Bitcoin Mining, Is It For You? Or is it just a waste of time? Details will be found in full from this post.
Bitcoin Mining, Is It For You? Or is it just a waste of time? Details will be found in full from this post.
By now, you may have heard the word Bitcoin hundreds of times. Many of you know very well what Bitcoin is, and what is it used for? Many others may have been doing bitcoin mining for a long time. Again, there are many who have never heard what Bitcoin is, and what it does and how all Bitcoin related work is done and whether it is profit or what it does.
If you already have good ideas about Bitcoin and Bitcoin mining or if you have been an expert on this topic, this post is probably not for you. If you want you can read the post to see if I said anything wrong? If there is anything wrong with my writing, please comment. And if you already do Bitcoin mining, you can share your thoughts and your experience in this matter. And, if you have absolutely no idea about Bitcoin and Bitcoin mining, or if you don't know it well, you can read this article from first to last. Hopefully after reading this article you will have some idea about this topic.
And yes, no fear! For those who are already doing bitcoin mining or earning bitcoin, you can read this post if you like. Because, I will not give any referral link of my own here.
So, let's not start talking anymore. I assume you only heard the name of Bitcoin. You know nothing more than that. If you know more about this then you can scroll down and move down as you wish. And if you don't really know, read this post carefully.
What is Bitcoin?
Simply put, Bitcoin is a kind of currency. The currency of our country such as a currency, US dollar such a currency, Bitcoin is also a currency. It is commonly called cryptocurrency and sometimes cryptocoin. So what is the difference between Bitcoin or cryptocurrency with our country's money or US dollars? The difference is that Bitcoin has no physical existence. That is, you will not be able to see and touch it. This is a complete digital currency. That is, it is a internet and computer based currency only. The circulation of Bitcoin first started in the 21st and Satoshi Nakamoto is the name of the person or group who introduced the currency. Now Bitcoin is made as a reward or reward for mining. I will discuss this in more detail below.
No separate organization or organization is required to conduct Bitcoin transactions. If you make a Bitcoin transaction with someone, no one will ever be able to track your transaction. This is called peer-to-peer transaction. This is why Bitcoin has become extremely popular in the present era. New Bitcoin is created as soon as a Bitcoin transaction is fully processed and accepted. The new bitcoins that are made, those Bitcoins fall in half every 5 years. And, the creation of new Bitcoin will continue till the 21st. After that no new bitcoin will be created. Stay tuned to my group and YouTube channel for more details on this topic.
And yes, Bitcoin's market price fluctuates almost every day, much like the stock market. The moment I am writing this article, the value of 1 bitcoin is equal to 1 thousand 3 US dollars. That is, the price of 1 bitcoin is equal to about Tk. If you ever want to see or know how much US dollars worth of Bitcoin is worth, stay tuned for a like with my group and page.
Now you or you may ask, what will happen with Bitcoin? Yes. A lot will happen with Bitcoin. If you have some Bitcoin, if the price of Bitcoin rises after a while, then you can sell those Bitcoins at a higher price, from which you can get a good amount of profit. In addition, many major e-commerce sites or online shops (eg Expedia) take payments on Bitcoin. So with the help of Bitcoin you can do online shopping if you want. Besides, Payza officially supports bitcoin, one of the most popular payment switches or e-wallets in Bangladesh. So if you want to spend Bitcoin you can add funds to your Payza account and withdraw it to your bank account.
What is Bitcoin Wallet?
Where do we usually store all our money? Be sure to deposit it in the bank and initially deposit it in our money bag or wallet for use. Bitcoin wallet is used for the same purpose, but in the case of Bitcoin. We know what Bitcoin is. But if you want to deposit some Bitcoin with you, you will need a wallet or virtual bank where you can deposit all your Bitcoins.
Coinbase and BlockChain are quite popular in the case of bitcoin wallets. If you do an account on either of these two you will get a virtual account or wallet where you can securely deposit all your Bitcoins. You can also send and receive Bitcoin from one account to another. Much like e-wallet and online banking. In either of these two you will find Unlimited Bitcoin Addresses. Bitcoin Address is a personal address where you can receive all your Bitcoin and send Bitcoin from your wallet to someone else's Bitcoin address if desired.
What is Bitcoin Mining?
Bitcoin Mining is basically straightforward to process and approve Bitcoin transactions. That is, when Bitcoin transactions between two people or two computers on both sides, Bitcoin mining is the process of processing this transaction. This mining is done by another machine or another computer. The question here may be that when only transactions are being processed, why is this process called Bitcoin "mining"? Because, as I said earlier, once the Bitcoin transaction of an Amount is completed, the new Bitcoin is generated. That means, if you work on creating a record of this Bitcoin transaction and processing this Bitcoin transaction, That means you are helping to create new Bitcoin for free, and as a result you are automatically getting some Amount Reward from the newly created Bitcoin. That's why it's named Mining. But if you think that the process of processing or approving bitcoin transactions is very easy, then you are wrong. Since this is a complete task done by a computer, it may seem easy to you. But it is not. In order to process and approve a Bitcoin transaction, the computer or the hardware or machine on which this task will be performed requires considerable processing power and requires a lot of time. Because, Processing this transaction is not so easy as just marking the transaction as complete and creating a transaction report. To do this, your computer will have to work through many complex algorithms and solve many complex math problems. Further, by complicating this transaction, the rewards for new Bitcoin depend on the mining deficit. The more complex the problem, the more it solves, and its rewards after completing a transaction.
To work in bitcoin mining you need a computer with strong hardware. Formerly those who worked in bitcoin mining used to solve these math problems through the processing power of their computer processors. But slowly they realized that high end GPUs are much more useful for bitcoin mining and processors for solving these math problems. So now GPU is mainly used for Bitcoin mining. But in that case you will need a GPU powerful enough. Apart from this, various companies now make special hardware for Bitcoin mining. As such, Asic (Application-Specific Integrated Circuit Chip) is specially designed for Bitcoin mining. By using these high end hardware you can easily do bitcoin mining without doing any work yourself.
But here comes another thing, that is, Electricity. By using these high end hardware you will be able to do Bitcoin mining precisely, but do not forget that you will need a large amount of Electricity or Energy for this purpose. You may be wondering how much or how much electricity is needed to run a computer? But no, when you do bitcoin mining, your PC will need a lot more processing power. Your CPU, GPU and processor will be operating at about 5% efficiency. As a result, your hardware will lose more power than usual. Then your electric bill is becoming another big deal. Well, let's say it a bit more clearly.
Suppose you have a high end PC or a high end setup for Bitcoin mining. You do Bitcoin mining there every day. Suppose that every bitcoin you earn from this setup every day is worth US $ 5, which is like 1 rupee in Bangladeshi money. That is, the amount of bitcoin you can earn every month from this setup is worth Tk 12,900 in Bangladeshi money. But, suppose, this high-end setup costs you about Tk 820 per day. That is, this setup costs you 12,000 rupees per month. Now you have to think about how much you have earned and whether or not there is any profit at all.
This is one of the biggest problems with Bitcoin mining in a country like Bangladesh. I have given only one example above. Yes, but by all means Bitcoin mining is not like you will lose money. You might make a profit. But after you pay the electric bill, you may or may not think enough to make as little profit. So Bitcoin Mining should be done in a place or in a country where the price of Electricity is low. However, if you want to do Bitcoin mining, you must first calculate how much you need to spend each month on the hardware you are using, and how much bitcoin you earn each month, whether you are worth it or not. If that seems enough, just do Bitcoin mining.
And, mining Bitcoin is not a very difficult task. You only need to install a Trusted Mining Program on the computer you are mining. For example, NiceHash. Then you just have to install the program on the PC and run the software and enter your Bitcoin address. Then the PC and your program will run as long as you want to do the mining. The Bitcoin Profit you receive will be sent to your Bitcoin address periodically.
Bitcoin Cloud Mining
Cloud mining is the solution to the problem mentioned above. Here you will invest bitcoin in a third party company or company, without having to sign your own setup, and they will use your hardware and mining setup to mine the bitcoin and give you a certain amount of profit. For example, if you invest in Bitcoin equal to $ 5 worth of contact with them for 5 years, they will give you $ 1 profit per month for the next one year. As a result you will have a very good profit at the end of the year. Sounds good to hear, but there are bigger problems. That is, scams.
Because, this type of Legit cloud mining site is very difficult to find. 5% of this type of cloud mining website is scam. They will take investment in Bitcoin from you and send you some profit in a few days and then take more investment from you in the name of giving more profit and finally they will take all your investment and scam you or leave the site down. As a result, if you invest, you will lose big money. But that doesn't mean that all the cloud mining sites in the world are scams. There are also some legacy cloud mining websites that you can trust. For example, HashFlare is very popular as a cloud mining site. But that doesn't mean you can trust them as blind. Because, maybe they haven't been scammed for so long, But it can be scammed in the future. There is no guarantee that a cloud mining site will never be scammed.
If you want to do cloud mining, get to know the website you are going to use first and get the feedback from other users. If you feel suspicious, never invest. If you are unsure about any other site, do not step towards cloud mining. Personally I would not encourage anyone to do cloud mining.
In conclusion
, now that you've got some idea of Bitcoin mining Sure you should or should not be, and in any case it's a waste of time for ebankona. If you still haven't got it clear, then again,
If you want to do your own setup using mining, you must first calculate how much you need to spend each month on the hardware you are using, and how much bitcoin you earn per month is sufficient for you. If that seems enough, just do Bitcoin mining.
If you want to do cloud mining, get to know the website you are going to use first and get the feedback from other users. If you feel suspicious, never invest. If you are unsure about any other site, do not step towards cloud mining. Personally I would not encourage anyone to do cloud mining.
And another thing to note, the Bangladesh government does not support Bitcoin. That is, Bitcoin is legal in many other countries but Bitcoin is not legal in Bangladesh. So if you have any problems with your mined bitcoin you will not get any legal help for it.
Finishing here as it is today. Hope you like the post. If you have any questions or comments, please leave a comment.