General Question

KRD's avatar

How can you mine Bitcoin?

Asked by KRD (5031points) 1 month ago

I heard you can get it by “mining” it without buying the bitcoin. How can you mine a digital currency? Is it hard?

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9 Answers

elbanditoroso's avatar

Incredibly expensive, very energy consuming, and SLOW.

You are 3 years late to the party.

zenvelo's avatar

^^^^ That ship sailed 10 years ago.

Bitcoin mining involves a series of calculations that are progressively more computing intensive to validate the next block in the blockchain ledger, and then also perform calculations that demonstrate proof of work.

KRD's avatar

I don’t care when it was popular. I just want to mine it. By the way when did it bitcoin become popular?

janbb's avatar

@KRD I think the point the above Jellies are making is not about its popularity but about the fact that you won’t be able to make any money doing it now.

Lightlyseared's avatar

Now you either need very expensive specialist equipment or spend a month none stop using a high end workstation to produce a single coin.

RocketGuy's avatar

Bitcoin is pretty much at its max complexity level. It is much easier to mine other cryptocoins.

KRD's avatar

@RocketGuy How can you mine other cryptocoins?

kritiper's avatar

I believe mining means to make the calculators that calculate the value calculate a higher value.

RocketGuy's avatar

@KRD – same process as mining Bitcoin: find the algorithm to mine a particular coin then run the program. After a certain amount of time, coins are generated.

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