A bitcoin mining can be defined as the processing of bitcoin transactions in which bitcoin transactions are added to the existing records of past transactions called bitcoin chain. Bitcoin transactions are referred to as blocks. Bitcoin mining was designed originally to be a thing that virtually anybody can do using their computers at home. This means even you can mine bitcoin in the comfort of your home using your computer. The amount of bitcoin mined goes a long way to determine the bitcoin price. However, the amount of bitcoin you can mine with your computer at home depends on the capacity of that computer and how much electricity you can have access to. The cost of electricity is one of the factors considered by many bitcoin miners.
Other mining devices to note
As stated earlier, laptops and your desktop computers can be used to mine bitcoin in the comfort of your home. However, some other devices can be used to mine bitcoin; these devices are called miners and a very good example is the ASIC miner. This hardware can be used to mine different types and not just bitcoin; other types of cryptocurrency that can be mined are DASH and Litecoin. The hardware mines bitcoin and other cryptocurrencies more efficiently than the computer system you use at home.
The bitcoin mining hardware is not like a computer or like a mining rig or dedicated graphics; it is entirely something else. ASIC stands for Application-Specific Integrated Circuits. ASICs are special chips designed with the sole purpose of processing audio and managing calls via cell phones. The chips are built into motherboards specifically designed for that purpose. The power supplies are also developed into a singular unit. Cryptocurrency mining machines are built for specific purposes and also developed for that sole purpose even to the chips.
The worth of bitcoin
Bitcoin price fluctuates and this had been the case since 2009 to date. Its value rose as high as $20,000 in 2017. It, however, went as low as $4,000 in 2018. Experts have now predicted that the price of bitcoin may even go as high as $50,000 in the future.