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Bitcoin mining

What is your knowledge about Bitcoin mining?

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How long will it take to mine 1 bitcoin?

Maybe the fact that it is possible to generate wealth and Bitcoin mining with only a home device (coin mining with the phone, coin mining with a hard drive) and electricity consumption, is still not accepted by many people, and reforms such as CoinEx mining, Dogecoin and Bitcoin mining And… it is strange and unfamiliar to these people.

The software used to mine bitcoins is what makes bitcoins. In fact, by tracking and securing transactions known as the blockchain, users can use bitcoins instead of buying real currency and mining it.

Also, powerful technological hardware is required to take the complex calculations required to create new secure blocks. The mentioned software is connected to the hardware to directly extract bitcoins. They can also link to a mining pool in which several users share their powerful hardware and earn their share of Bitcoin.

It carries about 10 minutes to mine one bitcoin. However, to set up the selected Bitcoin mining hardware and software only a few users can afford and a more reasonable estimate for most people with large setups would be a month.

How much does it cost to mine 1 bitcoin per day?

The amount of Bitcoin mining per day, if we believe the time of 10 minutes for each block, the number of 144 blocks can be mined. This means that at the existing rate of Bitcoin, 900 Bitcoins are available as rewards per day.

But regarding the costs, we tempt your attention to the following table. (These expenses are estimated.)

The thing that must be noted in this section is that the mining of Bitcoin is different depending on the area where the miner is located. Prices such as electricity and miner power.

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Is Bitcoin mining at home beneficial?

somebody believe that this part of the paper is very popular. Let’s see if mining Bitcoin at home is beneficial or not.

As hashes become more problematic, the value of crypto fluctuates and hardware devices take over mining.

In such a situation, is there any point in trying to extract money from the house? (things like Bitcoin mining with the phone, coin mining with the phone, coin mining with a hard drive), can it bring us profit at home or not?

The problem with home currency mining is that the mining operation is more complex than a standard home computer can handle.

Plus, home computers can’t solve hashes cost-effectively.

This progress that mining companies make daily, especially in the field of hash management, minimizes the chance of competition for home computers.

 The progress we are seeing in the crypto industry has taken power away from the individual. And placed it in the hands of individuals who already have both the capital and the time to invest.

Therefore, according to what we said, using household electronic devices only wastes your time and recedes the life of your device. If it earns you earnings, it is less than the harm that comes to your home devices, because phones and home computers are not designed for this purpose.

Is Bitcoin mining illegal?

Bitcoin is referred to as the gold of digital currencies due to its high value. For this reason, many people think of Bitcoin mining, and the question that arises is whether this mining is legal or illegal according to the governments.

 The legality of mining a currency, and exclusively in this article Bitcoin, is completely dependent on the geographical location and where you live.

 Bitcoin, due to its progress and growth in the financial market, can be considered a threat to the dominance of fiat currencies on the market. And also question the government’s control over the financial markets. This is why Bitcoin is completely illegal in some areas.

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  How can I get bitcoins for free?

Although the Bitcoin mining software can be downloaded for free, there are costs in this way, including the huge costs of hardware and power. Hardware can cost between a few hundred and ten thousand dollars.

The equipment for mining must be powerful. In fact, depending on the cost of electricity in the area where the miner is running, processing one Bitcoin can potentially cost up to $73,000 in a month.

  One of the ways that can decrease this cost to some extent is to join a mining pool, although the disadvantage of this method is that each miner acquires only a small part of Bitcoin mining.

How do I start Bitcoin mining?

What is very crucial to know about Bitcoin at the start is that Bitcoin does not belong to any company, institution, or person. Users can link to this network from anywhere, which means it is decentralized.

To start mining, you must supply the following tools:

Providing a powerful processor that can work constantly. In fact, a powerful device that needs a lot of electricity is one of the main necessities of digital currency mining.

 Preparing a wallet for Bitcoin, as there are many suitable wallets for this popular coin.

Powerful and uninterrupted internet

Appropriate electricity and cables

Necessary equipment for proper ventilation to keep miner devices cool, which generate a lot of heat due to continuous high electricity consumption and need cooling.

Conclusion

 We moved through Bitcoin mining together in this article. In fact, the extraction of various digital currencies, including the extraction of Dogecoin and the most famous of them. Bitcoin is being discussed a lot these days. In the article, we mentioned the mining of CoinEx. But regarding Bitcoin mining, we should say that due to the good growth it has shown, it has always attracted the attention of many people.

We may think of mining bitcoins with a phone or other electronic devices that are functional at home. But, it is not possible to execute it in practice and it is not cost-effective.

We hope this article was able to answer your questions to some extent. Share your comments, suggestions, and practical affairs with us. Our team is a constant partner of users in the field of forex and the digital currency market. We are ready to deliver free suggestions.

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2 Comments
  1. parisa1261369 says

    thanks

    1. Ava Rad says

      thank you for your comment

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