In turn, this requires more power, better cooling, and a way to vent all that heat, which often increases the price of mining. That means multiple high-end graphics cards, pooled together, in order to process more equations at once.
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However, since it can take a long time to mine even a single unit of Bitcoin, miners have needed to upgrade over the years. The first miners used their personal computers with only the processing power of one CPU at their disposal. As mining has evolved, people have created more intricate setups and specialized equipment designed to maximize processing capability. Then the entire process starts again until someone finds the solution to the next equation so the next block can be added.Ī typical rig will include all the components of a PC-motherboard, CPU, GPU, RAM, storage, and power supply. The miner who solved the equation is rewarded with Bitcoin and any fees for the transactions that are added to the blockchain ledger. Once a miner finds that answer, a group of transactions (or block) gets added to the ledger. The catch is, miners have to be the first to arrive at the answer or they don’t get the reward, though they still lend their computing power to the network.
Fast processing means more guesses at the correct solution to the blockchain’s equation, and the better chance to find the correct answer. Miners use expensive and complex mining rigs to make these computations, and the more computing power you have, the easier it is to mine Bitcoin. This, in a nutshell, is the process of mining, but it gets more complicated than that. Once they do, a set of rules written into Bitcoin’s code awards the miner a certain amount of Bitcoin. To add a block of new transactions to the chain, miners must compute the correct random numbers that solve a complex equation the blockchain system has generated. The blockchain is updated by adding new blocks of data to that chain, which contains information regarding Bitcoin transactions. Unlike a centralized physical bank, Bitcoin acts as a decentralized banking ledger, a transaction record kept in multiple locations at once and updated by contributors to the network.
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