This article is the last in a series of major articles we’ve talked about so far. Through this we hope to give you a very good understanding and knowledge about Make Money Daily with Bitcoin Mining without Trading. So you already have some understanding of Bitcoin Mining because we talked about this a little bit in the last few articles. But in this article we will talk about Bitcoin Mining and its past and present status. And how we do Bitcoin Mining.
As we said in some parts of the previous articles, Bitcoin Mining is simply that
Giving a bitcoin amount within the Bitcoin network to those who contribute to the running of the Bitcoin Network or Blockchain Network.
By now you know what Bitcoin is all about in a Blockchain. If anyone looking for Bitcoin is looking at this article first. Take a look at our website from the beginning and you will learn a lot about Blockchain as well as Bitcoin. OK we come back to the topic.
Bitcoin Price History Up to 2018
In the past, this Bitcoin blockchain was not very big. There was not much demand. Most people do not use Bitcoin, so they do not need to have a lot of computers (hardware) connected to this Bitcoin Blockchain network to run this network or Bitcoin Blockchain. See the picture below. You can understand how the price of Bitcoin changed with the subsequent demand for Bitcoin.
So I was able to add the small computer I had at home around 2011-2012 to this Bitcoin Blockchain and do Bitcoin Mining. Because the Bitcoin Blockchain is very small. The number of transactions through it is less. So you do not need more powerful computers (hardware) to run the Bitcoin Blockchain.
So at that time a small group of people did this Bitcoin Mining. But over time, as the popularity of Bitcoin increased, so did the ability of a small group of computers (hardware) to carry out this task. But as the popularity of Bitcoin increased, so did the price of Bitcoin.
Bitcoin Mining Farm
So many people are doing Bitcoin Mining by adding more powerful computers (Hardware) to the Bitcoin Blockchain. Where Bitcoin Mining is done on such a large scale, we call it “ Bitcoin Mining Farm” You can see a similar Bitcoin Mining Farm in the image below.
I also hope to explain to you the technical side of Make Money Daily with Bitcoin Mining in this article and in a separate article I will teach you how to do Bitcoin Mining as well as other lucrative Cryptocurrency Mining for anyone interested in Bitcoin Mining.
We will further simplify this Bitcoin Mining. When you make a transaction in this Bitcoin network or blockchain. It is recorded in the blockchain. It is recorded in the entire Bitcoin network.
How much Bitcoin is, and from what address at any given time, a lot of such information is recorded in this network. So imagine how many transactions take place in one second. So you know this is like a CPU inside a computer. That CPU is called i3, i5, i7. So this CPU gives the power to record and increase the transactions in Blockchain.
Simply put, mining is the mathematical things that happen inside a blockchain, or when we add our CPU to power to solve math problems, instead of giving us Bitcoin from the Bitcoin Blockchain itself through Bitcoin Mining.
Here is what Bitcoin Mining simplifies for you. So is he. You know that the lower the power of the CPU, the lower the speed of the computer and the more power the Bitcoin Blockchain needs to have. Simply put. Must have enough Bitcoin Miners. Or this Bitcoin Blockchain will crash. At that time the speed of Bitcoin transactions will decrease.
Computer to Bitcoin Mining
So in the early days we could connect our computer to Bitcoin Mining and do this work but now Thea can’t even think of doing that. Also, with the advent of the Graphic Card (GPU) market, which was able to mine Bitcoin faster and faster than the computer’s CPU, Bitcoin Miners turned to using GPUs instead of CPUs for Bitcoin mining.
Although it costs a lot of money to do Bitcoin Mining, there is still potential for other Cryptocurrency Mining in the Cryptocurrency Market to make a profit. So we hope to explain it to you in another article.
Bitcoin Mining Hash Rate
We talked earlier that Bitcoin Mining requires a lot of power. He also said that this power is needed to maintain the Bitcoin Blockchain and its calculations. The power required for this is called the Hash Rate .
If we further explain this, the miners give a Hash Rate to the Bitcoin Blockchain and the higher the Bitcoin Miners. The higher the Hash Rate of the Bitcoin Blockchain, which increases the power of the Bitcoin Blockchain and increases the speed, security and robustness of the Bitcoin Blockchain. See the figure below on how the hash rate of Bitcoin has increased since the inception of Bitcoin. So it’s hard to imagine that the price of Bitcoin will increase in the future. One of the reasons is that the hash rate is increasing day by day.
As such, this hash rate is the bitcoin processing power of the Bitcoin network or blockchain . This one is total number of calculations that can be done in one seconds. For example, a hash rate of 10 Th / s means 10 trillion calculations per second.