Bitcoin has been hot in the news lately. It’s picked up steam from being worth around $600 reaching it’s height of around $1200 and now trying to find steady footing once again.
The cryptocurrency is based on a peer 2 peer network which relies heavily on users all around the world using their computers, servers or ASIC miners to keep the transaction record up to date and allow for further secure transactions. In essence the more people “mine” bitcoin the more secure the currency gets which in turn makes it rise in value. Mining bitcoin is not really mining it’s simply getting your device to tackle a complicated math problem in order to keep an accurate record of the transactions going on in the world. Miners get rewarded based on the accuracy of their math problem solving. These calculations are extremely difficult to complete which is why we need a ridiculously large amount of computing power in order to provide 100% accuracy. ASIC Miners were specifically designed to so such computational problems.
Think of it this way
5 + 4 = 9
If you had..
5 + x = 9
You could easily solve for this by using deductive reasoning
However bitcoin miners work in a different way where it’s something more like this
x + x = 9
Now you can see there are A LOT more possibilities here
You could have…
5 + 5
6 + 3
8 + 1
7 + 2
You get the point. The number of possible combinations is much much larger and much much harder to get an ACCURATE answer. Now think of these calculations in billions rather than single integers and you can start to see why mining requires such advanced computational power to maintain accuracy. Miners are simply trying to figure out “How did we get to this result?”
Now that you know the basics of how bitcoin mining works you need to know how much physical power is required to become a miner. I have already tested this out for you so watch the video below to see what could happen to your computer if you’re not careful when it comes to bitcoin mining on your personal computer. Enjoy!
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