5T
Active Remote nodes
6,451
Cummulative terahash/hour
$217M
Total Profit Generated
Mine Crypto
Mine Crypto
Active Remote nodes
Cummulative terahash/hour
Total Profit Generated
Bitcoin mining is the process of creating new bitcoin by solving puzzles. It consists of computing systems equipped with specialized chips competing to solve mathematical puzzles. The first bitcoin miner (as these systems are called) to solve the puzzle is rewarded with bitcoin. The mining process also confirms transactions on the cryptocurrency's network and makes them trustworthy.
For a short time after Bitcoin was launched, it was mined on desktop computers with regular central processing units (CPUs). But the process was extremely slow. Now the cryptocurrency is generated using large mining pools spread across many geographies. Bitcoin miners aggregate mining systems that consume massive amounts of electricity to mine the cryptocurrency.
Learn MoreAt the heart of bitcoin mining is a math puzzle that miners are supposed to solve in order to earn bitcoin rewards. The puzzle is called proof of work (PoW), a reference to the computational work expended by miners to mine bitcoin. Though it is often referred to as complex, the mining puzzle is actually fairly simple and can be described as guesswork.
The miners in Bitcoin's network try to come up with a 64-digit hexadecimal number, called a hash, that is less than or equal to a target hash in SHA256, Bitcoin's PoW algorithm.
A miner's systems use considerable brute force in the form of multiple processing units stacked together and spit out hashes at different rates—megahashes per second (MH/s), gigahashes per second (GH/s), or terahashes per second (TH/s)—depending on the unit, guessing all possible 64-digit combinations until they arrive at a solution. The systems that guess a number less than or equal to the hash are rewarded with bitcoin.
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