If you are interested in Bitcoin mining, I may be inclined to think that you understand what Bitcoin is. And while that may be the norm for most of you, I am sure there are some of you that are looking to understand Bitcoin mining as well as understand what Bitcoin is.
That way, those of you who have no idea how Bitcoin is used, can still get involved with mining it and be able to make it an investment that literally earns on autopilot. You see, once you set up the equipment and install the software, the mining is fairly straightforward as long as you understand your moves.
Bitcoin mining, Altcoin mining, Crypto mining, and Monero mining are all terms you will find in this book and they are not interchangeable. Bitcoin Mining will reference the particular nature of the process of Bitcoin, while Altcoin will reference the entire cryptocurrency universe minus Bitcoin.Cryptocurrencies or cryptos will refer to all cryptocurrencies. Finally, a reference to individual altcoins, like Monero or Ethereum ─ or whichever ─ will refer to the exact crypto that is being discussed.
The crypto mining process is not labor-intensive, but it is hardware-intensive and it depends on the amount of processing power that you can tie together to get the next set of hashes.In a nutshell, mining is not so much about digging the earth and separating a mineral from the dirt, it's about solving complex mathematical puzzles and getting the solution to them before someone else does. There are two steps to this. First you have to get the function's solution and then you have to put it into the blockchain. The miner who is first to do it gets the reward. The reward is in the form of coins. For every block that you solve, you receive a number of coins in return. The key to succeeding at this is to understand how it's done and the probability of success. Once you understand your chances, then you can understand how much to invest in the hardware.
The good thing is that once you get the hardware, you can mine for various cryptos and not just for one. We will show you how to set yourself up to be able to mine coins from diverse platforms.
