To many people bitcoin mining is seen as a way of creating new coins but the idea of bitcoin mining is for the participants to track the movements of the coins. Because bitcoins are distributed from peer to per there is no database keeping records of who owns the coins. Owners keep a log that is available on the network and transactions are recorded as they occur. Bit coin transactions are mined after every 10 minuets to avoid the risk that may be associated with using the same coins numerous times. This makes the whole system official and transactions that are conflicting are not let into the block. The complexity of the mining process stops people from mining blocks randomly and it takes a lot of calculations to successfully mine a block. Members on the network on the other hand have the skills and knowledge to know that a block has been mined.

Currently the reward of mining a new block is 25 bitcoins which is approximately $15,000 and this huge amount encourages people to do the hard work of mining these blocks. Cryptography is a platform used by miners and has a hash function called double SHA-256. Using the hash system the miner is required to come up with a block identifyer using the previous block os the base of reference and then trying to modify the block slightly so as to sucessfully mine it. One may try for a million times before coming up with a new block and in about every 10 minutes somebody manages to mine a block and the process starts all over again.

Because of the difficulties in mining bitcoins, a bunch of miners may join and share the work and the rewards. Mining for fun and profit can be a be interesting for curious people. One needs to create an account with a mining pool and start getting shares in a few minutes for a pool of low difficulty while in a higher difficult pool one may start getting shares within one or two hours. Bitcoin mining should be an option for individuals who love arithimetic and it is easy to join since you only require creating am account with a mining pool and off you go. Bitcoin as a form of currency is gaining popularity among people and businesses and its is worth trying them out.Also the value of Bitcoins is much higher when compared to other currencies.

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