Mining Bitcoin
What is the Mining process? Is it profitable?
The mining of crypto in general and in this case of Bitcoin (BTC) is the process by which the blocks of transactions are confirmed and settled in the block ledger, better known as "blockchain" (chain of blocks).
How does it work?
Imagine that we are 10 people and we have a Sudoku in front of us, we are going to do a competition and whoever solves it first, gets a prize of 1 BTC.
Alicia solves the Sudoku first so she is the winner now, we must wait until the other participants finish to check that the result of Alicia’s Sudoku is correct.
Alicia and 7 more contestants get the same result, however Bob and Marcos get a different one each one, so that consensus is reached among the 8 participants with the same result and the other 2 are discarded.
Sudoku is the mathematical problem that miners have to solve to get the reward of BTC. Each sudoku is a block and there is a block every 10 minutes, the reward of BTC per block is 12.5 BTC and every four years approximately (210,000 blocks) is reduced to half "halving".
Bitcoin's mining competitiveness is huge, so only large farms can cope with this bitcoin mining market.
Is it profitable?
No, only for large companies such as Bitmain, it is estimated that the electric cost per BTC generated is around 1k-1.5k for them.
Though, there is a large amount of mining options since the blockchain includes about 1500 virtual currencies, more than 75% mineable.
How much "money" do I make in the most profitable virtual currency?
This question that many people ask is pure speculation, however, it is an index if I want to start mining Crypto (Not recommended if you do not already have Crypto before and know how the system works).
Here I leave a couple of links where you can calculate the benefit in each algorithm (currency) depending on the graphics card used.
• https://whattomine.com
• https://www.cryptocompare.com
Ethereum Classic is the most profitable/easy to mine, almost Plug & Play with Nvidia Graphic cards and Claymore software.
Source: https://medium.com/@roldanroque/mining-bitcoin-f3c90ce4ffe3
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