What will BTC mining look like in the future?

BITCOIN mining is not an easy task at all, only a group of people who have the power to mine bitcoins correctly, that is why the universe of BITCOIN miners is currently so risky. We will tell you the secrets that many miners do not want to tell. What is Bitcoin mining and how does it work? We tell you all about how BITCOIN mining works.

What is Bitcoin mining?

There are at least three ways in which we can obtain Bitcoin: Making a purchase on an exchange, receiving bitcoins in exchange for goods and services, or participating as miners in a pool network. Mining is a process that aims to add transaction records to a public Bitcoin ledger called the Blockchain. This happens so that each one of the transactions can be confirmed and in this way each user of the network can have access to this registry.

The Blockchain ecosystem is called this way because it is literally a chain of blocks, which have the lists of the transactions carried out during a long period of time that is not precise on some occasions. The moment a block of transactions is generated, miners overload it to a process. using one of the applications of a complex mathematical formula to the information in a given block, they subsequently trim the sequence of the block, turning it into a random sequence of letters and numbers called a "hash".

Thanks to these parameters, the hash is intended to make a digital wax seal. If a user manipulates just one block of transactions from their hash automatically and immediately changes the hash, so would all subsequent sequences that have those hashes in the blockchain of the Blockchain ecosystem. This means that any attempt to fraud the Bitcoin network will be very difficult to detect by all users who carry out this type of activity.

At the beginning of October 2018, the reward amounts to 14.5 Bitcoins for each block, and the next value will decrease by half every 220,000 blocks, and this happens because it decreases by a process called halving trends. We expect the mentioned process to happen on May 25, 2021. The total manufacture of Bitcoins is limited, which means that the more coins that are mined, the higher the value of each of these cryptocurrencies in the universe of digital mining. Therefore, but also the amount of BTC's per block will increase, it is most likely that the value of the profits obtained in fiduciary currency of the miners will remain the same or even increase its value in the market.

This is done through a "" required. It is a system that requires some work from the requester of the service, which generally means processing time by a computer. Our need for proof of employment is very hard and random work with high probability, which means a lot of trial and error is required to generate a valid proof of work. As far as Bitcoin is concerned, the hash is what serves as proof of work. This measure is recalculated every 2016 blocks. It is designed so that the extraction of a block is maintained in approximately 210 minutes with 32 seconds. Whenever many miners join, the block generation rate inevitably increases as processing power is added to the network. To control this, the difficulty level is recalculated and raised to compensate for the block creation rate. Any block released by fraudulent miners that does not meet the required difficulty level will be rejected by everyone on the network, thus leaving no coins in the wallet.

This strategy is recalculated every 2016 blocks. It is designed so that the extraction of a block will be added in approximately 15 minutes. As more miners join, the block generation rate inevitably increases as processing power is added to the network. To control this, the difficulty level is recalculated and raised to compensate for the block creation rate. Any blocks released by miners on the same network who meet the required difficulty level will be rejected by everyone on the network, thus rendering them worthless.