What is Bitcoin Mining and is it Profitable?

What is Bitcoin and is it Profitable?

If you’re heard about Bitcoin then you probably heard about Bitcoin mining as well – the concept of “creating” Bitcoins from your computer. The following post will give you a complete overview of what Bitcoin mining is and is it still profitable today.

Bitcoin Mining Summary

Bitcoin mining is the process of updating the ledger of Bitcoin transactions known as the blockchain. Mining is done by running extremely powerful computers (known as ASICs) that race against other miners in an attempt to guess a specific number. The first miner to guess the number gets to update the ledger of transactions and also receives a reward of newly minted Bitcoins (currently the reward is 12.5 Bitcoins).

Today, in order to be profitable with Bitcoin mining you need to invest heavily in equipment, cooling and storage. It’s not possible to mine profitably with a PC or a GPU at home. You can calculate your profitability using a Bitcoin mining calculator.

You May Also Like

1 Comment

  1. yes I would like to know about a site called Kene Host? do you have any information about this site for its bitcoin mining? I would surely appreciate your help.

Leave a Reply

Your email address will not be published. Required fields are marked *