We all heard billionaires investing in bitcoin and all but how does bitcoin mining actually work?
Mining is different from trading or buying bitcoin from others (I mine bitcoin using an old gaming pc ? and the electricyty I consime is far more than what I earn so I stopped)
Well this is how it works, Bitcoin miners receive Bitcoin as a reward for completing verified transactions like answering some problems using algorithms (ofc only your computer does this automatically and not you actually answering them) Mining rewards are paid to the miner who discovers a solution to a puzzle first, and the probability is related to the portion of the total mining power on the network either a GPU (graphics processing unit) or an application-specific integrated circuit (ASIC) in order to stsrt mining (and both costs a lot and ofc will cost more if you actually want to buy a high specs one so you can mine coins faster!) The higher the specs the faster you can earn bitcoin
