MINING BITCOINS

Bitcoin

Acquiring BITCOIN from the Exchange for a Member’s own Wallet is known as Mining. There are 17.3 million BITCOIN in circulation right now (the total figure increases continuously, and is updated every ten minutes, twenty four hours of the day. The total supply of BITCOIN ever to exist has been capped at 21 million BITCOIN (by Satoshi Nakamoto , the Creator of BITCOIN System, himself, in August, 2008). So there is a balance of  just 3.7 million BITCOIN remaining to be Mined. The BITCOIN remaining to be created  can be Mined by using powerful programs and Apps on dedicated computers continuously. But whether Mining on a home or office computer or Laptop, or even one’s own smart phone, will prove profitable, is debatable. The mining software available popularly is known as “ Antminer”. It has been calculated by the Experts that , if the Antminer is run continuously for twenty four hours per day for a whole year, it can produce 0.85 BITCOIN . But an enormous amount of power will have to be expended in achieving  this, in the order of around 15,000 KwH (Kilowatts-Hour) . Worldwide prices of Electricity per Unit vary, but the cost may be anywhere between US$ 600 to US$ 2,500 or more. It is obvious that unless special dedicated computing machines are used, this method is an extreme waste of time and money. One of the best methods therefore is to use professional Miners, or acquire free bitcoin by rendering alternative or equivalent service to an Owner.

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