Do Bitcoin Miners Work?

Question

Bitcoin Miners are in question today about whether their mining would work or not? Do Bitcoin miners work?

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Do Bitcoin Miners Work?

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Andrew Flintoff 4 months 1 Answer 78 views 1

Answer ( 1 )

  1. Summary: If you are wandering whether the bitcoin Mining would be profitable to you or not, the short answer to this is that it would not be that easy. During the time cryptocurrency was introduced, it was easy for miners to work and gain some monetary benefits. But since it has turned into a big business now, the competition has become so tough, with a lot number of miners digging for profits.

    Bitcoin Mining is the process in which the new Bitcoins are circulated in the market and the transactions are verified here.

    When the miners of Bitcoin add new block to the list of transactions of Blockchain, their part job is also to ensure whether the transactions are accurate or not. They ensure that the bitcoin is not being duplicated.

    As bitcoins are growing, it is becoming increasingly difficult to monitor and earn profit with more than 500,000 purchases and sales occurring in a single day, verifying these work are a hell lot of work for miners.

    The mining rewards have also consequently halved till date.

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