In the previous blog we discussed about Bitcoin and it's value. Bitcoin is obtained by the process of Mining. But this Mining is not same as Mining gold. Bitcoin is obtained by solving math problems. YES! But these math equations extremely complex and can only be solved by using advanced computers.



What Can A Bitcoin Miner Get By Mining?
The Miners verify the transactions done through bitcoin by solving the math problem attached to the transaction. Once miners have verified 1 MB (megabyte) worth of Bitcoin transactions, known as a "block," those miners are eligible to be rewarded with a quantity of bitcoins.
Mining is not very easy as the computer used to solve the equation consumes a lot of electricity, and if you fail to answer the equation first you don't get anything. Moreover if the reward is not greater than the amount which you have invested in mining then it would be a loss. 


Is Bitcoin Mining Legal?

Bitcoin mining depends entirely on your geographic location. The concept of Bitcoin can threaten the dominance of currencies and government control over the financial markets. For this reason, Bitcoin is completely illegal in certain places like Algeria, Egypt, Morocco, Bolivia, Ecuador etc.


Mining of bitcoin is a financial risk. You need to have a proper idea for it.
So, that is it for today. Please suggest your review on the blog in comments. 


Written by
Nidhi Patel 

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Images by Shutter Stock

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