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What is cryptocurrency mining? How to mine Bitcoins Is it easy to mine cryptocurrencies?
- Surely if you seek to enter the world of cryptocurrencies you need to know the basics and necessary to be one more participant in the chain of buyers, sellers and miners .
- Mining cryptocurrencies means, among other aspects, providing processing power to the computer, helping to perform calculations and verify digital currency transactions, and in return receive cryptocurrencies in the form of payment.
- Cryptocurrencies like Bitcoin are not regulated by states and governments as they usually do when printing banknotes. On the other hand, with Bitcoin there is a limit of 21 million coins and it cannot be modified.
There is a number of cryptocurrencies released as a reward for the work of mining Bitcoin, although there is a limit in the software falling by half every 210,000 blocks through the halving process,so until the 21 million bitcoins are fully issued( the last one would be in the year 2140) as new cryptocurrencies are created, they go into circulation every 10 minutes,those are obtained by the miners as payment for the work they do.
These miners are in charge of generating and validating the blocks that in turn make up a kind of accounting book based on the blockchain network, with the transactions being recorded. This is basically what mining.
