A Quick Guide to Bitcoin Mining

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A Quick Guide to Bitcoin Mining
Every Bitcoin enthusiast, at some point, must
have asked themselves the question where do the
Bitcoins come from?. While banks are responsible
for the creation of traditional money, Bitcoins
are mined by the miners. This process is called
Bitcoin mining. The miners are network
participants who execute additional tasks.
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How is Bitcoin Mining Done?
Finding a block is similar to a network lottery.
The miner spends a tiny amount of energy in their
attempt to find a new block, which is nothing but
guessing a lucky number. Most of these attempts
fail, and the miner has to try again. The miner
succeeds only once in about every ten minutes. If
they are successful, they add a new block to the
blockchain. This means by the time a valid block
is found, the miner will have burned much more
energy from all the failed attempts.  
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Need for Proof-of-Work
Proof-of-work ensures that the miners dont
create Bitcoins out of thin air. They will have
to spend energy to earn them. Also, it
strengthens Bitcoins history. This means that if
an attacker wants to alter a completed
transaction, they would have to do all the work
that has been done since that transaction to
catch up. Consequently, they will have to build
the longest chain. This is next to impossible,
which is why miners make the Bitcoin network
secure.
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Whats In It For the Miners?
In lieu of securing the network, the miner
receives an incentive. Every block that the miner
finds comes with a special transaction. This
transaction awards new Bitcoins to the miners.
When the Bitcoin was launched, the miners were
awarded 50 Bitcoins for each block. Today, the
prize for Bitcoin mining is 12.5 Bitcoins per
block. Also, the miners keep any mining fees that
were part of the transactions.
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Conclusion
Anyone can become a Bitcoin miner. However, over
the years, Bitcoin mining has become quite
specialized and is mostly done by dedicated
professionals, who have access to cheap
electricity, specialized hardware, and big data
centers. If you have these modern-day amenities
at your disposal, you can give Bitcoin or crypto
mining a shot too.
Source
https//www.blog.cryptoknowmics.com/a-quick-guide-
to-bitcoin-mining/
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