Cryptocurrency mining is painstaking, costly, and only sporadically rewarding. Nonetheless, mining has a magnetic draw for many investors interested in cryptocurrency. This may be because entrepreneurial types see mining as pennies from heaven, like California gold prospectors in 49. And if you are technologically inclined, why not do it?How Does Bitcoin Mining Work? - چگونه بیت کوین استخراج کنیمHow Does Bitcoin Mining Work? - چگونه بیت کوین استخراج کنیمHow Does Bitcoin Mining Work? - چگونه بیت کوین استخراج کنیمHow Does Bitcoin Mining Work? - چگونه بیت کوین استخراج کنیمHow Does Bitcoin Mining Work? - چگونه بیت کوین استخراج کنیمHow Does Bitcoin Mining Work? - چگونه بیت کوین استخراج کنیمHow Does Bitcoin Mining Work? - چگونه بیت کوین استخراج کنیمHow Does Bitcoin Mining Work? - چگونه بیت کوین استخراج کنیمHow Does Bitcoin Mining Work? - چگونه بیت کوین استخراج کنیمر

However, before you invest the time and equipment, read this explainer to see whether mining is really for you. We will focus primarily on Bitcoin.

By mining, you can earn cryptocurrency without having to put down money for it. That said, you certainly don't have to be a miner to own crypto.  You can also buy crypto using fiat currency (USD, EUR, JPY, etc.); you can trade it on an exchange like Bitstamp using another crypto (example: Using Ethereum or NEO to buy Bitcoin); you even can earn it by playing video games or by publishing blog posts on platforms that pay its users in crypto. An example of the latter is Steemit, which is kind of like Medium except that users can reward bloggers by paying them in a proprietary cryptocurrency called Steem. Steem can then be traded elsewhere for Bitcoin. 

In addition to lining the pockets of miners, mining serves a second and vital purpose: It is the only way to release new cryptocurrency into circulation. In other words, miners are basically "minting" currency. For example, in February of 2019, there were a little over 17.5 million Bitcoin in circulation. Aside from the coins minted via the genesis block (the very first block created by Bitcoin founder Satoshi Nakamoto himself), every single one of those Bitcoin came into being because of miners. In the absence of miners, Bitcoin would still exist and be usable, but there would never be any additional Bitcoin. There will come a time when Bitcoin mining ends; per the Bitcoin Protocol, the number of Bitcoin will be capped at 21 million.

Aside from the short-term Bitcoin payoff, being a coin miner can give you "voting" power when changes are proposed in the Bitcoin protocol. In other words, a successful miner has an influence on the decision-making process on such matters as forking.

Bitcoin is mined in units called "blocks." As of the time of writing, the reward for completing a block is 12.5 Bitcoin. In February of 2019, the price of Bitcoin was about $3,500 per Bitcoin, which means you'd earn (12.5 x 3,500)=$42,000.

When Bitcoin was first mined in 2009, mining one block would earn you 50 BTC. In 2012, this was halved to 25 BTC. by 2016, this was halved again to the current level of 12.5 BTC. In 2020 or so, the reward size will be halved again to 6.25 BTC. 

If you want to keep track of precisely when these halvings will occur, you can consult the Bitcoin Clock, which updates this information in real time. Interestingly, the market price of bitcoin seems to correspond closely to the marginal cost of mining a bitcoin.

If you are interested in seeing how many blocks have been mined thus far, there are several sites, including Blockchain.info, that will give you that information in real time. 

Miners are getting paid for their work as auditors. They are doing the work of verifying previous Bitcoin transactions. This convention is meant to keep Bitcoin users honest and was conceived by Bitcoin's founder, Satoshi Nakamoto. By verifying transactions, miners are helping to prevent the "double-spendingproblem." 

Double spending means, as the name suggests, that a Bitcoin user is illicitly spending the same money twice. With physical currency, this isn't an issue: Once you hand someone a greenback $20 bill to buy a bottle of vodka, you no longer have it, so there's no danger you could use that same $20 to buy lotto tickets next door. With digital currency, however, as the Investopedia dictionary explains, "there is a risk that the holder could make a copy of the digital token and send it to a merchant or another party while retaining the original."

Let's say you had one legit $20 and one really good photocopy of that same $20. If someone were to try to spend both the real bill and the fake one, someone who took the trouble of looking at both of the bills' serial numbers would see that they were the same number, and thus one of them had to be false. What a Bitcoin miner does is analogous to that--they check transactions to make sure that users have not illegitimately tried to spend the same Bitcoin twice. This isn't a perfect analogy--we'll explain in more detail below.

Once a miner has verified 1 MB (megabyte) worth of Bitcoin transactions, they are eligible to win the 12.5 BTC. The 1 MB limit was set by Satoshi Nakamoto, and is a matter of controversy, as some miners believe the block size should be increased to accommodate more data.

Note that I said that verifying 1 MB worth of transactions makes a coin miner eligible to earn Bitcoin--not everyone who verifies transactions will get paid out.

1MB of transactions can theoretically be as small as one transaction (though this is not at all common) or several thousand. It depends on how much data the transactions take up.

So after all that work of verifying transactions, I might still not get any Bitcoin for it?

That is correct.

To earn Bitcoin, you need to meet two conditions. One is a matter of effort; one is a matter of luck.

1) You have to verify ~1MB worth of transactions. This is the easy part.

2) You have to be the first miner to arrive at the right answer to a numeric problem. This process is also known as proof of work. 

What do you mean, "the right answer to a numeric problem"? 

The good news: No advanced math or computation is involved. You may have heard that miners are solving difficult mathematical problems—that's not true at all. What they're actually doing is trying to be the first miner to come up with a 64-digit hexadecimal number (a "hash") that is less than or equal to the target hash. It's basically guesswork.

The bad news: Because it's guesswork, you need a lot of computing power to get there first. To mine successfully, you need to have a high "hash rate," which is measured in terms of megahashes per second (MH/s), gigahashes per second (GH/s), and terahashes per second (TH/s).

That is a great many hashes.

If you want to estimate how much Bitcoin you could mine with your mining rig's hash rate, the site Cryptocompare offers a helpful calculator. 

Either a GPU (graphics processing unit) miner or an application-specific integrated circuit (ASIC) miner. These can run from $500 to the tens of thousands. Some miners--particularly Ethereum miners--buy individual graphics cards (GPUs) as a low-cost way to cobble together mining operations. The photo below is a makeshift, home-made mining machine. The graphics cards are those rectangular blocks with whirring circles. Note the sandwich twist-ties holding the graphics cards to the metal pole. This is probably not the most efficient way to mine, and as you can guess, many miners are in it as much for the fun and challenge as for the money.

(Source: Shutterstock)

Example: I tell three friends that I'm thinking of a number between 1 and 100, and I write that number on a piece of paper and seal it in an envelope. My friends don't have to guess the exact number; they just have to be the first person to guess any number that is less than or equal to the number I am thinking of. And there is no limit to how many guesses they get.

Let's say I'm thinking of the number 19. If Friend A guesses 21, they lose because of 21>19. If Friend B guesses 16 and Friend C guesses 12, then they've both theoretically arrived at viable answers, because of 16<19 and 12<19. There is no

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