What is Bitcoin Mining? (In Plain English)

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Bitcoin mining is the process of updating the ledger of Bitcoin transactions known as the blockchain. Mining is done by running extremely powerful computers (known as ASICs) that race against other miners in an attempt to guess a specific number.

The first miner to guess the number gets to update the ledger of transactions and also receives a reward of newly minted Bitcoins (currently the reward is 12.5 Bitcoins).

Today, in order to be profitable with Bitcoin mining you need to invest heavily in equipment, cooling and storage. It’s not possible to mine profitably with a PC or a GPU at home. You can calculate your profitability using a Bitcoin mining calculator.

0:20 – Bitcoin mining in a nutshell
3:13 – Mining difficulty and block time
4:22 – Evolution of Bitcoin mining hardware
6:30 – Bitcoin mining pools
7:24 – Is Bitcoin mining profitable?
10:41 – Other types of mining
13:14 – Frequently asked Questions
15:20 – Conclusion

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Responses (14)

  1. CAUTION!! Many scammers are using the comment section to promote their scams and sometimes even use the name “99Bitcoins” in their profile. Never send money to someone you don’t know and don’t accept offers to trade or exchange cryptocurrency from strangers.
    Stay safe 🙏🏻🙏🏻🙏🏻

  2. Glad it worked 🎉👆🏻 i am from India 🇮🇳

  3. congratulation 🎉 i got paid from this name above 👆 💙

  4. THANKS YOU FOR THE VIDEO I NO Matter THE STOCK MARKET CRASH ONE NEEDS To HAVE DIFFERENT PROTFOLIO, ALREADY INVESTED IN FOREX And BITCOIN WHICH Are REALLY PROFITABLE..

  5. It work’s perfectly using 👆🏼 I’m so glad 🙂 🦅🦅 🤩

  6. I am still a bit confused. Since bitcoin has a limited amount. Once it is all been rewarded, who is going to mine anymore in other words who is going to update the ledgers?

  7. "And ive gone cross eyed."

  8. Thank you for the lesson

  9. Hi! I do invest in stocks. I’m really trying to listen to you very carefully to understand how bitcoin works and how it is mined but still i don’t understand all of it. Maybe few but not everything you explained here. I felt like you’re an alien talking from another world. 😆LOL! I still can’t find the answers to my questions in this video. I’m feeling dizzy by just listening😵‍💫. I will check some of your videos to get more understanding about it😳

  10. Watched this video 5 times still have no fathomable idea what bitcoin mining is lol

  11. I understand……shit ! I am back to mining some fucking potatoes out of my garden….

  12. What a great video! I am mind blown.

  13. This video aged well