Bitcoin is a virtual currency created by Satoshi Nakamoto in 2009 and used to conduct online transactions and can be sent via the Internet to anyone with an address. Although it still has many advantages and disadvantages, this type of currency is increasingly sought and discussed by virtual world workers because it can provide a new opportunity for online workers, to benefit from the internet. While mining Bitcoin is a person’s activity to get this currency by using a computing device that has been equipped with various features and systems required. Then happens the process of mathematical calculations performed on a network in order to verify transactions on the internet.
Mining Bitcoin is not easy because it requires a process and online computer devices that are not simple. The process is similar to mining of precious metals such as gold because sometimes there are miners who feel a loss. As for being a miner we must be connected to a network and will become a Node. There are 6 tasks that will be done node when doing mining, namely: First is Listening transactions. All nodes that are connected in the network must listen to all transactions. This is related to the truth of digital signatures and the output included in the transaction must be completely un-spent. Second, keep Blockchain and listen to the new block created that related to handle all transactions that occur, all data can be requested to other nodes that have entered into the network.
Third, create a new block. To do so, by grouping all the transactions we must also be sure that all transactions in it are valid that in a broadcast. Because in the block there is a series of transactions, then every transaction that is in the block and even then also must be validated, and valid. Fourth, look for Nonce to be a valid block. The step here is the most difficult step faced by miners. Fifth, expect block received. This is the second difficulty encountered. Miners need luck here. Expect other miners to accept the proposed block. And the last one is receiving profit. If it turns out other miners receive our block, then this is the moment that makes the miner smile satisfied after doing the hard work because it will get a reward of 25 Bitcoin.
Some types of mining devices that can be used to mine Bitcoin: First is to mine with the CPU (Central Processing Unit), mining using this device is considered as the first generation. But now with the enhanced Bitcoin security system, this device is no longer reliable. Second, mine with GPU (Graphical Processing Unit), the hardware is known as this popular graphics card can produce high parallelism and can be quite useful in terms of mining Bitcoin. According to the experience of the miners who have used this system, ATI Radeon HD 5870 graphics card has been crowned as the best for mining.
Third, mine with FPGA (Field Programmable Gate Array), this device is a combination of computer devices that have been equipped with additional Mining Bitcoin Rig as a substitute for CPU or GPU function that is capable of running data mining process with faster and maximum. Disadvantages of this device are the display of devices used will be very irregular and unpleasant view. The latter device is mining with ASIC (Application Specific Integrated Circuit), basically using a hardware device that has been planted with a special chip that has a function for mining Bitcoin. With this technology, the display of miner devices will be much more compact and regular so no wonder if a device is valued with a very expensive value. One of ASIC hardware is quite famous and claimed to be the best work of TiyoTriyanto who came from Indonesia. He is a Red Fury hardware maker who is a proven hardware miner Bitcoin.
For many miners, although they can make a lot of profit from mining Bitcoin, it would be better if they take advantage of it to buy mining equipment, then invest it and sell it for profit. Although doing mining activities is not an easy thing, but the presence of technology today can overcome these difficulties.