Articles

Welcome to Bit2Me Academy!
Here you will find a lot of articles with which you will learn the main concepts of the crypto world.

What is Dencun, the new Ethereum update?
Basic

What is Dencun, the new Ethereum update?

Meet Dencun, the next hard fork that will come to Ethereum and that promises great advances in order to take Ethereum to the cusp of scalability.

Bit2Me José Maldonado 12 March, 2024
What is Reental (RNT)?
Basic

What is Reental (RNT)?

Reental is a powerful real asset tokenization platform (RWA) focused on the real estate sector, which seeks to enhance this sector using blockchain technology and which you can access through its RNT token.

Bit2Me John Fornell 11 March, 2024
What is eSync Network?
Basic

What is eSync Network?

Bit2Me John Fornell 6 March, 2024
What is Casper and its cspr token?
Basic

What is Casper and its cspr token?

Bit2Me John Fornell 26 February, 2024
Difference between crowdfunding and asset tokenization
Basic

Difference between crowdfunding and asset tokenization

Learn about the differences that exist between crowdfunding and the tokenization of assets on blockchain.

Bit2Me gabriel ayala 23 February, 2024
What is Starknet?
Basic

What is Starknet?

Meet StarkNet, an Ethereum Layer2 project that seeks to offer privacy, scalability, and low prices using ZKP cryptography.

Bit2Me José Maldonado 19 February, 2024
What is the Cantillon effect and its relationship with Bitcoin
Basic

What is the Cantillon effect and its relationship with Bitcoin

Learn about the Cantillon effect and how this effect affects us in the fiat world and its relationship with the crypto world and Bitcoin.

Bit2Me José Maldonado 14 February, 2024
What is WEMIX
Basic

What is WEMIX

Learn about WEMIX, a powerful blockchain gaming platform that seeks to integrate tools to bring blockchain to this sector.

Bit2Me José Maldonado 6 February, 2024
What is ERC-3643 or T-REX Protocol
Basic

What is ERC-3643 or T-REX Protocol

Bit2Me José Maldonado 5 February, 2024
ETFs on Ethereum, scope and possibilities for DeFi
Basic

ETFs on Ethereum, scope and possibilities for DeFi

Bit2Me José Maldonado 31 January 2024
What is a Golden Cross or Golden Cross?
Basic

What is a Golden Cross or Golden Cross?

Bit2Me José Maldonado 15 January 2024
Detailed comparison of Bit2Me vs. HTX
Basic

Detailed comparison of Bit2Me vs. HTX

Bit2Me José Maldonado 12 January 2024

We want to help you

FAQs

Top Resolved Questions About Cryptocurrency Mining

La bitcoin mining It is the system by which it is ensured that transactions are valid and correctly added to the ledger of the blockchain, through a global network of computers that execute the cryptocurrency code. By verifying transactions and adding a new block to the network, new Bitcoin is also created. Transaction validation is done by solving complex cryptographic puzzles that require great computing power and sophisticated equipment. Bitcoin mining is important because it creates new Bitcoin and avoids the problem of double spending. In this article about mining Bitcoins you have more information.

1.- The miners' computers, called nodes, collect and package the individual Bitcoin transactions in the last ten minutes into a block. 2.- Each node competes with the other nodes in the network to solve a complicated cryptographic problem and thus become the first to validate the new block. 3.- The first miner to solve the problem transmits his success to the entire network. 4.- Then, other nodes check if their solution is correct. If it is, the new block is added to the chain and the whole process starts over. 5.- By being the first miner to solve the problem, you are rewarded with an amount of new currency, plus network commissions (the amount of money that users pay to have their transactions processed faster). Expand your knowledge in the article about the bitcoin mining difficulty.

cannot be determined exactly how long does it take to mine a bitcoin, since this depends on several factors. Mainly, it depends on the computing power of the network, the competition and the hardware used. However, the main factor that determines how long it takes to mine a Bitcoin is the hashing difficulty algorithm. This algorithm is designed to automatically adjust and produce a new Bitcoin every 10 minutes (give or take).

Nowadays it is almost impossible to mine a Bitcoin from a personal computer (although there have been several cases in which it has been achieved). In theory, it is possible to mine Bitcoin with a PC, either desktop or laptop, running a Windows, Linux or MacOS operating system. As indispensable requirements a stable internet connection and a GPU (graphics card) with at least 6GB of RAM are required. However, as we have already explained, nowadays it is practically impossible to mine Bitcoin with a personal computer, due to the network conditions.

In January 2023, a Bitcoin miner who is able to validate a new block of transactions will earn 6,25 BTC, along with transaction fees. To calculate whether it is profitable to mine Bitcoin or not, several factors must be taken into account such as the price of electricity, the amount of equipment that we have connected (and the expense that this entails), the price of the facilities, the labor … The biggest difficulty when it comes to knowing if mining Bitcoin is profitable or not lies in the price of each coin. Due to its volatility, the price of each BTC can vary greatly from day to day. To the time of writing this article, with the price of Bitcoin above $21.000, miners get more than $1350.000 for each block obtained and, although it is a low profit, it always depends on the investment that has been made. Basically, to know if mining Bitcoin is profitable or not, the following factors must be taken into account: - The hash rate of the computer. - The total hash rate of the network. - The reward per block of Bitcoin. - The power consumption of the PC. - The price of electricity per kWh. - The fee charged by the mining pool. - The price of Bitcoin. - Luckily, there are some tools that can help us calculate whether or not it is profitable to mine Bitcoin

Currently, 6,25 Bitcoin are produced in each block and a block is mined every 10 minutes (give or take). Therefore we can carry out the following mathematical operation: 6,25 Bitcoin per block x 6 blocks every hour x 24 hours The result is: 900 Bitcoin per day. Remember that the result is not exact, since a block is not produced exactly every ten minutes. The blocks are filled according to this article on the scalability of Bitcoin.

As of today, more than 91% of the total Bitcoin supply has already been mined. This means that, of the total of 21 million BTC, there are more than 19 million in the market (although a significant part of these Bitcoin have been lost). As of February 13, 2023, there are 1.710.256,3 Bitcoin left to be mined. Although it seems that there are very few left, it is estimated that the last Bitcoin will be mined in the year 2140. How is this possible? This is because every four years (or every 210.000 blocks) the amount of BTC issued in each block is halved, thanks to an event called a halving.

As the rewards of each block decrease due to the halving, miners will have to resort to transaction fees to make a profit. For example, by 2030 transaction fees are expected to represent a much larger part of global rewards. Once they represent close to 50% of the profits, the miners will make a transition and align their business model towards the profitability of fees and not block rewards.

Un mining rigs It is a configuration of various hardware devices (CPU, GPU, or ASIC) that have been specially arranged to maximize cryptocurrency mining operations. When configuring a mining RIG, various factors must be taken into account, such as: The use that we are going to give it (professional, amateur...) What cryptocurrencies do we want to mine? Where are we going to install the RIG (in our room, on a special floor…)? How much energy can we consume? Do you want to make a profit or just want to contribute to the blockchain? Whichever option you choose, building a mining rig is not cheap, so keep in mind that it may take a long time to recoup your investment.

Proof of Work It is a consensus protocol used by some cryptocurrencies, such as Bitcoin and Ethereum, to validate transactions and create new blocks on the blockchain. This protocol requires miners to do a large amount of computational work to solve complex cryptographic algorithms and prove that they have done this task to earn rewards.

The purpose of Proof of Work is to provide a decentralized and secure system to validate transactions and protect the integrity of the blockchain. By requiring miners to do computational work to validate transactions and add new blocks to the blockchain, the risk that a malicious attacker could forge transactions or corrupt the blockchain is reduced.

The cryptographic origin of Proof of Work dates back to the 1990s, when British cryptographer Adam Back he created a system called HashCash, which required users to solve complex cryptographic algorithms to send email and avoid spam.

HashCash is a system that uses complex cryptographic algorithms to prevent email spam and other types of attacks. Proof of Work is based on HashCash, as both systems require users to do computational work to validate transactions and prevent malicious attacks.HashCash it is a system that uses complex cryptographic algorithms to prevent email spam and other types of attacks. Proof of Work is based on HashCash, as both systems require users to do computational work to validate transactions and prevent malicious attacks.

It is necessary to increase the hash difficulty in mining of cryptocurrencies to ensure that miners do enough computational work to validate transactions and add new blocks to the blockchain. If the hash difficulty is too low, miners can solve cryptographic algorithms too quickly, and the security of the block chain is not guaranteed.

To solve them mathematical algorithms in cryptocurrency mining Today, powerful mining equipment is needed, including specialized hardware and specific software for cryptocurrencies. In addition, miners also need access to a large amount of electrical power to power their equipment.

La mining is important in a blockchain network because it allows validating transactions and adding new blocks to the blockchain in a secure and decentralized way. In addition, mining also helps keep the blockchain secure by preventing malicious attacks and counterfeiting.

The objectives of the cryptocurrency mining They are validating transactions, adding new blocks to the blockchain, and receiving rewards in the form of new cryptocurrencies. In addition, mining also helps keep the blockchain secure by preventing malicious attacks and counterfeiting.

Proof of Stake It is a consensus mechanism used in some cryptocurrencies that allows participants to validate transactions and add blocks to the blockchain. Instead of competing to solve complex math problems like in Proof of Work, validators put a certain amount of cryptocurrency up for grabs as collateral and receive rewards based on their participation in the network.

The main difference between Proof of Stake and Proof of Work is that Proof of Stake consumes much less energy than Proof of Work. In Proof of Work, miners use a large amount of energy to solve complex math problems, while in Proof of Stake, validators simply put their cryptocurrency on the line.

In a Proof of Stake mechanism, the next validator is decided pseudo-randomly based on the amount of cryptocurrency at stake. The more cryptocurrency a validator has in play, the higher the chance that it will be chosen to validate the next block of transactions. In DO NOT GIVE of Bit2Me you can be part of the validation mechanism.

For avoid centralization in a Proof of Stake system, some projects impose limits on the amount of cryptocurrency that a single validator can have in play. In addition, some projects also use validator rotation mechanisms to prevent the same validators from being chosen over and over again.

Proof of Stake tries to fix several problems associated with Proof of Work, such as high power consumption, mining centralization, and the need for specialized hardware. Furthermore, Proof of Stake can also make the network more scalable and secure.

The mechanism PoS solves the problem of the enormous amount of energy consumed in mining cryptocurrencies with PoW.

In PoS, the block generation job it is distributed among validators proportionally to the amount of cryptocurrency they hold.

El 51% attack in PoW It occurs when a group of miners controls more than 51% of the network's processing power, allowing them to control block generation and perform malicious attacks.

In PoS, the 51% attack is avoided because controlling 51% of the cryptocurrency in circulation is much more expensiveThey control 51% of the processing power of the network.

El Delegated Proof of Stakeit is a consensus algorithm in which validators choose a select group of delegates to generate blocks on their behalf.

The main advantage of delegate stakeis that cryptocurrency holders can delegate their stake to others to generate blocks on their behalf, allowing them to participate in block generation without having to invest in specialized equipment.

El Delegated Proof of Stake allows for a faster network because selected delegates can process transactions faster than a large number of validators in typical PoS.

Some of the projects that use the Delegated Proof of Stakethey are EOS, Tron, Ark and Lisk.

Proof of Authority isa consensus mechanism used in blockchains that relies on the reputation and identity of validators to confirm transactions and generate new blocks.

proof of authority (PoA) is used in private blockchain networks to maintain centralized control and ensure efficiency in validating transactions and generating new blocks.

Proof of Authority is considered a centralized consensus mechanism because the validators are selected by a centralized entity and there is no decentralized election process.

La choosing validator nodes in Proof of Authority it is performed by a centralized entity that selects nodes based on their reputation and reliability.

Proof of Elapse Time It is a consensus mechanism used in blockchain networks that allows nodes to wait a random amount of time before being able to validate a block, ensuring a fairer and more decentralized validation process.

Proof of Elapse Time (PoET) works allowing nodes to wait a random amount of time before validating a block. Each node chooses a random number and waits that long before trying to validate a block. It is considered the fastest consensus mechanism because it does not require complex mathematical problem solving as in Proof of Work and does not require validation from other nodes as in Proof of Stake.