বিটকয়েন মাইনিং কি এবং কিভাবে করা হয়

What is Bitcoin mining and how is it done? Bitcoin is the most popular alternative currency in the world. This is the first cryptocurrency. Those who have no idea about it. To put it simply for them, cryptocurrency is a type of digital currency. Which is not controlled by any kind of public or private authority. The question may arise since Bitcoin does not run under any organization. And these coins are not even printed on paper. then

How Bitcoins Are Made

The process of creating digital currencies like Bitcoin is called “Mining”. In this mining, however, it is not a matter of extracting gold or silver from the mine. In the past, the price of a single Bitcoin rose to a maximum of $46,000. Which is more than 54 lakhs in Bangladeshi Taka. But Bitcoin did not stop at $46,000. At present, the value of one bitcoin is equal to about 51 thousand dollars. What is Bitcoin mining and how is it done? It will be discussed in this blog today.

Before discussing Bitcoin mining. It is important to have a basic discussion about how Bitcoin works.

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How Bitcoin Works

We keep our hard-earned money by trusting various banks to keep it safe. But some corrupt bank officials cheat with customer’s money. The global economic recession of 2008 is one of its examples. It is not only banks or borrowers who are responsible for the recession. The wrong policy and mismanagement of the American government is also one of the reasons for this. In that economic recession, many companies went bankrupt. In such a situation, a new type of monetary system is introduced. The name of which is cryptocurrency. And the first test of cryptocurrency is Bitcoin.

First Bitcoin transaction

In 2009, a person named “Satoshi Nakamoto” started Bitcoin transactions through 10 Bitcoin Heads. Bitcoin is a P2P system. That is, Bitcoin transactions are completed directly between the sender and receiver’s computer network. So there is no need for any organization here. It is not possible for a third party other than the transaction person to control the system.

I think a person will send money from Japan to Canada through Bitcoin. In this case, no Japanese or Canadian bank or government will need any kind of help. Even the government of these two countries will not be able to monitor who sent how much money to whom.

The process of completing such financial transactions in cryptocurrencies like Bitcoin is called cryptography. Authenticity of transactions is verified by cryptography. That is, someone said that I will send 10 bitcoins. Now whether he has 10 bitcoins is verified through cryptography. As in a bank, a central server has all the account information. From there, everyone’s money is kept as money.

But since Bitcoin has no authority. So who will do this verification. Here comes the work of mining. Thousands of volunteers spread across the world do this work. Those who help keep the Bitcoin process running. As part of the transaction, a certain amount of Bitcoins are deposited into their account. That means the money earned by working to sustain the Bitcoin management is called Bitcoin Mining.

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How Bitcoin Mining Works

Why is Bitcoin so complicated to transact? The reason for this is that anything written on the computer is copied and pasted. Digun can be produced three times or as many times as desired within moments. Since Bitcoin is a digital currency. So if its transaction process is written in common computer language. Anyone could increase their money by copying and pasting. To overcome this issue, Bitcoin transactions are recorded in cryptography or a secret language. This method is called Blockchain.

What is Blockchain?

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Blockchain can be compared to a kind of open ledger. The bank authority will never disclose the account of bank transactions with you. Not even if you are a customer of that bank. But every Bitcoin transaction written through the blockchain is open to everyone. You can view this calculation from any part of the world. Due to the fact that its information is stored on numerous computers at once. Bitcoin data cannot be changed by changing any one place. That is why Bitcoin is such a secure system.

As Bitcoin transactions increase, Bitcoin mining becomes more difficult. A few years ago, mining could be done on ordinary home computers. Back then, people used to mine Bitcoin as a means of earning in their spare time. Many people used to go to sleep after starting the Bitcoin mining process on the laptop at night. Come in the morning and see that many bitcoins have been accumulated. Bitcoin mining was so easy in the past. But nowadays Bitcoin mining is not easy at all. To reach a profitable position by currently mining bitcoins. At least a small data center has to be built by spending billions of rupees. Still there is no hundred percent guarantee of profit through this investment.

Bitcoin mining firm

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Now the big companies of different countries of the world are building Bitcoin mining farms. Two things are very important for building a Bitcoin mining farm. One is where the firm will be built. The weather there and the price of electricity in that country. To build a profitable bitcoin mining farm. Thousands of computers have to be kept running day and night. These computers are equipped with thousands of high-performance CPUs or graphics cards. The processing power of each of these graphics cards is much higher than that of each CPU of a normal computer.

Due to the presence of so many electronic devices and computers under one roof. They probably get very hot. So naturally relatively cold regions are chosen for Bitcoin mining. Currently, most Bitcoin mining firms are established in colder countries. Therefore, Russia, Canada, Iceland, Norway, USA and China have the highest number of Bitcoin mining firms. You don’t have to spend much to keep your computer cool in these places. Then another important thing is the price of electricity.

Running so many computers simultaneously requires a huge amount of electricity. If the price of electricity in an area is high. Then it is not possible to run a bitcoin farm there. Even after building bitcoin farms in areas with the cheapest electricity in the world. Several Bitcoin firms have monthly electricity bills of over Rs 10 crore.

Bitcoin calculation

Despite being so difficult and expensive to produce Bitcoin. This field has become a very competitive business. Each Bitcoin is divided into approximately 100 million parts. These are called Satoshi. Only 900 Bitcoins are produced every day by thousands of organizations and millions of individuals mining. But Bitcoin cannot be produced at will. The number of bitcoins will never exceed 21 million or 21 million. So far 1 crore 92 lakh 53 thousand bitcoins have been produced. And only 17 lakh 46 thousand bitcoins left to withdraw.

After mining this amount of Bitcoins, no new Bitcoins can be produced. The amount of money earned by mining Bitcoin is decreasing day by day. But it is believed that there are almost target Bitcoin millionaires all over the world today. That means more than 1 target people each have at least 10 crore worth of bitcoins. Similarly, there are currently only 23 Bitcoin billionaires. In reality this number can be much higher. Because many people have multiple bitcoin accounts.

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