Like any other resource, that can be mined through the crust and core of this Earth. Similarly, Bitcoin can be mined. Though not from Earth, Bitcoin can be mined by solving complex mathematical problems and hash codes. When these problems are solved, the miner is rewarded with a bitcoin block. The way to get Bitcoin is either you buy it from an exchange, earn it for providing or selling goods, or with Bitcoin mining.
How does Bitcoin mining work?
Bitcoin mining works by solving complex hash codes. These hash codes are in the form of blocks. Each block contains bundles of transaction data. After the problem of hash code is solved, it is submitted back to blockchain resulting in a successful block upon which the miner who solved it, gets rewarded with a Bitcoin. Do keep in mind that miners require powerful rigs to solve these mathematical hash codes. Rigs are computers that either have a powerful central processor or graphic processor. You can also use ASIC (Application Specification Integrated Circuits) rigs to mine Bitcoin or any other cryptocurrency.
The “Father of cryptocurrency” Satoshi Nakamoto adjusted the mining limit to 10 minutes. The severance of solving hash codes adjusts automatically. Miners can form a mining pool to distribute their system resources to mine faster, which will also increase the difficulty of hash codes, and the reward will also be divided among each miner. You can also mine solo if you have enough resources.
If you already have Bitcoins, and want to convert them, you can check out BTC to AUD converter on our domain.
