Many newcomers in crypto think of mining as some sort of easy money: you buy a pair of chips, run the software, and get your 6.25 BTC every 10 minutes. Of course, in reality, things are more complicated. Today\u2019s mining is like any other way of earning money \u2014 you have to do research, make the initial investment, and count your spendings and the potential revenue.In this article, we will explore what mining is and what are the things to keep in mind before you start. Since there are quite many factors to consider, this article won\u2019t be a step-by-step guide \u2014 rather, it will help you build an understanding of mining and provide insights into what to research and what action to take.Mining is the process of validating transactions in the blockchain, for which a miner gets their reward. Let\u2019s break this down.Let\u2019s say you\u2019ve sent some Bitcoins to your friend. Before your transaction reaches its destination, it has to go through the following steps:A miner should pick your transaction up in a mempool (memory pool) \u2014 the place where all unconfirmed transactions are collected. The miner will be motivated to do so if the fee for the transaction was set high enough (see here for more details). By picking about 1\u20133 thousands of transactions, the miner forms a block that will be later added to the blockchain.Now, the miner should find the proper mathematical solution for this block, and this is the very heart of mining. The mathematical problem that the miner is trying to solve is called hashing \u2014 it implies pushing all the block data through a hash function that transforms this data into a string of letters and numbers. Doing this is very easy, but the problem is that this string has to meet certain\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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