The Importance Role of Bitcoin Miners

Picture: Reuters

TechSpace - Bitcoin is a digital asset that can be bought, sold, or transferred securely between parties via the internet. Bitcoin uses blockchain technology across a vast and decentralized network of computers to verify, confirm and record all transactions. However, have you ever thought about who made the blocks and how?

Who are Bitcoin Miners?

Unlike the banking system, Bitcoin transactions do not involve intermediaries in all transactions, miners verify all Bitcoin transactions via Blockchain. Bitcoin miners are a group of participants in the Bitcoin network who create blocks. So who can become Bitcoin miners? Blockchain is the primary technology underlies Bitcoin because it keeps a decentralized record of transactions on the Bitcoin network. Therefore, due to its decentralized nature, anyone can become a miner and mine Bitcoin. You don't need anyone's permission, and you don't have to rely on banks to process transactions.

What Are the Duties of Bitcoin Miners? 

As explained above, the job of Bitcoin miners is to process and confirm transactions. The way to ensure it is that every transaction will add to the block, and the league adds to the Bitcoin blockchain. However, when Bitcoin miners do that, what they are doing is securing the Bitcoin network. Because more and more miners join the network, the more influential the computing power of Bitcoin and much more challenging to hack. This is why the role of the miners is significant. In addition, miners will also get compensation, but in the form of Bitcoin.

How to Become a Bitcoin Miner?

Before becoming a Bitcoin miner, you must know what things to prepare to become part of Bitcoin miner. 

Choose and Get Powerful Bitcoin Mining Computers


One of the computers that can be used is a Bitcoin mining rig. With this computer, you can also mine other cryptocurrencies and can solve cryptographic math. Many miners not only have one computer, but they also get additional mining rigs because the more they have, the higher the chances of being able to mine a block and get the reward.

Joining a Bitcoin Mining Farm


After getting a suitable computer, the next step is to decide whether to start Bitcoin by yourself, called solo mining, or by joining a Bitcoin mining farm. This method is the most widely used by people who are beginners in mining Bitcoin. Bitcoin farm is a group of Bitcoin miners who are joined collectively. In this group, miners will combine the power of hardware to get Bitcoin. There are various pools to choose from, but you must be careful because each farm has a different cost benchmark.  

Opening a Bitcoin Wallet Account

Unlike conventional money, Bitcoin cannot be stored in a bank account. Thus, a Bitcoin wallet is required to keep mining results. There are three types of Bitcoin wallets: web wallets, software wallets, and hardware wallets. However, of the three types of wallets, a hardware wallet is an actual physical device that can store Bitcoins by connecting a hardware wallet to a computer via USB.

However, mining Bitcoin can not only be done through a computer. We can also do it through Android applications, such as MinerGate, Crypto Miner, and AA Miner

Bitcoin Basics: Simply Guide for Beginner

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