By now, Bitcoin has been widely known as one of the most infamous cryptocurrencies. And there is a big chance you have heard about it. But what about Bitcoin mining ?
This is a complicated process done by solving complicated math problems in order to create new bitcoins while also verifying transactions in the currency done by a computer. If the mining process is successful, the person receives an already established amount in bitcoin.
To be able to engage in the mining process, a person will need a lot of electricity and a very good computer, specifically hardware. Today, there are many mining farms requiring cheap electricity and very good computers. Unfortunately, the need for electricity has faced a bit of backlash since it has a negative environmental impact.
If a computer finds a solution, the reward will be around 6 bitcoins. As of now, 1 bitcoin is worth 33,118.46 euros.
One fun fact. According to the Congressional Research service the electricity needed in order to harvest and mine for bitcoins is equal to half a million PS3 devices and let’s face it, that is a lot.
Some additional stuff comes as well such as stable internet connection and a really good cooling system for computers. Energy that generates from the process turns into heat and that would mean that proper ventilation is a must.
Now, can people benefit from it ?
Of course, it is a very risky area given the fact that bitcoin changes in value day by day, but then again, getting even a small amount still can ultimately generate a lot of profit.
There is also a risk because in some countries Bitcoin mining is forbidden and cannot be pursued. Before tasks became that complicated and required so much energy, harvesting could have been done over the phone yet now, that is practically impossible.
It will be interesting to see in which path bitcoin mining goes.