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What is Bitcoin mining? Can I get a reward?

  • Written by Thomas Carey

Bitcoin is a virtual currency whose transaction volume is increasing worldwide. As a pioneer, the name of "Bitcoin", which has the largest transaction volume, has become known worldwide and in Japan, but the keyword "mining" is often heard in accordance with it. What does this "mining" mean, which is closely related to virtual currency?

Mining translated as "mining" in Japanese is written as "mining" in English. The meaning in Japanese is "mining", "mining", etc., and, as its meaning, expresses the action of digging something. Then, how are virtual currencies and the word "mining" linked, and what do they mean?

From the conclusion, "mining" in the virtual currency industry means using a computer to contribute to the work of recording the trading transactions of virtual currency represented by Bitcoin, and the virtual currency newly issued as consideration for it to get. "Mining" came to be called from the image of "digging (= gaining) a virtual currency that has not been issued yet."

Then, specifically, what kind of action does it mean to contribute to the work of recording virtual currency sales transactions? And who is mining and what is needed to mine? Will mining become a business? I would like to explain the current trends of mining.

What is virtual currency and bitcoin?

Before explaining mining and mining, I will briefly explain virtual currency.

Virtual currency refers to the currency that exists on the Internet. Although there are no banknotes or coins like the yen and the dollar, they can be used for purchasing goods and services on the Internet, sending money, etc., and can also be bought and sold on virtual currency exchanges. Bitcoin is the representative virtual currency, and boasts the largest amount of circulation among the virtual currency that is said to currently have 1000 to 1500 types.

This virtual currency has no centralized administrator like central banks. The question that arises then is who keeps the soundness of virtual currency and records transaction information so that fraud does not occur. The work that contributes to this is called "mining". Individuals and corporations that perform mining work are called "miners". Click on crypto comeback pro to know more.

What does bitcoin mining mean?

We have already explained that mining / mining is the task of recording virtual currency sales transactions. I will explain this mining / mining work in more detail.

Transaction records of virtual currencies around the world are recorded in a ledger called "blockchain" on the Internet. In this block chain, transaction records are linked like a chain according to certain rules, and information is updated.

Then, only the miner / minor who first solves this puzzle is given the "approval right", and by actually exercising that right and completing the approval work, a virtual currency can be obtained.

Bitcoin Cash born from Bitcoin

Bitcoin Cash was created by splitting Bitcoin to solve the problems of Bitcoin. Like many other virtual currencies, it is one of the cryptocurrencies you can expect from now on. It is best way to get more profit.

How to store Bitcoin Cash (BCH)

You can store the purchased Bitcoin Cash on the virtual currency exchange as it is, or you can store it in your own wallet. Think of a wallet as an electronic wallet that can store virtual currency. There is a dedicated wallet for each issue, and Bitcoin Cash has a Bitcoin Cash wallet.

If you keep it in your wallet, you can safely manage virtual currency even if it goes bankrupt due to a hacking attack on the exchange like the case where the virtual currency was illegally leaked by Coincheck. There are various types of virtual currency wallets, each with their own characteristics and various uses.

Type that is managed by password on the web

Type that is downloaded and stored on your personal computer or smart phone

Type that is managed on a terminal such as USB

Cryptocurrency storage in an individual wallet can reduce the risk of bankruptcy at an exchange. Please select the storage method that suits you based on the frequency of transactions and the amount of virtual currency you have.

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