While Bitcoin mining hardware is a common topic within the space, software often gets overlooked. This makes mining highly competitive, leading to the purchase of powerful and continuously-evolving hardware like ASIC devices which have replaced the average GPU and mining software. The process is capital intensive and consumes resources like processing power and electricity. In return, miners receive “block rewards” for their services. But outside of that, there are many technicalities to the entire mining process.īitcoin mining is a lucrative venture that involves a series of actions including confirming the transactions of everyday users. A common understanding is that the Bitcoin network is secured by collective groups of people known as miners. There is so much talk about Bitcoin mining all the time, from Bitmain’s huge expansion plans to news concerning Nvidia’s ASIC devices.
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