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Because they are entirely digital records, there is a risk of copying, counterfeiting, or double-spending the same coin more than once. Mining solves these problems by making it extremely expensive and resource-intensive to try to do one of these things or otherwise "hack" the network. Indeed, it is far more cost-effective to join the network as a miner than to try to undermine it."}},"@type": "Question","name": "How Does Mining Confirm Transactions?","acceptedAnswer": "@type": "Answer","text": "In addition to introducing new BTC into circulation, mining serves the crucial role of confirming and validating new transactions on the Bitcoin blockchain. This is important because there is no central authority such as a bank, court, government, or anything else determining which transactions are valid and which are not. Instead, the mining process achieves a decentralized consensus through proof of work (PoW).","@type": "Question","name": "Why Does Mining Use So Much Electricity?","acceptedAnswer": "@type": "Answer","text": "In the early days of Bitcoin, anybody could simply run a mining program from their PC or laptop. But as the network got larger and more people became interested in mining, the mining algorithm became more difficult. This is because the code for Bitcoin targets finding a new block once every 10 minutes, on average. If more miners are involved, the chances that somebody will solve the right hash quicker increases, and so the difficulty increases to restore that 10-minute goal. Now imagine if thousands, or even millions more times that mining power joins the network. That's a lot of new machines consuming energy.","@type": "Question","name": "Is Bitcoin Mining Legal?","acceptedAnswer": "@type": "Answer","text": "The legality of Bitcoin mining depends entirely on your geographic location. The concept of Bitcoin can threaten the dominance of fiat currencies and government control over the financial markets. For this reason, Bitcoin is completely illegal in certain places.Bitcoin ownership and mining are legal in more countries than not. Some examples of places where it was illegal according to a 2018 report were Algeria, Egypt, Morocco, Bolivia, Ecuador, Nepal, and Pakistan. Since 2018, other countries have banned Bitcoin mining including Bangladesh, China, Dominican Republic, North Macedonia, Qatar, and Vietnam. Overall, Bitcoin use and mining remain legal across much of the globe.","@type": "Question","name": "Does Crypto Mining Damage Your GPU/Computer?","acceptedAnswer": "@type": "Answer","text": "Because blockchain mining is very resource-intensive, it can put a large strain on your GPU or other mining hardware. In fact, it is not unheard of for GPUs to blow out, or for mining rigs to burst into flames. However, keeping your rigs running at a moderate pace and with sufficient power supplied, it is generally safe.","@type": "Question","name": "Can You Mine Bitcoin on Your iPhone?","acceptedAnswer": "@type": "Answer","text": "No. Bitcoin mining today requires vast amounts of computing power and electricity to be competitive. Running a miner on a mobile device, even if it is part of a mining pool, will likely result in no earnings."]}]}] Investing Stocks Bonds Fixed Income Mutual Funds ETFs Options 401(k) Roth IRA Fundamental Analysis Technical Analysis Markets View All Simulator Login / Portfolio Trade Research My Games Leaderboard Economy Government Policy Monetary Policy Fiscal Policy View All Personal Finance Financial Literacy Retirement Budgeting Saving Taxes Home Ownership View All News Markets Companies Earnings Economy Crypto Personal Finance Government View All Reviews Best Online Brokers Best Life Insurance Companies Best CD Rates Best Savings Accounts Best Personal Loans Best Credit Repair Companies Best Mortgage Rates Best Auto Loan Rates Best Credit Cards View All Academy Investing for Beginners Trading for Beginners Become a Day Trader Technical Analysis All Investing Courses All Trading Courses View All TradeSearchSearchPlease fill out this field.SearchSearchPlease fill out this field.InvestingInvesting Stocks Bonds Fixed Income Mutual Funds ETFs Options 401(k) Roth IRA Fundamental Analysis Technical Analysis Markets View All SimulatorSimulator Login / Portfolio Trade Research My Games Leaderboard EconomyEconomy Government Policy Monetary Policy Fiscal Policy View All Personal FinancePersonal Finance Financial Literacy Retirement Budgeting Saving Taxes Home Ownership View All NewsNews Markets Companies Earnings Economy Crypto Personal Finance Government View All ReviewsReviews Best Online Brokers Best Life Insurance Companies Best CD Rates Best Savings Accounts Best Personal Loans Best Credit Repair Companies Best Mortgage Rates Best Auto Loan Rates Best Credit Cards View All AcademyAcademy Investing for Beginners Trading for Beginners Become a Day Trader Technical Analysis All Investing Courses All Trading Courses View All Financial Terms Newsletter About Us Follow Us Facebook Instagram LinkedIn TikTok Twitter YouTube Table of ContentsExpandTable of ContentsWhat Is Bitcoin Mining?Why Bitcoin Needs MinersWhy Mine Bitcoin?How Much a Miner EarnsWhat You Need to Mine BitcoinsThe Mining ProcessWhat Are Mining Pools?A Pickaxe Strategy for Bitcoin MiningDownsides of MiningFrequently Asked QuestionsThe Bottom LineCryptocurrencyBitcoinHow Does Bitcoin Mining Work?ByEuny Hong Full Bio Twitter Euny Hong is the former supervising editor at Investopedia.com. She is also the author of two critically-acclaimed, published books.Learn about our editorial policiesUpdated May 05, 2022Reviewed byJeFreda R. Brown Reviewed byJeFreda R. BrownFull Bio LinkedIn Twitter Dr. JeFreda R. Brown is a financial consultant, Certified Financial Education Instructor, and researcher who has assisted thousands of clients over a more than two-decade career. She is the CEO of Xaris Financial Enterprises and a course facilitator for Cornell University.Learn about our Financial Review BoardFact checked byKirsten Rohrs Schmitt What Is Bitcoin Mining? Bitcoin mining is the process by which new bitcoins are entered into circulation. It is also the way the network confirms new transactions and is a critical component of the blockchain ledger's maintenance and development. "Mining" is performed using sophisticated hardware that solves an extremely complex computational math problem. The first computer to find the solution to the problem receives the next block of bitcoins and the process begins again.
Mining is a metaphor for introducing new bitcoins into the system because it requires (computational) work just as mining for gold or silver requires (physical) effort. Of course, the tokens that miners find are virtual and exist only within the digital ledger of the Bitcoin blockchain.
In addition to introducing new BTC into circulation, mining serves the crucial role of confirming and validating new transactions on the Bitcoin blockchain. This is important because there is no central authority such as a bank, court, government, or anything else determining which transactions are valid and which are not. Instead, the mining process achieves a decentralized consensus through proof of work (PoW).
In the early days of Bitcoin, anybody could simply run a mining program from their PC or laptop. But as the network got larger and more people became interested in mining, the mining algorithm became more difficult. This is because the code for Bitcoin targets finding a new block once every 10 minutes, on average. If more miners are involved, the chances that somebody will solve the right hash quicker increases, and so the difficulty increases to restore that 10-minute goal. Now imagine if thousands, or even millions more times that mining power joins the network. That's a lot of new machines consuming energy.
The legality of Bitcoin mining depends entirely on your geographic location. The concept of Bitcoin can threaten the dominance of fiat currencies and government control over the financial markets. For this reason, Bitcoin is completely illegal in certain places.
Bitcoin ownership and mining are legal in more countries than not. Some examples of places where it was illegal according to a 2018 report were Algeria, Egypt, Morocco, Bolivia, Ecuador, Nepal, and Pakistan. Since 2018, other countries have banned Bitcoin mining including Bangladesh, China, Dominican Republic, North Macedonia, Qatar, and Vietnam. Overall, Bitcoin use and mining remain legal across much of the globe. 041b061a72