How does bitcoin mining even work?

[Moseschidera]

I've been hearing about earning money by mining bitcoins but I'm really not sure how it actually works. You always see people talking about using your computer's processing power to solve algorithms and get rewarded with new bitcoins.But what kind of computer do you need? How much does it cost in electricity?eee And is there even any chance of making your money back from the rewards? Anyone here actually tried it before that can give me a simple breakdown of what's involved? Not sure if it's even worth trying to be honest.

 

[kerryjoy]

In large scale, Bitcoin mining involves using computer hardware to solve complex mathematical algorithms, which in turn validates and secures transactions on the Bitcoin network. The type of computer needed for mining depends on factors such as processing power, energy efficiency, and cost. Specialized hardware called ASIC miners is typically used for efficient Bitcoin mining, as it can handle the required computations more effectively than regular computers or GPUs. However, mining profitability depends on several factors, including electricity costs, mining difficulty, and Bitcoin's price.

 

[King Belieal]

Mining bitcoin is quite profitable. You would need specialized computers to mine. Highest spec PCs are what is required. If you stay mining bitcoin for some time, it is very profitable.

 

[Stardom22]

For me l am still a novice on the cryptocurrency industry. I therefore have no Idea about how the minimum is done. But l had thought of the process of mining to be very virtual since the bitcoin itself is a digital currency.

 

[mrki444]

Even when last satoshi is mined, there will be still miners but those will actually be virtual miners where they reward you with satoshi for activity.