What do bitcoin miners do?

An Overview of What Bitcoin Miners Actually Do

This article, to some extent, builds on my the previous.

Before we examine what’s behind the cap, let’s take a quick look at how miners have evolved.

Initially, the mining difficulty level was very low (we’ll look at what that actually means soon). In the early days of bitcoin, it was possible to mine bitcoins profitably on a personal computer central processing unit (CPU). In less than two years, people started mining graphics cards (GPUs) because they were, with the addition of some software, more convenient due to the higher clock speeds. This means that they were able to perform more calculations per second via parallel processing. Like CPUs, these have only been profitable for a few years. In 2012, the first ASIC (Application Specific Integrated Circuit) miner was put on the market.

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