"Computers solve complex mathematical problems, transactions are confirmed, and the network remains secure."

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What is Bitcoin Mining?

Bitcoin mining is a process in which computers solve a number of complex problems in the bitcoin network and get BTC as a reward.

Offering a strong alternative to the traditional banking system with its decentralized approach, the system is self-functioning in bitcoin. When transferring from one wallet to another, no help is received from any center. Instead, a technology called blockchain is used. In this technology, blocks containing information about bitcoin transactions are linked in a chain. Miners process their transactions into the public Blockchain ledger through their powerful computers, so transactions are confirmed.

People who do bitcoin mining are called “miners”. In this process where solving complex problems is profitable first, miners are in close competition with each other. The mining concept is one of the columns that keep the bitcoin network safe. Because, mining can be prevented from copying transactions and results in a series of approvals.

How is Bitcoin Produced?

How to Mine Bitcoin?

Mining was a very easy process in the first years of bitcoin. BTC mining was possible in those days using only the CPU (central processing unit) of computers. However, it has become more difficult day by day and it is essential to use strong equipment with higher computing power in order to earn more than cost. Therefore, the question of “How to mine bitcoin” has lost its meaning today. The right question is, “How to make a profitable mining?”

The most basic way to do bitcoin mining is to have powerful equipment. Since a profitable mining cannot be done with the CPU, hardware created by combining one or more quality GPUs (graphics processing units) can be preferred. However, there are ways to mining without having any equipment. For this reason, the first step to take after you decide to do bitcoin mining is to choose the most profitable and ideal way for you.

If your financial strength does not allow you to buy a powerful hardware, cloud mining may be the right method for you. You can subscribe to a cloud mining company that you are sure of its reliability. In this process, which can be considered as a kind of lease, the hardware of the company starts to work for you and the revenues come directly to your bitcoin wallet.

If you want to buy hardware and mining instead of renting, there are two basic ways: ASICs and GPU mining.

ASIC is an Application Specific Integrated Circuit. So basically, circuits specially designed for a single operation are called ASIC. By having one of the ASIC models designed for bitcoin mining, you can start mining instantly. If you do not want to choose ASIC, you can do bitcoin mining at home through your graphics processing unit.

Is Bitcoin Mining Profitable?

Profitability in bitcoin mining is one of the most important issues to be considered. If you are not someone who wants to experience the process by losing money, we can assume that you are doing mining to make money. Therefore, it is always necessary to keep control of how much income will be obtained from this process. Because profitability is variable. The question “How much money does Bitcoin mining make?” can only be answered as a result of miners’ personal research.

Regardless of cloud or hardware, mining is a process that requires capital initially and needs to wait for some time to pay for the cost. Therefore, it is not recommended to do this job for those who want to earn fast. Because mining is only a process that saves money in the long run.

The main factors affecting profitability are hardware power, current bitcoin price, electricity charge, and the current BTC award to miners. In times of high bitcoin price, it is highly possible for miners operating powerful hardware using cheap electricity to make a profit in the medium and long term. However, weak hardware, expensive electricity, and low bitcoin prices may not allow you to profit for a long time or even cause you to lose money. It is recommended that miners follow instant profitability and conduct a detailed research before starting mining.

Is Bitcoin Mining Profitable?