Bitcoin Forum

hello everyone I'm new here. and I'm still learning about bitcoin.

i want to ask about bitcoin mining. What exactly is bitcoin mining like? Even though I've read it several times, I still don't understand it.

I hope you all can explain to me what bitcoin mining is.

Maybe tell us what you specifically don't understand instead? So people here wouldn't need to explain everything from scratch.

Miners are the ones that introduce bitcoin into the circulation. When bitcoin was created, any miner that mine a block is rewarded with 50 BTC, but bitcoin halves every 210000 blocks, the reward reduced into halve. Presently the reward is 6.25 BTC which would reduces to 3.125 after block 840000 has been mined. Each halving takes approximately 4 years.

Solo mining means to setup mining equipments and mine bitcoin yourself, instead of joining a mining pool.
What miners do today is that they just join a mining pool instead because the more the hash rate generated from their mining machine, the more possibility that they will be the ones that would mine the next block. So miners join their miners together to mine and distribute their reward (the bitcoin mined) according to the hashrate the miners contribute.

In every block mined, some transactions are included into the block mined by miners, and the transaction fee of the transaction included by miners are taking as the second reward. Any transaction included into a block were unconfirmed transactions and confirmed after the transactions are included into the block mined by the miner and be confirmed in the process.

https://www.investopedia.com/terms/b/bitcoin-mining.asp
https://learnmeabitcoin.com/technical/mining
https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch10.asciidoc

If you want to mine bitcoin, you will need power miners, ASICs are used presently to mine bitcoin effectively, and you will join a mining pool, there are many mining pool that are existing, but be careful of scammers.

You may just prefer to even hold bitcoin instead of mining and joining a mining pool after you check what you will spend and the amount the miner would generate you after electricity bill and other expenses are calculated. But it depends on your country and area if having enough electric and if the electricity is cheaper.

The process itself is repeatedly running mathematical operations on "blocks" of data by these miners' chips with some entropy added to each so a block can be solved faster (such as a different random number being placed in the "coinbase" transaction - the one that pays the miner or shuffling where transactions are in the block).

The reward is given if a resulting hash (/the number found) is below a certain target that's set by nodes on the network (most follow the same rules on calculating a target based on how difficult a block can be to solve and this target readjustment has remained  stable at being changed about every 2 weeks so far).