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Bitcoin is the world’s leading cryptocurrency and remains one of the favorites among crypto miners despite the increasing difficulty of mining it profitably. In this article, you will learn everything you need to know to mine bitcoin, including whether it is still worth it for small, at-home miners to participate in securing the Bitcoin network. An Intro to Blockchains Bitcoin is supported by an underlying technology called the blockchain. The blockchain is the creation of Bitcoin’s pseudonymous inventor Satoshi Nakamoto. The blockchain is the technological innovation that makes bitcoin and cryptocurrencies in general, possible. To understand mining, it is imperative to first comprehend the inner workings of blockchain technology. A blockchain is defined as a decentralized, distributed, and immutable ledger. This ledger records interactions between different parties in a manner that supports the privacy of the users while ensuring security and cryptographically safeguarding the entire history of the supported network. Blockchain technology is also leveraged to support entire digital ecosystems through smart contracts that can be used to create and deploy decentralized applications (dApps). The Blockchain – as its name suggests – is a long line of data stored in sets that are called blocks. In a blockchain-backed ledger, information is recorded in line with a set of predetermined rules. Each data set is cryptographically connected to the block that preceded it. In this way, it is possible to verify the data contained in the block being the true version of history. Public blockchains run on a peer-to-peer basis. Any party looking to access and participate in a network backed by a public blockchain is free to do so. However, there needs to be a system in place to coordinate the wants, needs, motivations, and actions of all parties connected. This is a problem faced by all distributed systems, known as the Byzantine Generals Problem. Blockchains’ employ cryptography to keep data and the network secure. While most blockchains differ on the specifics, most public blockchains will utilize a mechanism rooted in cryptography to secure its network and address the Byzantine Generals Problem. In the Bitcoin blockchain, the mechanism employed is called Proof-of-Work (PoW). Proof of Work PoW is a type of consensus mechanism. First used in the Bitcoin blockchain, it has become one of the more popular consensus mechanisms for digital currency networks. Leading projects such as Ethereum and Monero employ the PoW mechanism to secure their networks, albeit with different underlying hash functions. PoW is an energy-intensive consensus mechanism that involves the use of computational resources to solve difficult mathematical problems. PoW is leveraged in different contexts, but in blockchain networks, it keeps the network secure as new blocks can only be added to the ledger once the cryptographic requirements are met. These include solving the mathematical problem and adding the hash to the transactional data. In the Bitcoin network, the network is kept cryptographically secure through a class of participators called miners. Parties who choose to participate in the network as miners must validate transactions and add them to the ledger. In exchange for their efforts, they are rewarded with new bitcoins. PoW serves the purpose of keeping the network secure, keeping the miners incentivized to support the network as well as introducing new units of the currency into circulation. To keep things well-oiled, the Bitcoin network has an inbuilt mechanism called the difficulty adjusting algorithm which was included by Nakamoto “to compensate for increasing hardware speed and varying interest in running nodes over time, the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour. If they’re generated too fast, the difficulty increases.” The algorithm adjusts the difficulty depending on the hash rate recorded over a two week period. Additionally, the block rewards, the number of bitcoin released by the network, halve every so often. Due in part to its design, there is typically a correlation between mining on the Bitcoin network and price activity. When the price of bitcoin is rallying, there are typically more people looking to participate as miners as they attempt to acquire the block reward, which is worth more. However, when the price of bitcoin is falling, such as in the “crypto winter” in 2018, mining loses popularity as profits fall. Mining Bitcoin Now that you comprehend the workings of the Bitcoin blockchain and the essential protocols that keep it functional, we can dive into how you can start mining as a beginner. In the initial days, it was possible to mine bitcoin using just your PC. However, the rise of special digital currency mining machines – called ASICs (application-specific integrated circuit) – that were designed specifically for the Bitcoin network has all but locked out the at-home user from participating as a miner. To mine bitcoin, you must first purchase the necessary mining hardware. You must first purchase a bitcoin mining rig. There are a number of pre-built mining rigs available on the market today. This equipment helps you to circumnavigate and make the most of Bitcoin’s algorithms to maximise mining profits. Choosing a mining rig should be taken seriously. These rigs are typically on the higher end of the cost spectrum. However, cost should not be your only consideration when making a choice. Consider the age of the machine, its electricity consumption, and its performance metrics along with its price. You can use this resource to compare ASICs. While the mining rig is arguably the most important physical resource, you must first have to mine bitcoin; there are other costs you will also incur. For instance, you may have to set up a fan for your machinery as ASICs get quite hot and need consistent cooling. Additionally, you will have to pay for electricity. This is a cost that may seem easy to overlook, but the fact is that electricity is a large part of the mining equation. If your electricity is expensive, then you are likely to gain little from mining. Fortunately, the inverse is also true. Therefore, bitcoin miners will look for cheap sources of electricity. This is reflected by the congregation of a large population of bitcoin miners in areas where there is cheap hydroelectric power. Kuwait is reportedly the country with the cheapest electricity, but you can do your research here. Once you have considered and factored in the costs of your mining operation and are willing to continue, then you will need to connect to the Bitcoin network and create your node. When you create your node, you will also be launching your wallet where you can store the gains you acquire from mining. It is best to download the official client. It is important to note that you will need a large amount of storage space on your device. This is because the client downloads the entire blockchain before you can start adding new blocks to the ledger as a miner. As we mentioned earlier, public blockchains work well because the history is available to all who access the network. Once you have downloaded the client, you will be faced with a dialogue box asking you to install the software. Once installed, it will take you anywhere longer than two hours to download and sync up the entire ledger. It goes without saying that internet connectivity is required for mining as well as for transacting on cryptocurrency networks. Once you have downloaded and synced up your Bitcoin node, you must download a mining program. Mining software helps to synchronize the communication between your node and the Bitcoin network, maximizing work. There are many popular choices available today, with examples being MultiMiner and CGMiner. Lastly, you will need to join a mining pool. As referenced earlier, the rise of bitcoin-specific ASICs has made the bitcoin mining game very competitive. As a result, you will likely need to join a mining pool to see any profits from mining bitcoin. Popular mining pools include F2Pool and P2Pool. It is important to note that some mining pools may have their mining software so decide on your pool beforehand to avoid any unnecessary downloads. Moreover, you will need to configure your server address to mine through a pool. This adjustment may seem complicated but is a fairly simple short process. Important Considerations While it may still be possible to mine altcoins from the comfort of your home and still turn a profit, those days are long gone for bitcoin. Unfortunately, the rise of ASICs and the high bitcoin mining difficulty have made it difficult for the at-home user to effectively participate in the Bitcoin network as a miner. For the many individuals still looking to participate in the Bitcoin network as a miner, joining a mining pool is absolutely necessary. However, even with one ASIC machine and a mining pool, it is still fairly difficult to win the block reward. Due to the comparatively high hash rate of the Bitcoin blockchain, you have a better probability of getting the block reward if you have more chances. This means you need more machines, and their computational power, to increase your possibilities. Simply, for the Bitcoin network, economies of scale come sharply into play. Unless you have a significant number of ASIC machines to leverage and the ability to access low-cost electricity, then your efforts are not likely to yield any mining profits. While Bitcoin, Bitcoin Cash, and Bitcoin SV have similar-sounding names, there are key differences between these cryptocurrencies. Unfortunately, for those new to crypto, these differences may not be immediately obvious. In this guide, you will learn about the history and technical specifications of Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin SV (BSV) to understand the differences between them. Bitcoin Bitcoin (BTC) holds the distinction of being the world’s first cryptocurrency. Created by pseudonymous inventor Satoshi Nakamoto, the digital currency launched the age of cryptocurrencies and blockchain technology when it went live on January 3, 2009. It is important to note that Nakamoto published a document explaining in great detail the technical specifications of his creation on October 31, 2008, known as the Bitcoin whitepaper. At 2:10 p.m. Eastern Standard, people who had signed up to the cypherpunk-focused Cryptography Mailing List hosted on Metzdwowd received a message from Nakamoto titled “Bitcoin P2P e-cash paper”. In the message, Nakamoto stated that he had been “working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party,” which he believed would launch a new age where users could have financial sovereignty. A few months later, Nakamoto mined the Genesis Block of the Bitcoin blockchain, embedding in the coinbase a text that said “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” In the decade that followed, bitcoin grew in popularity, spurring on the development of myriad cryptocurrencies. These new digital currencies came to be known as altcoins – short for alternative coins – because they were introduced into the market with the aim of providing alternatives to Bitcoin. Examples of altcoins include Litecoin, which was designed to be the “digital silver” to Bitcoin’s “digital gold,” Bitcoin Cash, and Bitcoin SV. The Technical Details Bitcoin is an open, decentralized, peer-to-peer payment network. This means that it is possible for anyone with an internet connection to join the Bitcoin network and execute financial transactions on it. Nakamoto designed the network in this manner as it would confer a number of beneficial features to the network. To join the network and participate as a node, one simply needs an internet connection and sufficient memory to download the blockchain. The fact that anyone can join the network confers it with greater protection in the face of censorship from central authorities, such as governments. Due to the continued robustness of the Bitcoin network over the years, the decentralized, distributed peer-to-peer template has become an accepted standard for creating newer cryptocurrencies, especially if they hope to stand the test of time. Bitcoin is also the first-ever use case for the blockchain. A blockchain refers to a ledger that is based on sets of data that are linked to each other. Each set of data is linked to the one before it through cryptography. These data sets are called blocks, hence the term blockchain. In the Bitcoin network, each block contains a cryptographic hash of the block before it, a timestamp, and data on the transactions contained in the block. Distributed networks, such as Bitcoin, face a peculiar problem. They require a tool through which independent parties, in this case, nodes, can come to an agreement over a specific issue. In cryptography, this problem is referred to as the Byzantine Generals problem. A consensus mechanism is thus, how distributed networks achieve finality on a certain issue. To support the creation of a globally accepted state in the ledger, the Bitcoin network leverages a proof-of-work (PoW) consensus mechanism. Proof-of-work is a consensus mechanism that requires nodes to expend energy to solve complex mathematical equations. Nodes will attempt to find the correct value of a random mathematical problem. Only once they have successfully computed the right value, can they add a new block to the ledger. In the Bitcoin context, nodes that attempt to add new nodes to the ledger are called bitcoin miners. It is important to note that a number of factors in its design are essential to the immutability of the Bitcoin ledger. To begin with, when a new node joins the network, they must download the entire blockchain. Everyone has access to the agreed-upon and verified version of events. As a result, it is very difficult to roll back the ledger and introduce falsified transactions. Additionally, there is the fact that PoW large amounts of energy. Therefore, for an attacker or malicious party to edit or falsify the ledger, they must have access to a large amount of energy and money to fund this endeavor. The size and reach of the Bitcoin network make this an almost impossible feat. In exchange for their work in securing and adding new blocks to the ledger, miners are entitled to a certain number of new bitcoin per block. This number changes at pre-specified intervals (every four years). This is also the mechanism through which new bitcoin are brought into circulation. The maximum number of bitcoin that will ever exist stands at 21 million. Lastly, the Bitcoin network stands on the principle of voluntary actions. Each node can join and leave the network at will. Similarly, if users are unable to agree on a way forward, they are able to branch off and create their own blockchain. The longest chain represents the agreed-upon version of history. However, if any party at any time wants to branch off and create a new chain, they are free to do so. This is typically called a hard fork. Bitcoin Cash Bitcoin Cash (BCH) is a hard fork of the original Bitcoin blockchain. The altcoin came to be on August 1, 2017, following growing tensions between members of the Bitcoin community over scaling concerns and how to address them. The majority of the Bitcoin community believed that the implementation of an update known as SegWit would be sufficient to significantly better processing capabilities on the bitcoin network. However, a relatively small but determined group of people believed that the block size would need to be increased in order to better scale the network. Led by frontman Roger Ver, the group implemented their own software update at block height 478559, creating a new cryptocurrency. The new digital currency came to be known as Bitcoin Cash, an allusion to the division in ideology that buoyed the entire debate. The Bitcoin Cash camp believed that the increase in block size would lead to the ease in use, allowing people, to employ the cryptocurrency as a transactional currency in everyday situations. Technically speaking, Bitcoin Cash is quite similar in many ways to its parent, Bitcoin. They both employ PoW as a consensus mechanism with a focus on the SHA256 algorithm. Additionally, they both feature reward halving at prespecified times. The big defining difference between these two is the fact that Bitcoin Cash has a much larger block size to include more transactions in the set and thus better scale the network. This difference renders them un-interchangeable and, therefore, separate and distinct cryptocurrencies. Bitcoin SV On November 15, 2018, the Bitcoin Cash blockchain experienced a hard fork, resulting in the creation of a new cryptocurrency named Bitcoin SV (BSV). Bitcoin SV stands for Bitcoin Satoshi Vision. The name of the digital currency is a reference to the differences that led to the Bitcoin Cash camp, further splitting into two. As we have seen once before, Bitcoin SV proponents and the Bitcoin Cash community differed over the block size. The Bitcoin Cash community wanted the block size to remain at 32 MB while the Bitcoin SV camp wanted it to increase to 132 MB. These differences proved irreconcilable, leading to the hard fork that ultimately created Bitcoin SV. In terms of technical specifications, Bitcoin SV mainly differs from both Bitcoin Cash and Bitcoin only through its block size. It is this feature that has proven to be the biggest and irreconcilable difference. While Bitcoin, Bitcoin Cash, and Bitcoin SV may share a name, they are all distinct cryptocurrencies. Bitcoin is the world’s first digital currency, while Bitcoin Cash and Bitcoin SV are both altcoins that aim to fulfill different roles that Bitcoin does today.

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