WHAT IS BITCOIN MINING?
Bitcoin mining is a process of adding and verifying transaction records to the blockchain. Once your computer solves a set of equations, your mining program groups together a block of currently pending transactions and sends it to the network (or chain) so that other computers can validate it.
Each computer that validates your solution updates its own copy of the transaction ledger with the block of transactions that your computer included in the next block. After this is complete, the system generates a fixed amount of bitcoin and awards it to you to compensate for the time and energy spent in solving the mathematical problems and updating the ledger.
How difficult is it to mine bitcoins?
In the early days, profiting from bitcoin mining is easy and can be done at home on a personal computer. Today, bitcoin mining has become a specialized industry. Miners use specialized and expensive hardware that eats up an incredible amount of electricity to mine for bitcoins. It’s capital-intensive and it’s very difficult to make a profit from bitcoin mining if you don’t have the resources.
Nowadays, it’s easier to buy bitcoin than to mine them. All you need is a digital currency wallet (such as your Coins.ph Wallet) to get started.