Was ist Bitcoin-Mining?

What is bitcoin mining? Bitcoin is based on a peer-to-peer network This means that everyone who uses Bitcoin is also part of the Bitcoin Bank

But how do bitcoins come about? With conventional money, banks decide how much money is printed and spent By contrast, Bitcoin has no central bank or government In Bitcoin, miners use specific software to solve complex math problems and get as a reward a certain amount of Bitcoins This ensures a well thought-out output of Bitcoins and also encourages other users to mine (make) bitcoins Because miners are responsible for approving Bitcoin transactions, the more miners attend, the safer the network

The Bitcoin network automatically adjusts the mining difficulty, depending on how fast the mathematical formulas are solved At Bitcoin's early days, the miners solved these math problems with their home computers (CPU) However, they quickly realized that the graphics cards (GPU) solve these math tasks much more efficiently and faster Graphics cards are faster, but they also need more power and generate a lot of heat The first commercial miners had chips built specifically for mining

Although these chips were faster, they also needed much more power Thus, ASIC or Application Specific Integrated Circuit Chips have been specially developed for bitcoin mining ASIC technology has made bitcoin mining faster and less expensive With increasing awareness of Bitcoin mining, more and more people were taking part in the mining business, which made it more difficult for the individual to solve the mathematical formulas To counteract this problem, mining pools were established and people began to mine together

In a pool, the arithmetic tasks are solved much faster and each miner was remunerated according to his pro rata computing power Mining is an important and indispensable part of Bitcoin, which ensures fairness while keeping the Bitcoin network stable, secure and upright

Source: Youtube

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