lithuania, Norway, Sweden, Bosnia and Herzegovina, Bulgaria, Greece, Italy, Malta, North Macedonia, Portugal, Spain, Belgium, France, Ireland, Luxembourg, Netherlands, United Kingdom, Australia, New Zealand

Illegal countries

Algeria, Egypt, Morocco, Bolivia, Ecuador, Nepal, Pakistan