In this pandemic, many people had become jobless just because there was a lockdown and there was no work for the companies, and they had to reduce the office strength.
So, companies have reduced their strengths in their offices, and even they are not recruiting new staff in their companies, so there are no placements.
So, there is vast unemployment. Despite all things, everyone knows about the bitcoin platform, but they are unable to invest in bitcoins because of unemployment. But there is another thing in this platform that a person can work as a bitcoin miner. So here, we will discuss the process of bitcoin mining.
Bitcoin BlockChain
Blockchain is the thing where there is the storage of all the transactions made by the users of the bitcoins. This works by a unique method of transactions. In this, the transactions are stored in the form of blocks. Once the block gets filled up by the transactions, there is the new block’s formation just by taking up the last transaction from the last block.
This picking of the last transaction is because to make a link between the two transactions, and once the link between the two blocks is formed, there is no confusion in the transactions in the blocks. And there is the formation of further new blocks, and the formation of the chain takes place, then it leads to the formation of the blockchain.
All these processes of the transactions are verified and processed by a bitcoin miner like the bitcoin-buyer.io . Therefore, he has a significant role in the transactions.
Bitcoin mining
Bitcoin mining is the process in which all the transactions get verified, and then there is further processing of the payments, and the payments get transferred to the user, and the record of the transaction gets stored in the blockchain.
The Bitcoin mining process is one of the major processes for the transactions to get verified and processed and move on to the other user. The whole system of bitcoin relies on the bitcoin mining platform. All these mining processes are carried out by a person who is also called a bitcoin miner.
Bitcoin Miner
As we have discussed earlier, the Bitcoin mining process is the major process, and even the miner has a great value. There are many bitcoin miners in the bitcoin platform, but still, there is a need for a new bitcoin miner in proportion to the number of users.
With thinking of a normal person, it is evident that we cannot give access to a huge control of the bitcoin blockchain and mining process to a single person as there are 100 percent chances of the scam taking place at any time. So, this started with a process that will need a person with proper computational skills and good computational power. Both the qualities are a must for the user to solve the problems and verify the transactions.
So, a person can easily become a bitcoin miner to be self-employed and earn money by doing the work of his worth.
Mining Rewards
Miner earns rewards in the form of the crypto in which he is working. For example, he is working as a bitcoin miner to earn money in the form of bitcoins. Initially, when bitcoin was just launched, the bitcoin reward was 50BTC, but it decreased with time, and now it is just 3.125 BTC. But it is also true that the value of bitcoins was just a few dollars, but now it is much higher.
Mining Pool
Sometimes a single transaction is assigned to one or more bitcoin miners then the mathematical problem is solved by their equivalent effort. Once the problem gets solved, then they will be rewarded equally with the equal portions of the bitcoins in between them. This is the same as a person pooling a car, and the expenses get divided equally between them. So, this is known as a Mining pool.
Conclusion
Being employed by being a bitcoin miner is much better than being unemployed. So, one should go for bitcoin mining as this will make the user earn more than the jobs in any private company. However, the user in his comfort zone must do even this work, so one should go for bitcoin mining.
