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Bitcoin Mining: Can You Really Make Money Doing it? Virtual currencies are slowly but surely becoming more popular, as more people start using them. Mining bitcoins can be easily done and the prospect of getting free money has both increased its popularity and raise some eyebrows. According to Wikipedia, the Bitcoin is the first type of cryptocurrency that was introduced. Existing only in virtual form, the bitcoin is a part of the Internet, and therefore, it is not regulated by a central authority. Also, since their introduction, bitcoins have been continuously created an managed by a open source cryptographic protocol and it will continue to do so for a long time now. The number of newly generated bitcoins is halved every 4 years, and it has been calculated that this process will reach 0 in the year 2140.
25 bitcoins generated with each of them. A new block is generated ever approximately 10 minutes. When it is generated, a block is created by a very complicated mathematical algorithm, and it needs to be resolved in order to get the bitcoins. These algorithms are increased or decreased in complexity according to the amount of computer power that is used to solve them.
Due to the complexity of today’s algorithms, the amount of computational power needed to solve a block is pretty high, and so, one single miner would have a hard time doing it. In these mining pools, multiple users join forces and break down the algorithm to make it easier to solve. After the block is solved, the 25 bitcoins that it has are divided amongst all the users who helped. Keep in mind that you will need a high-end computer or a specialized rig to mine bitcoins efficiently.