Hi this Dr.Zak. Today i am writing about the mining of Bitcoin for those people who don't know about the whole process. This write up is totaly according to my knowledge and research.
Bitcoin mining:
Bitcoin Mining is the process of adding new transactions to the Bitcoin blockchain. It’s a difficult and tough job. People who choose to mine Bitcoin use a process called proof of work, deploying computers in a race to solve mathematical puzzles that verify transactions. This is not that much easy as people think of.
To enter, miners has to keep racing to solve the puzzles and support the overall system, so the Bitcoin code rewards miners with new Bitcoins. “This is how new coins are created and new transactions are added to the blockchain, said by Okoro who is the CEO of African crypto currency exchange.
In the early days, it was possible for the average person to mine Bitcoin, but this is not the case now. The Bitcoin code is written to make solving its puzzles more and more challenging over time, requiring more and more computing resources. Today, Bitcoin mining requires powerful computers and access to massive amounts of cheap electricity to be successful.
This is the main reason why many people don't have access to bitcoin market and bitcoin mining and they are unable to do business in bitcoin.
Bitcoin mining also pays less than it used to, making it even harder to recoup the rising computational and electrical costs. “In 2009, when this technology first came out, every time you got a stamp, you got a much larger amount of Bitcoin than you do today,” says Flori Marquez, co-founder of BlockFi, a crypto wealth management company. “There are more and more transactions now, so the amount you get paid for each stamp is less and less.” By 2140, it’s estimated all Bitcoins will have entered circulation, meaning mining will release no new coins, and miners may instead have to rely on transaction fees.
This also the reason that why not too mamy people are unable are unable to mine bitcoin and are unable to do business in bitcoin also unable to reach and access to bitcoin buying and selling points.
All i am wrting is totaly on the basis of study and research i made on my personal basis. I may be wrong some were on some points. You guys are warmly welcome for rectifications of my mistakes.
I thanks you people in advance.
