Do you know what is Bitcoin Mining?? Many will know how bitcoin’s rate is gradually increasing day by day. Anyone who has bitcoin is rich in it.
Have you ever appreciated where bitcoin comes from and how it is circulated, if you know about it, it’s a good thing and if you don’t know, don’t be afraid because today you want to inform people about bitcoin Mining in Hindi and how it works?
To be seen, bitcoin Mining does both things like it add new transactions to the Block chain and also release the newly created Bitcoin. Bitcoin Mining mainly has to compile recent transactions and prepare blocks and solve computationally difficult Puzzle.
The first participant who solves it here gives the Puzzle the opportunity to place the next block in BlockChain and claim their rewards. On the prize, he gets Bitcoin, which is nothing but transaction fees. Today we’ll learn what bitcoin mining is and how it works. Then let’s start with the delay.
What is Bitcoin Mining:
What is Bitcoin Mining? It may have come to your mind like Gold Mine or the gold mine from which people used to dig gold. So let’s tell people clearly that there’s nothing like that here, but mining here means something else, here’s a process where Computing Power is used to process transactions, keep the network secure, and everyone who is connected to it is synchronized to the same system.
What is Bitcoin, how does it work and how can be earned?
It’s like a Bitcoin Data Center, but it’s the Decentralized system that miners control around the world, no single man can control it here. This is called the Decentralized system because it cannot be controlled by an individual. There is also a reward for processing Transactions instead of digging (gold mining).
The sooner and the amount of work that works here, the more rewards they receive. Bitcoin mining is not just used to create new Bitcoin but contributes to other activities such as sending Bitcoin from one wallet to another, so Bitcoin mining will continue to run even after bitcoin is mine last.
How to Make Bitcoin Mining:
How does Bitcoin mining work? Perhaps it will be a matter of how this Bitcoin mining in Hindi works, I want to tell you that everyone who wants to become a Bitcoin miner can become a specialized Hardware and a Bitcoin Mining Software.
Mining software makes us process and confirm transactions of bitcoin. These miners work because if they complete this transaction, they get Transaction Fees from users for Transaction Processing soon.
A new Transaction has to be included in a block to confirm and also have to provide a Mathematical Proof of Work with it. It is very difficult to generate this type of proof because the only way to generate it is to confirm the transaction in which your system takes billions of calculations per second.
For this, miners need to do all of them before they are accepted by their Block network so that they can be rewarded for their work at the right moment. As more Miners join the network, the way to find valid Block becomes even more difficult and it’s none other than the network to stay 10 Mins to find Average Time Block.
That’s why Bitcoin mining has become a competitive business where there is no control in the hands of a miner.
Bitcoin miners can never swindle their fees and reward or process a fake transaction, because if someone wants to do so, it will corrupt Bitcoin Network, and Bitcoin Nodes reject block invalid that contains data. Bitcoin Network secures the same action even though bitcoin miners are swindled.
Is Bitcoin Mining Energy Waste?
I don’t think the power used in Bitcoin mining is waste because if a payment system can run cheaply and smoothly using power, it is totally wrong to believe that the power used in Bitcoin mining is waste.
As we all know, bitcoin processing will also cost some service, just like any other Payment Service. To be seen, today’s Dor’s Payment Service such as Banks, Credit Cards, etc. demand a very high service cost. And the power it spends is not transparent and cannot be measured as it is in the field of Bitcoin.
Bitcoin mining is designed in this way, where specialized Hardware has arrived overtime nowadays to use low power, but the cost of Bitcoin mining is always proportional according to demand. New research is currently underway to minimize this mining power so that an Energy-Efficient System can be created.
How does Mining protect Bitcoin?
Mining creates a competitive Lottery-like model that makes it impossible for someone to constantly add new transaction blocks to BlockChain. Doing so makes bitcoin transactions safer so that no one has the power to control some of Block’s transactions.
No one can manipulate the block chain or even do their own Transaction roll back.
Can you also do Bitcoin Mining?
When Bitcoin first started, there weren’t many Miners that led to a new block search from the CPU of their personal Computer. As Bitcoin became famous, more and more people started mining, making it even more difficult to find the new Block.
Today, the new and advanced Specialized Hardware market has come to an easy mining. It is a little patience to treat me, but you may have to work very hard to make rich overnight.
I sincerely hope that I gave you full information about what is Bitcoin Mining and how to do it, and I hope you will have come to understand about this new Virtual Money Mining