{"id":39266,"date":"2017-07-24T15:28:29","date_gmt":"2017-07-24T13:28:29","guid":{"rendered":"https:\/\/magazinnew.reichelt.de\/magazin\/uncategorized\/bitcoin-mining-everything-you-need-to-know\/"},"modified":"2021-12-21T12:27:12","modified_gmt":"2021-12-21T11:27:12","slug":"bitcoin-mining-everything-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.reichelt.com\/magazin\/en\/news-en\/bitcoin-mining-everything-you-need-to-know\/","title":{"rendered":"Bitcoin Mining: Everything you need to know"},"content":{"rendered":"<p>The Bitcoin phenomenon began in 2008. The idea was to create a digital currency and payment system not dependent on a central bank, but administered transparently without an intermediary.<\/p>\n<p>The electronic currency is based on cryptographic evidence. Anyone who has an Internet connection and appropriate hardware can participate in it.<\/p>\n<p><!--more--><\/p>\n<h2><strong>How do Bitcoins work?<\/strong><\/h2>\n<p>As with conventional currencies, people transfer Bitcoins over the designated Bitcoin network every day. It operates as a peer-to-peer currency, since the Bitcoin only exists virtually, through a message to all participants stating that a certain amount is sent from one account to the other.<\/p>\n<p>Each transaction is collected and aggregated into one large block. The list of all transactions is public but anonymous. It is located in a decentralized database administered by all participants.<\/p>\n<p>This means that each user can verify that no Bitcoin is sent twice or faked.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>What is behind it?<\/strong><\/h2>\n<p>In order to cope with the enormous amount of data that arises during the transactions, all transactions of a certain period are grouped together in data blocks, which form a blockchain next to each other.<\/p>\n<p>At the end of this blockchain is a certain checksum called a hash. This is composed of the transactions in the block, a part of the hash of the previous block, and other components. The hash ensures that the blocks can not be manipulated later.<\/p>\n<p>Being able to calculate this hash is the real skill and incentive of Bitcoin Mining; there is even special software for it. Whoever has succeeded in finding a new block and first to calculate a valid hash, continues the blockchain and thus maintains the system of bitcoins. There is a reward of 12.50 bitcoins for each hash.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>How to mine Bitcoins yourself<\/strong><\/h2>\n<p>For every 210,000 blocks mined, the reward for a hash is cut in half. Bitcoin was designed to be a currency with no more than 21 million Bitcoins ever in circulation, so this halving ensures that all Bitcoins are not distributed too quickly. Therefore, it becomes increasingly difficult to calculate a hash, meaning more time and computing power is required. Due to this scarcity, the value of the Bitcoins increases steadily. Currently, a Bitcoin is worth over \u00a32,100.<\/p>\n<p>The high price and the prospect of further increase in value make Bitcoin Mining more popular than ever. In order to get in, you need powerful hardware and a Bitcoin client, which can be downloaded free of charge online.<\/p>\n<p>Most computers are no longer suitable for Bitcoin Mining. In order to compete with the competition, you need a particularly powerful graphics card, such as models from GTX 1060 or Radeon 570. Bitcoin Miner can also be used with special hardware.<\/p>\n<p>&nbsp;<\/p>\n<hr>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin phenomenon began in 2008. The idea was to create a digital currency and payment system not dependent on a central bank, but administered transparently without an intermediary. The electronic currency is based on cryptographic evidence. Anyone who has an Internet connection and appropriate hardware can participate in it.<\/p>\n","protected":false},"author":1,"featured_media":38998,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6036],"tags":[3204,3205,5378],"class_list":["post-39266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","tag-bitcoin","tag-bitcoin-mining","tag-bitcoins"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Everything you need to know about Bitcoin Mining | reichelt.co.uk|Everything you need to know about Bitcoin Mining | reichelt.co.uk<\/title>\n<meta name=\"description\" content=\"We explain what Bitcoin Mining is and how to do it.|We explain what Bitcoin Mining is and how to do it.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.reichelt.com\/magazin\/en\/news-en\/bitcoin-mining-everything-you-need-to-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Everything you need to know about Bitcoin Mining | reichelt.co.uk|Everything you need to know about Bitcoin Mining | reichelt.co.uk\" \/>\n<meta property=\"og:description\" content=\"The high price and the prospect of appreciation make Bitcoins more popular than ever. 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