While Bitcoin is now over a decade old, it didn’t really start kicking off until relatively recently. Today, Bitcoin is still being mined, albeit much slower than it used to be. If you want, you can still mine the oldest and most valuable cryptocurrency, but you’ll need to know what you’re doing, and why it’s gotten so much harder to mine. Mining is the process by which more units of a cryptocurrency are created. This will not be a technical explanation of every aspect of cryptocurrency mining, but rather a short guide to equip you to mine your own Bitcoin should you choose to.
Bitcoin miners use specialized software to solve complex mathematical equations. If the software is good enough, when the equation is solved, the miner is rewarded with new Bitcoin. It’s as simple as that, however there are a few caveats. As more Bitcoin is mined, the mathematical equations required to mine more become more difficult. The added difficulty of each new equation makes mining require stronger hardware and more electricity. It also takes longer to mine as the equations get more difficult. This is why many people have stopped mining Bitcoin and switched to other cryptocurrencies.
There is also a new method that can allow you to get involved without needing to invest a huge sum of cash. Cloud mining allows you to rent another person’s time and equipment to mine cryptocurrencies, while still receiving the reward.
