Introducing ... Bitcoin Mining ...
File : Personal Use Rights
Brief Note :
Bitcoin mining is the process of earning Bitcoins with the use of specialized software that follows a mathematical formula in solving blocks on the Bitcoin network. The mining of Bitcoin helps to secure the Bitcoin network, the ceasing of which would make the cryptocurrency susceptible to attacks or even cause it to shut down.
Mining is therefore very important to the Bitcoin network to sustain it.
Miners who can solve a block successfully are usually rewarded for their service with a fixed amount of 12.5 worth of Bitcoins.
It is estimated that there are over 21 million Bitcoins available that haven’t yet been mined. With the ever-increasing popularity of cryptocurrency in recent times and the adoption of Bitcoin as a worldwide payment system, it is evident that the profit earning potential from the mining of Bitcoin is enormous.
While mining Bitcoins today is very competitive, it is still possible for you to operate a successful and profitable farm. If you’re interested in becoming a Bitcoin miner and staking your claim on it, it is important that you calculate the profitability first.
Several factors determine the profitability of Bitcoin mining.
This report will help you analyze each of these factors in detail and reveal how you can calculate the profitability of Bitcoin mining.