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location Home > News > Details

How does Bitcoin mining work? Is free bitcoin mining credible?

2022-05-16 09:12

For the average person, the lowest cost way to own Bitcoin is mining. I believe many people are also curious, how does Bitcoin mining work? Is it possible to mine Bitcoin gratis? Today I will introduce to you, how Bitcoin mining works?

What is Bitcoin?

Bitcoin is a decentralized cryptocurrency. In a white paper published in 2008, a person or a group aliased Satoshi Nakamoto, the mechanism of Bitcoin was first discussed. In January 2009, Bitcoin was officially launched.

Bitcoin is a currency based on a peer-to-peer network where all transactions are conducted directly between equal and independent network participants without the permission or facilitation of any intermediary party. It is the first cryptocurrency ever to be used in real life.

How does Bitcoin mining work?

So, how does Bitcoin mining work? Mining is the process of developing designated digital blocks through specific function operations in the Bitcoin network. Through the joint participation of all nodes, the neutrality and fairness of the network are guaranteed. This mining mechanism makes it difficult to tamper with records and easy to backtrack records, thus ensuring the immutability of the Bitcoin network.

In return, miners are compensated in reward tokens generated per block, and transaction fees per transaction associated with the block. With the above information, do you understand how Bitcoin mining works?

Is it possible to mine Bitcoin gratis?

To understand how Bitcoin mining works, you should probably understand that a large number of functional operations must be performed to mine Bitcoin, which requires professional Bitcoin mining machines. So, in principle, it is impossible for people to mine Bitcoin gratis.

Of course, if you just want to try Bitcoin mining instead of getting more income by mining Bitcoin, there are still some opportunities for mining Bitcoin gratis. In order to attract new users, some platforms give away a small amount of Bitcoin hashrate to new users, which miners can use to mine Bitcoin gratis. However, since these hash rates are so small, the amount of bitcoin that can be mined is extremely rare, and it doesn't actually yield a lot of revenue.

Maybe some miners have also heard that some platforms can mine Bitcoin gratis,these platforms are likely to be scam platforms. Because Bitcoin mining requires mining machines, and Bitcoin mining machines are expensive, if all people can mine Bitcoin gratis through these platforms. So how do these platforms make ends meet?

Therefore, many so-called free bitcoin mining platforms may have several types of scams: claiming to be mining bitcoin for free, but in reality it is just a fake website. The bitcoins that users see mined are just fake website data, and users can't actually get those bitcoins at all. Or the platform uses various thresholds to require users to attract more new users, and then let users gradually recharge or buy counterfeit products.

In any case, everyone must remember that mining Bitcoin must cost money, so the platform mining Bitcoin gratis must be a scam. It is necessary for everyone to choose a formal mining platform, such as LLGO, when participating in Bitcoin mining. A formal mining platform like LLGO has its own mining farm and real mining machines, and miners can obtain real bitcoins.

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Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

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The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

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Computing power 855.24 TH/s
daily output 0.00001549 ETH / M
Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

No halving expected
Earnings volatility

The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

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Computing power 485.80 TH/s
daily output 0.00001511 LTC / M
Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

No halving expected
Earnings volatility

The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

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Computing power 2.35 PH/s
daily output 0.00024754 DASH / G
Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

Completed
Earnings volatility

The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

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Computing power 85.24 PH/s
daily output 0.00000354 DCR / G
Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

No halving expected
Earnings volatility

The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

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Computing power 9.71 GH/s
daily output 0.00028412 ZEC / K
Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

Completed
Earnings volatility

The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

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