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Whether bitcoin mining is profitable depends on the cost of electricity, though it is most profitable when miners work in pools to combine resources.
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Bitcoin mining is legal and is accomplished by running sha256 double round hash verification processes in order to validate bitcoin transactions and provide the requisite security for the public ledger of the bitcoin network.
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Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence bitcoin's famous blockchain). Whether bitcoin mining is profitable depends on the cost of electricity, though it is most profitable when miners work in pools to combine resources. Users who join mining pools contribute their own cpus, gpus, or asics to a network and when rewards are paid out, they all get a share. In very simple terms, bitcoin mining is a payment gateway made up of thousands of computers around the world which compete to solve a puzzle first in exchange for bitcoin as reward. The first miner to solve the problem is the one to get the bitcoin reward.
What Is Bitcoin? from bitemycoin.com All the additional bitcoins have to be generated through a computational process called mining. Bitcoin mining actually means adding more bitcoins to the digital currency ecosystem. Users who join mining pools contribute their own cpus, gpus, or asics to a network and when rewards are paid out, they all get a share. The people performing the mining are called bitcoin miners. Miners combine several inputs and hash it to produce the desired output (block header hash). The first miner to solve the problem is the one to get the bitcoin reward. People who choose to mine bitcoin use a process called proof of. Bitcoin mining companies basically mine bitcoin 24/7 and also sell mining equipment like powerful computer hardware that enables mining bitcoins.
There will be a total of 21 million bitcoin in circulation by 2140.
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