Mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure. We Use Coins - Learn all about crypto-currency. Bitcoin News - Where the Bitcoin community gets news. Bitcoin Knowledge Podcast - Interviews with top people in Bitcoin
What is mining and why is it called'mining'?
People who are involved in this process of mining are known as miners. The reason why it is called ‘mining’, is because just like any other form of natural resources, there is a finite number of Bitcoins available. The maximum amount of Bitcoin that can be created or mined is 21 million.
Who can participate in bitcoin mining?
Technically, anyone with a computer can participate in the Bitcoin mining process, but Bitcoin mining has become so competitive over the years that miners typically need expensive hardware and access to low-cost electricity to profit from Bitcoin mining.
Is bitcoin mining legal?
The legality of Bitcoin mining depends entirely on your geographic location. The concept of Bitcoin can threaten the dominance of fiat currencies and government control over the financial markets. For this reason, Bitcoin is completely illegal in certain places. Bitcoin ownership and mining are legal in more countries than not.
