Mining Bitcoin is the process of creating new bitcoin by solving computational puzzles - miners find a solution to completing these puzzles in reward for BTC Learn more 👇
As soon as a miner finds a valid hash, they can validate their candidate block and collect the bitcoin rewards. This is also the moment that the blockchain transactions included in that block go from pending to confirmed., which consists of newly generated bitcoins plus transaction fees. Since the block reward is almost entirely made of the block subsidy, most people refer to it as the block reward .
When it comes to Bitcoin, the block subsidy started at 50 BTC in 2009 and is being reduced in half every 210,000 blocks . Thesecaused the mining reward to be reduced to 25 BTC in 2012, then to 12.5 BTC in 2016, and finally to 6.25 BTC in 2020. The next halving event is expected to occur in 2024. As of May 2021, the block reward is giving miners roughly $300,000 per block.
Still, there are many factors to consider when evaluating mining equipment and profitability. The speed at which a mining rig can produce random nonces and test them is an important metric to check. This figure is known as theand is vital to the success of a Bitcoin miner. The greater the hash rate, the faster you’ll be able to test these random inputs.
Another important metric is the energy consumption of a mining rig. If you spend more money on electricity than the value earned mining, profitability goes out of the window., anyone can join the mining race. In the past, you could use your personal computer to mine new blocks. But as the mining difficulty increased, you now need more powerful machines .
Theoretically, you could still try to mine bitcoins with your personal computer, but the chances of finding a valid hash are practically zero. Computing the hash function is relatively quick, but calculating the massive amount of random inputs takes much longer. That’s why you now need specialized hardware before even trying to be a profitable miner.Generally speaking, you could try mining cryptocurrencies using a CPU, GPU, FPGA, or ASIC machine . Some altcoins can still be mined with GPU cards.
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