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Bitcoin Mining: Useful Or A Waste Of Time?

by Snehashis Mukherjee

By now, you may have heard the word Bitcoin hundreds of times. Many of you know very well what Bitcoin is and what it is used for. Many others may have been doing bitcoin mining for a long time. Then there are many people who have never heard of Bitcoin and what it does and how all the Bitcoin-related work is done and whether or not they do it.

If you already have a good idea about Bitcoin and Bitcoin mining, or if you are an expert in this regard, then this article is probably not for you. You may want to read the article to see if I have said anything wrong. If there is anything wrong with my writing, please let me know in the comments section. And if you already do bitcoin mining, you can share your thoughts and your experience in the comments section. 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.

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 go down as you wish. And if you don’t really know –

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 crypto coin. 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 completely digital currency. That is, it is only an Internet and computer-dependent currency. The circulation of Bitcoin first started in 2008 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. We will discuss this topic in more detail below.

Bitcoin Mining: Useful Or A Waste Of Time?

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 transactions. 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 come down in half every 7 years. And, the creation of new Bitcoin will continue till the 21st. After that, no new Bitcoins will be created. If you want to find out more details on this topic here can see.

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. You can visit this link at any time to see exactly how much US dollars worth of Bitcoin.

Bitcoin Mining: Useful Or A Waste Of Time?

Now 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 goes up 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 big e-commerce sites or online shops (such as Expedia) accept 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. The 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.

Bitcoin Mining: Useful Or A Waste Of Time?

Bitcoin Wallet case Coinbase and BlockChain are quite popular. If your account on any of these two, you will receive 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. A 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 before, the Bitcoin transaction of an Amount is completed as soon as the new BitcoinIs made That means, if you work on creating a record of this Bitcoin transaction and processing this Bitcoin transaction, it means that 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, you are mistaken. 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 require considerable processing power and requires a lot of time. Because the process of 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, obtaining new Bitcoin rewards depends on the mining deficit. On top of the more complex the problem, the more it solves its reward after completing a transaction.

Bitcoin Mining: Useful Or A Waste Of Time?

To work in bitcoin mining you need a computer with strong hardware. Previously, 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. In addition, various companies now make special hardware for bitcoin mining. For example, ASIC (Application-Specific Integrated Circuit Chip) is specially designed for Bitcoin mining. By using this high-end hardware you can easily do bitcoin mining without doing any work yourself.

But here comes another thing, that is, Electricity. By using this 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 more electricity will be 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 working at around 5% efficiency. As a result, your hardware will lose a lot more power than usual. Then your electric bill is becoming another big deal. Well, let’s say it a bit more clearly.

Bitcoin Cloud Mining

Cloud mining is the solution to the problem mentioned above. Here you will invest bitcoin on a third-party company or a company, without having to sign your own setup, and they will use your hardware and mining set up 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 a $5 profit per month for the next year. As a result, your year-end will be a good profit. Sounds good to hear, but there are bigger problems. That is scams.

Bitcoin Mining: Useful Or A Waste Of Time?

Because this type of Legit cloud mining site is very difficult to find. 5% of this type of cloud mining website is a scam. They take from you, and some days, you light some prophet send bitcoin investment and then more from you in the name of more profit Investment Investment will and lastly, they all steal, and you have gone away or down the site will be scams. 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 that that you can believe them as blind. Because, maybe they haven’t been scammed for so long, but they can be scammed in the future. No cloud mining sites that have no guarantee of scams there.

You want the cloud to mining, but that’s going to use the website, before about the best out of the other user’s opinions.  If You feel suspicious, never invest. You are unsure about any other site, do not step up to Cloud Mining. Personally I would not encourage anyone to do cloud mining.

Final Words

Now surely you have some idea whether or not you should do bitcoin mining and in some cases, it is a waste of time and useful in some cases. You have not yet cleared the matter, let me say again,

If you own setup using the mining to a pre-calculated look that makes you the hardware to use his back to you every month, how much to spend and monthly to the extent Offers to earn it for you than the cost to you is enough or not. If that seems enough, just do Bitcoin mining. If you want the cloud to mining, but that’s going to use the website, before about the best out of the other user’s opinions. If you feel suspicious, never invest. If you are unsure about any other site, do not step up to Cloud Mining. Personally I would not encourage anyone to do cloud mining.

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