Advanced crypto analytic firm Glassnode has revealed that Bitcoin miners make $4 million per hour. Per hour, not per day! The money being made by Bitcoin miners is simply mind-blowing. Bitcoin miners continue to earn cryptocurrency without having to put down money for it.
A Bitcoin miner who successfully mines a Bitcoin is paid in crypto; with Bitcoin. The amount being earned by Bitcoin miners only corresponds with the amount of work they have to carry out; what does it take to mine Bitcoin?
Bitcoin mining sometimes requires 72 Terawatts of power, using the average power usage provided by application-specific integrated circuit (ASIC). A graphic processing unit (GPU) or an application-specific integrated circuit (ASIC) is very important to set up a mining rig.
It takes about 10 minutes to mine 1 Bitcoin, irrespective of the number of miners. Mining of Bitcoin is far from being a child’s play. Bitcoin miners are required to affirm transactions and fixing these transactions within blocks on the block chain. Before they can affirm these transactions, they have to solve tasks that come in the form of algorithms.
That’s not all. Bitcoin miners have the job of facilitating the security mechanism of the block chain. This is a priority. They do this by confirming transaction information or data to the Bitcoin ledger. Confirmation of the transaction’s comprises of heavy computer work and solving of intricate mathematical problems. This involves brain power, concentration and consumes time and energy. Definitely, all these efforts are not for nothing. For their contributions to the Bitcoin ledger, based on evidence of work, Bitcoin miners are paid or rewarded with Bitcoin. In other words, Bitcoin miners receive Bitcoin as a reward for completing “blocks” of verified transactions which are added to the blockchain. Bitcoin miners keep on getting paid for their works as auditors. They also have the job of verifying Bitcoin transactions, thus helping in preventing problems such as that of ‘double-spending’.
You already might have started considering becoming a Bitcoin miner because $4 million in an hour is totally out of this world.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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