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Bitcoin miners perform complex calculations known as hashes, and each hash has a chance of yielding bitcoin. The more hashes you perform, the more chances you have of earning bitcoin. Most people join a mining pool to increase their chances of earning bitcoin. Mining pools pay for high value hashes known as shares.

Although investing in cryptocurrency is painstaking, costly, and only sporadically rewarding, some investors are drawn to it. People buy expensive ASICS and pay for lots of electricity so that they may earn more bitcoin, which may be exchanged for real-world currency.

There are no physical “coins” in bitcoin, only balances kept on a public ledger in the cloud, that—along with all bitcoin transactions—is verified by a massive amount of computing power. Bitcoin is backed by millions of ASICs around the world called “miners.” By mining bitcoin, you can earn cryptocurrency without having to put down money for it. It is also the only way to release new bitcoin into circulation.

What Is an ASIC Bitcoin Miner?

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