dEEpEst Posted August 21, 2022 Share Posted August 21, 2022 What is Bitcoin Mining? Bitcoin mining is the process of creating new bitcoin by solving puzzles. It consists of computing systems equipped with specialized chip competing to solve mathematical puzzle. Why Bitcoin Needs Miners? In reality, miners are essentially getting paid for their work as auditors. They are doing the work of verifying the legitimacy of Bitcoin transactions.By verifying transactions, miners are helping to prevent the double-spending problem. How Much a Miner Earns? The rewards for Bitcoin mining are reduced by half roughly every four years.When bitcoin was first mined in 2009, mining one block would earn you 50 BTC. In 2012, this was halved to 25 BTC. By 2016, this was halved again to 12.5 BTC. Is bitcoin mining legal in India? India hasn't created any regulation that bans people from mining cryptocurrency.In fact, given that public cryptos are mined using your own computing equipment, it doesn't interfere with any laws at the moment. Link to comment Share on other sites More sharing options...
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