{"id":7687,"date":"2021-07-15T03:57:08","date_gmt":"2021-07-15T03:57:08","guid":{"rendered":"https:\/\/3.26.50.104\/education\/?page_id=7687"},"modified":"2021-08-05T04:32:34","modified_gmt":"2021-08-05T04:32:34","slug":"what-is-bitcoin-mining-proof-of-work","status":"publish","type":"page","link":"http:\/\/3.26.50.104\/education\/what-is-bitcoin-mining-proof-of-work\/","title":{"rendered":"What is Bitcoin Mining \/ Proof of Work?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"7687\" class=\"elementor elementor-7687\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6070140 elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"6070140\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-07a70af\" data-id=\"07a70af\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-a07c394 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a07c394\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7f1f032\" data-id=\"7f1f032\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-58037f0 elementor-widget elementor-widget-html\" data-id=\"58037f0\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<a style=\"color: #FFFFFF; \" href=\"javascript:history.go(-1)\" onMouseOver=\"self.status.referrer;return true\">\u2190 Back<\/a>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b992ad3 elementor-widget elementor-widget-heading\" data-id=\"b992ad3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is Bitcoin Mining \/ Proof of Work? <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-d7706a6\" data-id=\"d7706a6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-552c727 elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"552c727\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"252\" height=\"182\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/07\/crypto_visual.png\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-7f3c55f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7f3c55f\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-359e103\" data-id=\"359e103\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0bd3ea8 elementor-widget elementor-widget-heading\" data-id=\"0bd3ea8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Definition<\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3acc560 elementor-widget elementor-widget-text-editor\" data-id=\"3acc560\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Bitcoin Mining aka the Proof of Work method is the process by which Bitcoin\u2019s network is maintained &amp; secured without the need for a bank.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4ac5dc5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4ac5dc5\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6e09303 before-icon-bi\" data-id=\"6e09303\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f977fd4 elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"f977fd4\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"66\" height=\"109\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/05\/location.png\" class=\"attachment-large size-large\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5bf332b elementor-widget__width-auto elementor-widget-mobile__width-auto elementor-widget elementor-widget-heading\" data-id=\"5bf332b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Understanding Bitcoin Mining\/Proof of Work <\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d87b44 elementor-widget elementor-widget-text-editor\" data-id=\"3d87b44\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>The Proof of Work method, more commonly known as Bitcoin mining, is the complex cryptographic process at the heart of Bitcoin &amp; other <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-cryptocurrency\" target=\"_blank\" rel=\"noopener\"><strong>decentralised<\/strong> digital currencies.<\/a><\/p><p>Proof of Work &amp; Bitcoin Mining involves solving complex mathematical puzzles with powerful computers and serves <strong>two<\/strong> <strong>primary purposes<\/strong>:<\/p><ol><li>To validate the legitimacy of a transaction, helping to avoid fraudulent transactions &amp; the problem of double spending in a <strong>decentralised manner<\/strong> (without the need for a bank)<br \/><br \/><\/li><li>To create <strong>new<\/strong> <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-cryptocurrency\" target=\"_blank\" rel=\"noopener\">cryptocurrency<\/a> by rewarding \u2018miners\u2019 for performing the previous task<\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eee82c2 elementor-widget elementor-widget-heading\" data-id=\"eee82c2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Bitcoin Mining in a nutshell  <\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ba80bc8 elementor-widget elementor-widget-text-editor\" data-id=\"ba80bc8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Before we breakdown the important aspects of mining, let\u2019s take a look at what goes on <strong>behind the scenes<\/strong> when you make a <strong>Bitcoin transaction<\/strong>.<\/p><ol><li>Transactions are made and grouped together into \u2018<strong><strong>blocks\u2019<br \/><br \/><\/strong><\/strong><\/li><li>Miners verify that transactions within each block are legitimate<br \/><br \/><\/li><li>This is done by solving a <strong>complex mathematical puzzle<\/strong> using specialised mining equipment<br \/><br \/><\/li><li>Once the solution is correctly solved by a miner (and the transactions validated), they broadcast it to the <strong>entire network<\/strong> so their <strong>\u2018Proof of Work\u2019<\/strong> can be checked against everyone else\u2019s copy of the ledger<br \/><br \/><\/li><li>A cryptocurrency reward is given to the miner who solves each block\u2019s mathematical puzzle <strong><strong>first<br \/><br \/><\/strong><\/strong><\/li><li>All verified transactions are stored in the new block on the <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-blockchain\" target=\"_blank\" rel=\"noopener\">Blockchain<\/a>, and <strong>everyone\u2019s copy<\/strong> of the ledger is <strong>updated in real-time<\/strong><\/li><\/ol><p>The complex mathematical puzzles behind mining are also known as cryptographic hash puzzles, hence the name <strong><em>cryptocurrency<\/em><\/strong>. While this can all seem a bit confusing at first (none of this information is actually needed to own &amp; use Bitcoin), in order to truly understand Bitcoin mining, it helps to understand the basics of Blockchain, which you can do <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-blockchain\" target=\"_blank\" rel=\"noopener\"><u>here<\/u><\/a>.<\/p><p>Cryptocurrency mining is not an easy concept to wrap you head around, but stick with it \u2013 we\u2019re confident you\u2019ll have an understanding of all the need-to-know info by the end of this article! \u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a8d5339 elementor-widget elementor-widget-heading\" data-id=\"a8d5339\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">The problem of double spending <\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aa2df6c elementor-widget elementor-widget-text-editor\" data-id=\"aa2df6c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-double-spending\" target=\"_blank\" rel=\"noopener\"><strong>Double spending<\/strong><\/a> is one of the main challenges faced by all cryptocurrencies \u2013 and it\u2019s the reason why cryptocurrency Blockchain\u2019s need a <strong>\u2018consensus mechanism\u2019 <\/strong>like Proof of Work. Double spending is essentially:<\/p><ul><li>Where a unit of crypto can potentially be spent <strong>twice<\/strong>, meaning false and illegitimate transactions could occur<br \/><br \/><\/li><li>If double spending occurs on a network, it completely undermines the security &amp; trust of <strong>the entire network<\/strong>, destroying any value that digital currency has<\/li><\/ul><p>Bitcoin was the first digital currency to solve the problem of double spending through its Blockchain\u2019s Proof of Work mechanism, which is more commonly known as \u2018Bitcoin mining\u2019.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8bd2ba3 elementor-widget elementor-widget-heading\" data-id=\"8bd2ba3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Bitcoin mining today<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d68bd83 elementor-widget elementor-widget-text-editor\" data-id=\"d68bd83\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Bitcoin mining is the process of creating <strong>new<\/strong> Bitcoins and maintaining the <strong>legitimacy<\/strong> of the network\u2019s transactions by solving mathematical puzzles with powerful computers. This might sound like a great way to earn free Bitcoin \u2013 but <strong>mining is no easy task. <\/strong><\/p><p>While you could once mine Bitcoin from your laptop, the dramatic increase in Bitcoin\u2019s value, and thus the number \u00a0of miners wanting to earn Bitcoin as a reward, has meant that mining now requires <strong>specialised<\/strong> mining hardware (a GPU or\u00a0an application-specific integrated circuit\u00a0(ASIC) miner) and A LOT of <strong>computing power &amp; electricity<\/strong> \u2013 we will explore the issue of Bitcoin\u2019s energy consumption later on or you can read a deep dive into this important &amp; controversial topic <a href=\"https:\/\/digitalsurge.com.au\/education\/bitcoins-energy-consumption-explained\/\" target=\"_blank\" rel=\"noopener\"><u>here<\/u><\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ef4ff8 elementor-widget elementor-widget-heading\" data-id=\"7ef4ff8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">How does Bitcoin Mining work? <\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6122c48 elementor-widget elementor-widget-text-editor\" data-id=\"6122c48\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>To clarify, the main goal of mining is to maintain the <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-blockchain\" target=\"_blank\" rel=\"noopener\">ledger of transactions<\/a> in a <strong>decentralised manner <\/strong>\u2013 the rewards you get for performing this function are actually just <strong>a side effect<\/strong> which incentivises people to become miners and maintain the security of the network.<\/p><p>Bitcoin mining has a number of elements that contribute to the cryptocurrency\u2019s ability to remain secure, reliable and highly valuable without any single entity controlling it. Here\u2019s how it works in a nutshell:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-596e5c2 list-bg-bi elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"596e5c2\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Transactions are verified and grouped into blocks through the solving of a complex mathematical puzzle (guessing a very long random number) <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">A cryptocurrency\u2019s ledger involves many blocks of transactions being \u2018chained\u2019 together in one long unbreakable line, hence \u2018Blockchain\u2019<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Once a miner solves the puzzle and compiles their block of verified transactions, their \u2018Proof of Work\u2019 is broadcasted and verified by the rest of the miners or \u2018nodes\u2019 in the network <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Once the block is verified by at least the majority of nodes in the network, the block is added to the chain, and everyone updates their copy of the ledger to include the newly verified block of transactions<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">For the effort of purchasing mining equipment, validating transactions and adding verified blocks to the chain, miners are rewarded with a \u2018block reward\u2019 in the form of a fixed amount of Bitcoin  <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">These mathematical puzzles (aka cryptographic hash puzzles) are set up so they can only be solved by using trial &amp; error or \u2018brute force\u2019, which is why the elaborate mining equipment &amp; huge amounts of electricity is required<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Every 10 minutes a new puzzle is released and the difficulty of solving this puzzle auto adjusts based on the amount of mining power that the network has at any given time. This ensures a steady flow of Bitcoin no matter how many miners are trying their luck, acting as an in-built control for inflation (pretty cool, right?) <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The more powerful your mining equipment, the more guesses you can make and the faster you will solve the puzzle, however, Bitcoin\u2019s algorithm ensures that the chances of a single miner winning the reward over and over again is very low, keeping the network decentralised as everyone is incentivised to help maintain the network  <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-729ad68 elementor-widget elementor-widget-text-editor\" data-id=\"729ad68\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Through this process, Bitcoin is able to be the <strong>first decentralised digital currency<\/strong> the world has ever seen. In a way, everyone involved gets to \u2018be the bank\u2019 and have a chance to update the ledger, removing the need for any central controlling authority.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3fa9713 elementor-widget elementor-widget-heading\" data-id=\"3fa9713\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">What is a Bitcoin halving? <\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5292412 elementor-widget elementor-widget-text-editor\" data-id=\"5292412\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>An explanation about Bitcoin mining is incomplete without taking into account the very important Bitcoin halving process that is built into the system.<\/p><p>A <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-a-bitcoin-halving\/\" target=\"_blank\" rel=\"noopener\">Bitcoin halving<\/a> refers to the fact that after every 210,000 blocks of transactions \u00a0mined, or roughly <strong>every<\/strong> <strong>four years<\/strong>, the <strong>block reward<\/strong> given to Bitcoin miners for validating transactions is <strong>cut it<\/strong> <strong>half<\/strong>, which:<\/p><ul><li>Halves the rate at which new Bitcoin is released into circulation, limiting its supply<br \/><br \/><\/li><li>Combats inflation, theoretically making the value of Bitcoin rise over time<\/li><\/ul><p>But what about the miners, you might ask? Aren\u2019t they still working hard to process transactions and now only getting paid half of what they used to? Not exactly.<\/p><ul><li>As each Bitcoin halving event reduces Bitcoin\u2019s supply, historically this has led to a <strong>significant price increase<\/strong> in the value of Bitcoin, which is why Bitcoin halvings are commonly associated with the price of Bitcoin surging to dizzying new heights.<br \/><br \/><\/li><li>For miners it\u2019s worth continuing to play the game because even though the reward for mining decreases, the value of Bitcoin, in theory, should increase. Put simply, <strong>Bitcoin is valuable by design<\/strong>.<\/li><\/ul><p>Since Bitcoin began in 2009, there have been <strong>3<\/strong> halving events (all of which have led to the MASSIVE <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-a-bull-bear-market\" target=\"_blank\" rel=\"noopener\">crypto bull runs<\/a> that has made so many regular people overnight millionaires):<\/p><ul><li>The initial reward was 50BTC per block<\/li><li>This halved to 25BTC per block in 2012<\/li><li>Then it halved again to 12.5BTC in 2016<\/li><li>And finally it halved to 6.25BTC per block in May of 2020<\/li><\/ul><p>The next halving is predicted to take place in 2024 and will keep occurring roughly every four years until around 2140 when there will be no more Bitcoin left to mine.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcb8aca elementor-widget elementor-widget-heading\" data-id=\"bcb8aca\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Is Bitcoin mining bad for the environment? <\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b7d5fc elementor-widget elementor-widget-text-editor\" data-id=\"9b7d5fc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>For Bitcoin to operate, massive amounts of energy and electricity is needed. This is undeniable and a serious issue. However, many of the statistics and headlines around this issue are often very misleading. Doing your own research on this important and often misinformed conversation is crucial. Here\u2019s a few key points we have garnered from researching the topic: \u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48c59b4 list-bg-bi elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"48c59b4\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Many of the statistics about Bitcoin\u2019s energy consumption (one Bitcoin transaction costs the same as 500,000 Visa swipes, Bitcoin uses more electricity than most small countries, etc.) do not stand up to scrutiny. <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Studies estimate the percentage of Bitcoin mining powered by renewables to be between 39% & 74%. <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Bitcoin miners have a strong incentive to move their energy-intensive mining operations to places where there is an excess of cheap, renewable energy.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Until the recent ban, most of the largest Bitcoin mining operations have been located in rural regions of China where hydro energy production far outstrips local demand and would otherwise be wasted. <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Bitcoin\u2019s ability to turn \u2018stranded\u2019 & excess renewable energy into economic value could have a positive impact on both the financial system & the environment. <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Other cryptocurrencies are now using, or switching to, an alternative to mining called \u2018Proof of Stake\u2019, which serves the same function but with NONE of the electricity costs.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcd8103 elementor-widget elementor-widget-text-editor\" data-id=\"bcd8103\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>You can read our article on <a href=\"https:\/\/digitalsurge.com.au\/education\/bitcoins-energy-consumption-explained\/\" target=\"_blank\" rel=\"noopener\">Bitcoin\u2019s energy consumption explained<\/a> or do a bit of Googling and make up your mind for yourself! There are some compelling points on both sides and you\u2019ll be surprised by what you find.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-397911c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"397911c\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9d4616f\" data-id=\"9d4616f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-878107f elementor-widget elementor-widget-image\" data-id=\"878107f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"241\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/05\/illustration-body.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/05\/illustration-body.png 680w, http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/05\/illustration-body-300x106.png 300w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b4d4d6b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b4d4d6b\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fd03b55\" data-id=\"fd03b55\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-eac0b1b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"eac0b1b\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-bf16f1a\" data-id=\"bf16f1a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-632f9b7 elementor-widget elementor-widget-heading\" data-id=\"632f9b7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Key Takeaways\n\n\n<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-200c7a4 list-bg-bi elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"200c7a4\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Bitcoin mining aka the Proof of Work method is the process of validating transactions and creating <b>new Bitcoin<\/b> by solving a mathematical puzzle with powerful computers<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The Proof of Work method solves the problem of double spending, enabling <b>trust <\/b>in the network <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Bitcoin miners receive Bitcoin as a reward for completing \u2018blocks\u2019 of verified transactions, which are permanently added to the Blockchain\u2019s ledger. Block rewards incentivise miners to maintain the network<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">A Bitcoin halving involves the reward for mining Bitcoin being cut in half<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">A lot of specialised equipment is needed to mine Bitcoin, making the process very resource intensive, though Bitcoin mining\u2019s environmental impact is far from what the media often portrays it as<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">There are other \u2018<b>consensus mechanisms<\/b>\u2019 similar to PoW\/mining which are more efficient &amp; sustainable, namely<b> Proof of Stake<\/b><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f11d0e4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f11d0e4\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f8df688\" data-id=\"f8df688\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f06defe elementor-widget elementor-widget-image\" data-id=\"f06defe\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"464\" height=\"506\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/05\/img2.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/05\/img2.png 464w, http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/05\/img2-275x300.png 275w\" sizes=\"auto, (max-width: 464px) 100vw, 464px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a96ff6 elementor-widget elementor-widget-heading\" data-id=\"6a96ff6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Did this answer your 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class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Sign up with Digital Surge<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-578e4b8 elementor-widget elementor-widget-heading\" data-id=\"578e4b8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Simple. Safe. Stress-free<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-abd9e78 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"abd9e78\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a4c60c7\" data-id=\"a4c60c7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e2795dd elementor-widget elementor-widget-text-editor\" data-id=\"e2795dd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><a href=\"http:\/\/digitalsurge.com.au\/\" target=\"_blank\" rel=\"noopener\">Digital Surge<\/a>\u00a0is the easiest way for Australians to\u00a0<a href=\"https:\/\/digitalsurge.com.au\/sign-up\" target=\"_blank\" rel=\"noopener\">buy, sell &amp; store over 250+ cryptocurrencies<\/a>. With extremely low fees, a uniquely user-friendly interface and a customer-support team you can rely on, getting involved in crypto has never been easier.\u00a0<a href=\"https:\/\/digitalsurge.com.au\/sign-up\" target=\"_blank\" rel=\"noopener\">Sign up<\/a>\u00a0today and enjoy safe, stress-free trading.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5bb2883 elementor-widget elementor-widget-text-editor\" data-id=\"5bb2883\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><i>Crypto-curious? The time you spend here will be the best investment you ever make.<\/i><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9f15b29 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9f15b29\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-711753f\" data-id=\"711753f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-22b6172 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"22b6172\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-75af811 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"75af811\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-051d9ec\" data-id=\"051d9ec\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fc5abc2 elementor-widget elementor-widget-heading\" data-id=\"fc5abc2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Tell me more...<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d0a3397 elementor-widget elementor-widget-heading\" data-id=\"d0a3397\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#why-is-proof-of-anything-needed\">Why is proof-of-anything needed?<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f91fc39 elementor-widget elementor-widget-heading\" data-id=\"f91fc39\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#how-does-blockchain-prevent-double-spending\">How does Blockchain prevent double spending?<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ddccbd2 elementor-widget elementor-widget-heading\" data-id=\"ddccbd2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#what-are-the-flaws-of-proof-of-work-and-bitcoin-mining\">What are the flaws of Proof of Work & Bitcoin mining?<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3973264 elementor-widget elementor-widget-heading\" data-id=\"3973264\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#what-is-proof-of-stake-pos\">What is Proof of Stake (PoS)?<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-716c09f elementor-widget elementor-widget-heading\" data-id=\"716c09f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#why-is-proof-of-stake-better-than-proof-of-work\">Why is Proof of Stake better than Proof of Work?<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f4588c4 elementor-widget elementor-widget-heading\" data-id=\"f4588c4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#could-bitcoin-change-to-proof-of-stake\">Could Bitcoin Change to Proof of Stake?<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9eef855 elementor-widget elementor-widget-heading\" data-id=\"9eef855\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#why-mining\">Why \u2018mining\u2019?<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48f5d14 elementor-widget elementor-widget-heading\" data-id=\"48f5d14\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#is-bitcoin-mining-profitable\">Is Bitcoin mining profitable?<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a517364 elementor-widget elementor-widget-heading\" data-id=\"a517364\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#what-happens-when-all-21-million-bitcoins-have-been-mined\">What happens when all 21 million Bitcoins have been mined?<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ea48a27 elementor-widget elementor-widget-heading\" data-id=\"ea48a27\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#what-is-a-mining-pool\">What is a mining pool?<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6dff989 elementor-widget elementor-widget-heading\" data-id=\"6dff989\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#how-does-a-mining-pool-work\">How does a mining pool work?<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bf0d57b elementor-widget elementor-widget-heading\" data-id=\"bf0d57b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#what-equipment-do-you-need-to-mine-bitcoin\">What equipment do you need to mine Bitcoin?<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-563af90 elementor-widget elementor-widget-heading\" data-id=\"563af90\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#what-cryptocurrencies-can-be-mined-from-a-home-computer\">What cryptocurrencies can be mined from a home computer?<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0e4bab5 elementor-widget elementor-widget-heading\" data-id=\"0e4bab5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#what-stops-google-or-another-tech-giant-from-mining-bitcoin\">What stops Google or another tech-giant from mining Bitcoin?<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-71859d3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"71859d3\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2a71a75\" data-id=\"2a71a75\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5244f0b elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5244f0b\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8551f93 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8551f93\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d362f85\" data-id=\"d362f85\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ef9c109 elementor-widget elementor-widget-menu-anchor\" data-id=\"ef9c109\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"why-is-proof-of-anything-needed\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f7d7410 elementor-widget elementor-widget-heading\" data-id=\"f7d7410\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Why is proof-of-anything needed?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d68e0ff elementor-widget elementor-widget-text-editor\" data-id=\"d68e0ff\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>We\u2019ve heard about Proof of Work and <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-proof-of-stake-pos\" target=\"_blank\" rel=\"noopener\">Proof of Stake<\/a>, but why do we need these <strong>\u2018consensus mechanisms\u2019<\/strong> in the first place? In \u00a0the traditional centralised banking system:<\/p><ul><li>All transactions &amp; balances are kept on a <strong>private<\/strong> ledger that is controlled &amp; approved by the bank.<br \/><br \/><\/li><li>We are completely dependent on third parties who we trust to maintain the integrity of the ledger, despite not everyone trusting banks to responsibly protect their savings (as seen in the global financial crisis of 2008).<br \/><br \/><\/li><li>The bank\u2019s ledger is managed by a single organisation, which means there is a single point of failure, making it vulnerable to attack.<\/li><\/ul><p>And then there\u2019s <a href=\"https:\/\/digitalsurge.com.au\/education\/why-the-world-needs-cryptocurency\" target=\"_blank\" rel=\"noopener\">the world of cryptocurrency<\/a> and <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-defi-decentralised-finance\" target=\"_blank\" rel=\"noopener\">decentralised finance<\/a>. For a long time, the idea of <strong>decentralised money<\/strong> that was owned and powered by people was impossible for a number of reasons, namely the problem of <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-double-spending\" target=\"_blank\" rel=\"noopener\">double spending.<\/a><\/p><p>However, Bitcoin\u2019s Proof of Work method changed the game by providing:<\/p><ul><li>A <strong>reliable &amp; trustworthy<\/strong> way for a ledger of transactions &amp; balances to be maintained among a huge number of people who don\u2019t know each other<br \/><br \/><\/li><li>A solution to the problem of <strong>double spending<\/strong>, where users could attack the network &amp; spend the same coin twice<br \/><br \/><\/li><li>A banking network &amp; ledger that was <strong>collectively owned &amp; maintained<\/strong> by people all over the world, making a cyber-attack virtually impossible<\/li><\/ul><p>A way for trust to be <strong>built into the network itself<\/strong>, removing the need for banks, enabling decentralised money and changing finance forever.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b6262e6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b6262e6\" data-element_type=\"section\" id=\"content-1\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-60fa4dc\" data-id=\"60fa4dc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c2c293e elementor-widget elementor-widget-menu-anchor\" data-id=\"c2c293e\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"how-does-blockchain-prevent-double-spending\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b5ac06b elementor-widget elementor-widget-heading\" data-id=\"b5ac06b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">How does Blockchain prevent double spending?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16d3123 elementor-widget elementor-widget-text-editor\" data-id=\"16d3123\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>To prove that no attempts to double spend have occurred, Bitcoin\u2019s Blockchain provides a way for <strong>all<\/strong> miners\/nodes in the network to be aware of <strong>every transaction<\/strong>. With a network like Bitcoin\u2019s, all transactions are publicly announced to everyone in the network so they can then agree on <strong>a single history<\/strong> of the ledger and the <strong>order<\/strong> in which transactions were received. The <strong>order<\/strong> is key here.<\/p><ul><li>Given that all transactions made are <strong>time-stamped<\/strong> and cryptographically \u2018hashed\u2019 to <strong>previous blocks<\/strong>, you can\u2019t simply change the record as all new blocks must contain the correct \u2018hash\u2019 (a unique code) from the <strong>previous block<\/strong>.<br \/><br \/><\/li><li>To change a single block of transactions you would have to change ALL the blocks in the chain, which would be incredibly time consuming and not viable.<br \/><br \/><\/li><li>Essentially, Blockchain\u2019s solution to double spending is based on the fact that if the majority of the nodes in the network agree which transaction was <strong>first to be received<\/strong>, any later attempts to double spend or attack the network will be quickly found out and voided from the network.<\/li><\/ul><p>From the very start of the Bitcoin network, there has been a complete record of <strong>every transaction ever made<\/strong>. As all transactions are agreed upon by the <strong>majority<\/strong> of the network and then cryptographically hashed to the <strong>previous block<\/strong>, this makes changing the record or putting through a false transaction virtually impossible.<\/p><p><strong>EXAMPLE<br \/><\/strong><\/p><p><em>Let\u2019s say that you are an attacker wanting to double spend an entire Bitcoin.<\/em><\/p><ol><li><em>First you make a purchase with that Bitcoin to one of the many merchants that accept Bitcoin, let\u2019s say you buy something from Shopify.<\/em><br \/><br \/><\/li><li><em>Now, what if you attempted to send the same Bitcoin to another Bitcoin address that belonged to a friend? In theory this would work as there is nothing stopping you from submitting two transactions like this on the network.<\/em><br \/><br \/><\/li><li><em>However, once submitted, as always, both your transactions would go into a pool of \u2018unconfirmed transactions\u2019. And this is where Blockchain works its magic.<\/em><br \/><br \/><\/li><li><em>Your first transaction (for Shopify) would be validated and then put into a block and broadcasted to the entire network<\/em><br \/><br \/><\/li><li><em>It would then be confirmed by Bitcoin miners all around the world and added to the next verified block<\/em><br \/><br \/><\/li><li><em>As this transaction would be stored with a timestamp and a \u2018hash\u2019 from the previous block, when your second transaction came through it would be seen as invalid as it would not line up with the order of events that took place<\/em><br \/><br \/><\/li><li><em>The entire network would know that you no longer own this Bitcoin, so your second transaction would not be confirmed and processed by the network which would swiftly discard it<\/em><\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3912e3a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3912e3a\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-32140f9\" data-id=\"32140f9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-436ad89 elementor-widget elementor-widget-menu-anchor\" data-id=\"436ad89\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"what-are-the-flaws-of-proof-of-work-and-bitcoin-mining\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4b03047 elementor-widget elementor-widget-heading\" data-id=\"4b03047\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">What are the flaws of Proof of Work & Bitcoin mining?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-70d6f38 elementor-widget elementor-widget-text-editor\" data-id=\"70d6f38\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>The main flaw of Proof of work is that it is notoriously inefficient, demanding a large consumption of energy as well as a significant cost to pay for electricity and the mining equipment. While there is a lot of misinformation surrounding <a href=\"https:\/\/digitalsurge.com.au\/education\/bitcoins-energy-consumption-explained\/\" target=\"_blank\" rel=\"noopener\">Bitcoin\u2019s real impact on the environment,<\/a> Proof of Work is undoubtedly a hardware &amp; power-heavy solution to the challenge of creating a <strong>decentralised monetary system<\/strong>. Which is where Bitcoin\u2019s younger, hipper cousin, <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-proof-of-stake-pos\" target=\"_blank\" rel=\"noopener\"><strong>Proof of Stake<\/strong>,<\/a> comes in to save the day.<\/p><p>Instead of needing massive amounts of computational power to solve mathematical puzzles, the <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-proof-of-stake-pos\" target=\"_blank\" rel=\"noopener\">Proof of Stake<\/a> model leverages <strong>the amount<\/strong> of cryptocurrency users have in their wallet, paying out validators of the network in the <strong>network\u2019s transaction fees<\/strong> rather than hefty block rewards. A huge number of cryptocurrencies are now using PoS, or switching to PoS, so let\u2019s take a moment to understand what this new and more efficient method actually is.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bfa7fe1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bfa7fe1\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c5928ee\" data-id=\"c5928ee\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-227be0b elementor-widget elementor-widget-menu-anchor\" data-id=\"227be0b\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"what-is-proof-of-stake-pos\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0a9787d elementor-widget elementor-widget-heading\" data-id=\"0a9787d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">What is Proof of Stake (PoS)?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-898bb34 elementor-widget elementor-widget-text-editor\" data-id=\"898bb34\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-proof-of-stake-pos\" target=\"_blank\" rel=\"noopener\">Proof of Stake<\/a> is an alternative consensus mechanism (a reliable way of reaching an agreement in a group) to the Proof of Work model. PoS uses a more efficient and sustainable process to achieve the <strong>same function as mining<\/strong> (validating transactions, securing the network, preventing double spending and putting new coins into circulation).<\/p><p>Cryptocurrencies essentially pay people in their own coin to keep the network <strong>secure<\/strong>. In the Proof of Stake method users are <strong>rewarded<\/strong> with cryptocurrency for validating transactions by <strong>\u2018locking up\u2019<\/strong> or \u2018<strong><a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-staking\" target=\"_blank\" rel=\"noopener\">staking<\/a>\u2019<\/strong> their coins on the Blockchain and contributing to the network\u2019s security &amp; legitimacy.<\/p><ul><li>The <strong>reward<\/strong> a person earns is linked to the <strong>amount staked<\/strong> on the network and is usually paid out from the <strong>network\u2019s transaction fees.<br \/><br \/><\/strong><\/li><li>If a staker tries to hack the system or approve invalid transactions, they will be penalised &amp; lose some or all of their staked coins.<br \/><br \/><\/li><li>The core idea behind PoS is that those who stake\/lock up their crypto on the network will want to help keep the network secure because <strong>their staked crypto depends on it<\/strong>.<\/li><\/ul><p>In a nutshell, this is why PoS works \u2013 The more you stake, the more you earn. But at the same time, the more you stake, the more you lose if you go against the system.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ada0016 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ada0016\" data-element_type=\"section\" id=\"content-3\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0161c79\" data-id=\"0161c79\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8245223 elementor-widget elementor-widget-menu-anchor\" data-id=\"8245223\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"why-is-proof-of-stake-better-than-proof-of-work\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e8fedc elementor-widget elementor-widget-heading\" data-id=\"9e8fedc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Why is Proof of Stake better than Proof of Work?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-52083af elementor-widget elementor-widget-text-editor\" data-id=\"52083af\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><strong>Energy Consumption <br \/><\/strong><br \/>You\u2019ve probably heard about how Bitcoin mining sucks as much power as some small countries. While there is a lot of <a href=\"https:\/\/digitalsurge.com.au\/education\/bitcoins-energy-consumption-explained\/\" target=\"_blank\" rel=\"noopener\">unfounded and misleading statistics<\/a> on this topic, the energy consumption of Bitcoin mining is no joke \u2013 even if many mining rigs do run on renewable energy.<\/p><p><a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-proof-of-stake-pos\" target=\"_blank\" rel=\"noopener\">Proof of Stake<\/a> does not require complex mathematical problems to be solved by super computers. It takes its consensus mechanism <strong>completely virtual<\/strong> by requiring validators to lock up their coins in the network in order to validate transactions and earn their crypto reward. It is far more environmentally friendly and accessible for the everyday person, which is why so many cryptos are moving to the PoS model.<\/p><p><strong>Less Centralisation<\/strong><\/p><p>Proof of Work blockchains give people who purchase\u00a0<strong>powerful hardware devices<\/strong>\u00a0a greater chance of winning the mining reward, which opens the system up to be manipulated and <strong>centralised<\/strong>. For example, centralised organisations have invested in a huge amount of high-tech mining equipment to create \u2018mining pools\u2019, which allow them to pool their resources together to get the highest chance of solving the puzzle first.<\/p><p>On top of the centralisation of what should be a decentralised system, PoW runs the risk of certain mining pools owning a large portion of the total mining power, however this has not yet become an issue.<\/p><p>This means regular people have very little chance of earning the mining reward, which is hardly what Satoshi Nakamoto had in mind when Bitcoin was first created! Proof of Stake on the other hand does not allow this kind of centralisation to occur as people are individually rewarded proportionate to the amount they have staked. No monopolies here!<\/p><p><strong>Protection against 51% attacks<\/strong><\/p><p>\u00a0A\u00a0<strong>51% attack<\/strong>\u00a0is when a group or single person gains more than 50% of the total mining power\u00a0, allowing them to authorise invalid transactions and alter blocks and essentially steal money.\u00a0 <br \/><strong><br \/><\/strong>When using a\u00a0<strong>Proof of Stake<\/strong>\u00a0consensus mechanism, for this to be achieved, the attacker would need to stake at least 51% of the total amount of that cryptocurrency. The only way to do this is to purchase the coins on the open market which does not make financial sense.<\/p><p>Given that buying an amount this substantial on the market would also send the price of the asset up, the amount they would need to spend would far outweigh what they could gain from trying a 51% attack! On top of that, if the network realised that the attacker was approving invalid transactions they would lose their entire stake.<\/p><p>While it would be difficult and expensive to acquire 51% of a reputable cryptocurrency, someone with a 51% stake in the coin would not have it in their best interest to attack a network that they hold a majority share in.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7ab8dac elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7ab8dac\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a92f8c2\" data-id=\"a92f8c2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6a486f7 elementor-widget elementor-widget-menu-anchor\" data-id=\"6a486f7\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"could-bitcoin-change-to-proof-of-stake\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-110341a elementor-widget elementor-widget-heading\" data-id=\"110341a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Could Bitcoin Change to Proof of Stake?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b54f5c elementor-widget elementor-widget-text-editor\" data-id=\"9b54f5c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>There is debate over whether it would be possible for Bitcoin to change to Proof of Stake because of the technical challenges involved in the transition, much of which would hurt those that have put the most effort into mining Bitcoin right now.<br \/><br \/>However, theoretically, many notable names in the crypto space have predicted that eventually Bitcoin will make the shift to a Proof of Stake model, but this transition does not seem likely in the immediate future. Some others believe that having so much hardware and resources dedicated to maintaining the network adds a level of security to Bitcoin, and is well worth the energy cost of creating a truly decentralised, global currency.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ccdbc76 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ccdbc76\" data-element_type=\"section\" id=\"content-4\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e80480b\" data-id=\"e80480b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4c08739 elementor-widget elementor-widget-menu-anchor\" data-id=\"4c08739\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"why-mining\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc2a7b5 elementor-widget elementor-widget-heading\" data-id=\"cc2a7b5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Why \u2018mining\u2019?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-80bb864 elementor-widget elementor-widget-text-editor\" data-id=\"80bb864\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><strong>Bitcoin mining<\/strong>\u00a0is the name that is used for the Proof of Work process because it resembles the\u00a0mining\u00a0of other finite commodities from the earth, like gold. Bitcoin, like many natural resources, is a finite resource <strong>(21 million in total)<\/strong> that can only be acquired through time and effort, so it is a handy analogy.<\/p><p>HOWEVER, there are a few reasons the \u2018mining\u2019 analogy is not entirely accurate. An important difference is that the <strong>supply<\/strong> of Bitcoin does not depend on the <strong>amount<\/strong> of\u00a0mining, as the Bitcoin you get for mining gets less and less as time goes on (due to the <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-a-bitcoin-halving\/\" target=\"_blank\" rel=\"noopener\"><strong>Bitcoin halvings<\/strong><\/a>).<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a6b41f3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a6b41f3\" data-element_type=\"section\" id=\"content-5\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ebf1ee6\" data-id=\"ebf1ee6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5a97fde elementor-widget elementor-widget-menu-anchor\" data-id=\"5a97fde\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"what-happens-when-all-21-million-bitcoins-have-been-mined\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5fdf287 elementor-widget elementor-widget-heading\" data-id=\"5fdf287\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">What happens when all 21 million Bitcoins have been mined?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9859227 elementor-widget elementor-widget-text-editor\" data-id=\"9859227\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>The final Bitcoin halving, which will finish its 21 million supply, is set to occur in 2140. After this, no block rewards will remain so miners will be rewarded with fees from people using the network. The competition to earn these fees is designed to continue incentivising miners to keep processing transactions and maintaining the network.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-72e7306 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"72e7306\" data-element_type=\"section\" id=\"content-6\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2cfcf2d\" data-id=\"2cfcf2d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-283c8ad elementor-widget elementor-widget-menu-anchor\" data-id=\"283c8ad\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"is-bitcoin-mining-profitable\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-288296b elementor-widget elementor-widget-heading\" data-id=\"288296b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Is Bitcoin mining profitable?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3fcd366 elementor-widget elementor-widget-text-editor\" data-id=\"3fcd366\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>For most regular people, probably not. However, if you\u2019re serious about Bitcoin mining, it is possible to make Bitcoin mining extremely worthwhile. Profitability depends on a number of factors, including:<\/p><ul><li>The hash rate of your mining equipment \u2013 how quickly it can solve the mathematical puzzle<\/li><li>The block reward \u2013 how much BTC you earn for solving the puzzle<\/li><li>Mining difficulty \u2013 how difficult the puzzle is to solve<\/li><li>Electricity cost \u2013 how much electricity costs in your area<\/li><li>Power consumption \u2013 how much power you are consuming to mine<\/li><li>Mining pool fees \u2013 the fees you pay if you are part of a mining pool<\/li><li>The price of Bitcoin \u2013 this greatly determines whether mining BTC is actually worth it<\/li><li>The difficulty increase per year \u2013 the hard to predict factor of how much harder mining will become (based on the rate of miners joining the network)<\/li><\/ul><p class=\"MsoNormal\" style=\"line-height: normal; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Once you have taken these factors into consideration, you can use a <a href=\"https:\/\/btc.com\/tools\/mining-calculator\">mining calculator<\/a> to enter in your figures and get an estimate of how profitable mining will be for you.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-41094a5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"41094a5\" data-element_type=\"section\" id=\"content-7\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e474428\" data-id=\"e474428\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-88aaa5e elementor-widget elementor-widget-menu-anchor\" data-id=\"88aaa5e\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"what-is-a-mining-pool\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ccb0433 elementor-widget elementor-widget-heading\" data-id=\"ccb0433\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">What is a mining pool?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2997466 elementor-widget elementor-widget-text-editor\" data-id=\"2997466\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Mining pools are where miners pool their resources and computing power together in order to get a better chance at <strong>consistently<\/strong> solving the cryptographic hash puzzle and earning the mining reward.<\/p><p>Even if you had several high-powered\u00a0ASICs, you would still only have a small portion of the whole mining network, and the chances of you actually mining a block successfully would be fairly low, not to mention the upfront costs of the hardware and electricity.\u00a0<\/p><p>This is not tenable for many miners who would prefer a more consistent income rather than the off-chance of earning A LOT of Bitcoin every once in a while. You never know when you\u2019re going to be successful at solving the puzzle and adding the next block, so if <strong>consistent revenue<\/strong> is what you\u2019re looking for, you\u2019ll be far better off in a mining pool.\u00a0<\/p><p><em>Note: The inconsistency of mining block rewards is another issue addressed by the newer and more efficient Proof of Stake model, where you are able to earn a steady, passive income off your crypto investments. Your can learn more about this from our articles on <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-proof-of-stake-pos\" target=\"_blank\" rel=\"noopener\">Proof of Stake<\/a> and <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-staking\" target=\"_blank\" rel=\"noopener\">staking your cryptocurrency.<\/a><\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2422ed3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2422ed3\" data-element_type=\"section\" id=\"content-8\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1d4b3c4\" data-id=\"1d4b3c4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-832bf0f elementor-widget elementor-widget-menu-anchor\" data-id=\"832bf0f\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"how-does-a-mining-pool-work\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-53a9663 elementor-widget elementor-widget-heading\" data-id=\"53a9663\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">How does a mining pool work?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-185f7df elementor-widget elementor-widget-text-editor\" data-id=\"185f7df\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<ol><li>You sign up with a mining pool.<br \/><br \/><\/li><li>You will be asked to download &amp; install the mining pool\u2019s software on your computer.<br \/><br \/><\/li><li>The software on your computer speaks with the mining pool\u2019s servers, effectively adding your computer as an extension of the mining pool\u2019s node.<br \/><br \/><\/li><li>Your computer aids in the mining process, contributing spare processing power to the pool\u2019s Proof of Work hashing function (increasing the rate of its attempts to guess the answer).<br \/><br \/><\/li><li>When your pool guesses the answer correctly and wins the right to add a block to the chain, your pool earns the block reward!<br \/><br \/><\/li><li>The total block reward (and the transaction fees from that block) are shared amongst the miners in the pool based on how much processing power they contributed.<br \/><br \/><\/li><li>Periodically, the pool transfers the crypto to your wallet address. You\u2019re usually paid in the cryptocurrency you helped mine, or that cryptocurrency is converted to another crypto (usually Bitcoin), and the converted amount is sent to you.<\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a1dae7d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a1dae7d\" data-element_type=\"section\" id=\"content-9\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e0c15a2\" data-id=\"e0c15a2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1430194 elementor-widget elementor-widget-menu-anchor\" data-id=\"1430194\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"what-equipment-do-you-need-to-mine-bitcoin\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16caf08 elementor-widget elementor-widget-heading\" data-id=\"16caf08\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">What equipment do you need to mine Bitcoin?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-53fc83d elementor-widget elementor-widget-text-editor\" data-id=\"53fc83d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Back when Bitcoin first began you could compete for blocks and earn Bitcoins with a regular laptop or desktop computer. However, as the Bitcoin network has grown, mining equipment has had to improve with the increasing difficulty of the mathematical puzzles.<\/p><p>Nowadays, in order to make mining profitable, miners must invest in more powerful equipment like a GPU (graphics processing unit) or more realistically an application-specific integrated circuit (ASIC) miner. These are often specifically made for the purpose of mining crypto and can cost easily up to tens of thousands of dollars. \u00a0<\/p><p>There are also other forms of mining like mobile mining or cloud mining but given the specific specialised equipment that serious miners use, these other options are rarely profitable. If you are not willing to invest a lot of money in mining equipment, you might consider mining for <strong>other cryptocurrencies<\/strong> besides Bitcoin or <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-staking\" target=\"_blank\" rel=\"noopener\"><strong>staking<\/strong> <strong>your cryptocurrency<\/strong><\/a> through the Proof of Stake model to earn passive income instead.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-834c880 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"834c880\" data-element_type=\"section\" id=\"content-10\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9e592cc\" data-id=\"9e592cc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a2e25ae elementor-widget elementor-widget-menu-anchor\" data-id=\"a2e25ae\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"what-cryptocurrencies-can-be-mined-from-a-home-computer\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-15f49ac elementor-widget elementor-widget-heading\" data-id=\"15f49ac\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">What cryptocurrencies can be mined from a home computer?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-56e06f1 elementor-widget elementor-widget-text-editor\" data-id=\"56e06f1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>There are a number of lesser known cryptos that are far more accessible (and potentially profitable) for regular people looking to mine some cryptocurrency. Some of the most notable examples include:<\/p><ul><li><strong>Dash<\/strong> \u2013 a form of digital cash<\/li><li><strong>Zcash<\/strong> \u2013 a leading privacy-centric digital currency<\/li><li><strong>Dogecoin<\/strong> \u2013 a meme token that shows no signs of slowing down<\/li><li><strong>Litecoin<\/strong> \u2013 an offshoot of Bitcoin with many advantages<\/li><li><strong>Raven Coin<\/strong> \u2013 enabling instant payments seamlessly<\/li><li><strong>Ethereum Classic<\/strong> \u2013 a crypto aiming to maintain the original Ethereum Blockchain<\/li><li><strong>Monero<\/strong>\u00a0\u2013 a crypto focused on privacy &amp; anonymity<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7fdbe59 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7fdbe59\" data-element_type=\"section\" id=\"content-11\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-05f0b8e\" data-id=\"05f0b8e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9cb9da1 elementor-widget elementor-widget-menu-anchor\" data-id=\"9cb9da1\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"what-stops-google-or-another-tech-giant-from-mining-bitcoin\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-badcd6b elementor-widget elementor-widget-heading\" data-id=\"badcd6b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">What stops Google or another tech-giant from mining Bitcoin?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-63b06de elementor-widget elementor-widget-text-editor\" data-id=\"63b06de\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>You might think a tech-behemoth like Google could step in with all its computing power to monopolise the Bitcoin mining scene. Luckily, this would not be financially viable for Google as Bitcoin mining requires specialised hardware that is far more efficient at mining than what specific non-mining companies like Google or Microsoft own. No issues there!<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3f871f2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3f871f2\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-bfb64e0\" data-id=\"bfb64e0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2f9b13f elementor-widget elementor-widget-heading\" data-id=\"2f9b13f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div 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class=\"elementor-screen-only\">Linkedin-in<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-linkedin-in\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-facebook elementor-repeater-item-b041fdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Facebook<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-facebook\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-twitter elementor-repeater-item-82596f0\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Twitter<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-twitter\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-telegram-plane elementor-repeater-item-6387ddb\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Telegram-plane<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-telegram-plane\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f205a2e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f205a2e\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-77ff780\" data-id=\"77ff780\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1604c13 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"1604c13\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Ready to start trading the easy way ?<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8f5b12b elementor-align-center gradiant-btn-bi elementor-widget elementor-widget-button\" data-id=\"8f5b12b\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"https:\/\/digitalsurge.com.au\/sign-up\" class=\"elementor-button-link elementor-button elementor-size-md elementor-animation-shrink\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Sign up with Digital Surge<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0180560 elementor-widget elementor-widget-heading\" data-id=\"0180560\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Simple. Safe. Stress-free<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ca2b4ab elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ca2b4ab\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9dac4ea\" data-id=\"9dac4ea\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-41d1322 elementor-widget elementor-widget-text-editor\" data-id=\"41d1322\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><a href=\"http:\/\/digitalsurge.com.au\/\" target=\"_blank\" rel=\"noopener\">Digital Surge<\/a>\u00a0is the easiest way for Australians to\u00a0<a href=\"https:\/\/digitalsurge.com.au\/sign-up\" target=\"_blank\" rel=\"noopener\">buy, sell &amp; store over 250+ cryptocurrencies<\/a>. With extremely low fees, a uniquely user-friendly interface and a customer-support team you can rely on, getting involved in crypto has never been easier.\u00a0<a href=\"https:\/\/digitalsurge.com.au\/sign-up\" target=\"_blank\" rel=\"noopener\">Sign up<\/a>\u00a0today and enjoy safe, stress-free trading.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f9bdfa4 elementor-widget elementor-widget-text-editor\" data-id=\"f9bdfa4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><i>Crypto-curious? The time you spend here will be the best investment you ever make.<\/i><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8e3f268 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8e3f268\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cd3aa9d\" data-id=\"cd3aa9d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2ba1f0d elementor-widget elementor-widget-heading\" data-id=\"2ba1f0d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Related articles\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-c5a15e4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c5a15e4\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-02a5f1d\" data-id=\"02a5f1d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-54b0a92 elementor-widget elementor-widget-heading\" data-id=\"54b0a92\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/digitalsurge.com.au\/education\/bitcoins-energy-consumption-explained\/\" target=\"_blank\">Bitcoin\u2019s energy consumption explained<\/a><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-a0a593e\" data-id=\"a0a593e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-35a7cd8 elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"35a7cd8\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-blockchain\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"360\" height=\"92\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/07\/blockchain_visual.png\" class=\"attachment-full size-full\" alt=\"\" srcset=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/07\/blockchain_visual.png 360w, http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/07\/blockchain_visual-300x77.png 300w\" sizes=\"auto, (max-width: 360px) 100vw, 360px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-c37538a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c37538a\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-178415c\" data-id=\"178415c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9c7db69 elementor-widget elementor-widget-heading\" data-id=\"9c7db69\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-blockchain\" target=\"_blank\">What is Blockchain?<\/a><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-b689987\" data-id=\"b689987\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-43fda8d elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"43fda8d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-blockchain\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"360\" height=\"92\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/08\/blockchain_visual.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/08\/blockchain_visual.png 360w, http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/08\/blockchain_visual-300x77.png 300w\" sizes=\"auto, (max-width: 360px) 100vw, 360px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-f201520 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f201520\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-ea4484b\" data-id=\"ea4484b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6dcd9ce elementor-widget elementor-widget-heading\" data-id=\"6dcd9ce\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-staking\" target=\"_blank\">What is staking?<\/a><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-8efce81\" data-id=\"8efce81\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-76637d2 elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"76637d2\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-staking\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"306\" height=\"208\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/07\/world_visual.png\" class=\"attachment-full size-full\" alt=\"\" srcset=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/07\/world_visual.png 306w, http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/07\/world_visual-300x204.png 300w\" sizes=\"auto, (max-width: 306px) 100vw, 306px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-27c017b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"27c017b\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-db57151\" data-id=\"db57151\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c7d7427 elementor-widget elementor-widget-heading\" data-id=\"c7d7427\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-proof-of-stake-pos\" target=\"_blank\">What is Proof of stake?<\/a><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-180edc0\" data-id=\"180edc0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a4b274f elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"a4b274f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-proof-of-stake-pos\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"102\" height=\"114\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/05\/bills.png\" class=\"attachment-large size-large\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<div class=\"likebtn_container\" style=\"\"><!-- LikeBtn.com BEGIN --><span class=\"likebtn-wrapper\"  data-identifier=\"page_7687\"  data-site_id=\"604d0dec943ec9c02d34b5d2\"  data-style=\"\"  data-unlike_allowed=\"\"  data-show_copyright=\"\"  data-item_url=\"http:\/\/3.26.50.104\/education\/what-is-bitcoin-mining-proof-of-work\/\"  data-item_title=\"What is Bitcoin Mining \/ Proof of Work?\"  data-item_date=\"2021-07-15T03:57:08+10:00\"  data-engine=\"WordPress\"  data-plugin_v=\"2.6.36\"  data-prx=\"http:\/\/3.26.50.104\/education\/wp-admin\/admin-ajax.php?action=likebtn_prx\"  data-event_handler=\"likebtn_eh\" ><\/span><!-- LikeBtn.com END --><\/div>","protected":false},"excerpt":{"rendered":"<p>\u2190 Back What is Bitcoin Mining \/ Proof of Work? Definition Bitcoin Mining aka the Proof of Work method is the process by which Bitcoin\u2019s network is maintained &amp; secured without the need for a bank. Understanding Bitcoin Mining\/Proof of Work The Proof of Work method, more commonly known as Bitcoin mining, is the complex cryptographic process at the heart of Bitcoin &amp; other decentralised digital currencies. Proof of Work &amp; Bitcoin Mining involves solving complex mathematical puzzles with powerful computers and serves two primary purposes: To validate the legitimacy of a transaction, helping to avoid fraudulent transactions &amp; the\u2026<\/p>\n<div class=\"likebtn_container\" style=\"\"><!-- LikeBtn.com BEGIN --><span class=\"likebtn-wrapper\"  data-identifier=\"page_7687\"  data-site_id=\"604d0dec943ec9c02d34b5d2\"  data-style=\"\"  data-unlike_allowed=\"\"  data-show_copyright=\"\"  data-item_url=\"http:\/\/3.26.50.104\/education\/what-is-bitcoin-mining-proof-of-work\/\"  data-item_title=\"What is Bitcoin Mining \/ Proof of Work?\"  data-item_date=\"2021-07-15T03:57:08+10:00\"  data-engine=\"WordPress\"  data-plugin_v=\"2.6.36\"  data-prx=\"http:\/\/3.26.50.104\/education\/wp-admin\/admin-ajax.php?action=likebtn_prx\"  data-event_handler=\"likebtn_eh\" ><\/span><!-- LikeBtn.com END --><\/div>","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"class_list":["post-7687","page","type-page","status-publish","hentry"],"blocksy_meta":"","featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":""},"post_excerpt_stackable":"<p>\u2190 Back What is Bitcoin Mining \/ Proof of Work? Definition Bitcoin Mining aka the Proof of Work method is the process by which Bitcoin\u2019s network is maintained &amp; secured without the need for a bank. Understanding Bitcoin Mining\/Proof of Work The Proof of Work method, more commonly known as Bitcoin mining, is the complex cryptographic process at the heart of Bitcoin &amp; other decentralised digital currencies.Proof of Work &amp; Bitcoin Mining involves solving complex mathematical puzzles with powerful computers and serves two primary purposes:To validate the legitimacy of a transaction, helping to avoid fraudulent transactions &amp; the problem of&hellip;<\/p>\n<div class=\"likebtn_container\" style=\"\"><!-- LikeBtn.com BEGIN --><span class=\"likebtn-wrapper\"  data-identifier=\"page_7687\"  data-site_id=\"604d0dec943ec9c02d34b5d2\"  data-style=\"\"  data-unlike_allowed=\"\"  data-show_copyright=\"\"  data-item_url=\"http:\/\/3.26.50.104\/education\/what-is-bitcoin-mining-proof-of-work\/\"  data-item_title=\"What is Bitcoin Mining \/ Proof of Work?\"  data-item_date=\"2021-07-15T03:57:08+10:00\"  data-engine=\"WordPress\"  data-plugin_v=\"2.6.36\"  data-prx=\"http:\/\/3.26.50.104\/education\/wp-admin\/admin-ajax.php?action=likebtn_prx\"  data-event_handler=\"likebtn_eh\" ><\/span><!-- LikeBtn.com END --><\/div>","category_list":"","author_info":{"name":"user","url":"http:\/\/3.26.50.104\/education\/author\/user\/"},"comments_num":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is Bitcoin Mining \/ Proof of Work? - Crypto Simple<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/3.26.50.104\/education\/what-is-bitcoin-mining-proof-of-work\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Bitcoin Mining \/ Proof of Work? - Crypto Simple\" \/>\n<meta property=\"og:description\" content=\"\u2190 Back What is Bitcoin Mining \/ Proof of Work? Definition Bitcoin Mining aka the Proof of Work method is the process by which Bitcoin\u2019s network is maintained &amp; secured without the need for a bank. Understanding Bitcoin Mining\/Proof of Work The Proof of Work method, more commonly known as Bitcoin mining, is the complex cryptographic process at the heart of Bitcoin &amp; other decentralised digital currencies. 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