How to mine Bitcoin

Miners are rewarded with 6.25 bitcoins . This number will reduce to 3.125 bitcoins after the halving in 2024. The reward (plus transaction fees) are paid to the miner who solved the puzzle first. This process repeats approximately every 10 minutes for every mining machine on the network.

As time goes on, mining Bitcoin becomes more difficult, as more miners compete for the next block reward. Today, mining Bitcoin as an individual is rarely profitable unless someone has access to extra low-cost electricity .

Bitcoin miners earn rewards, paid in Bitcoin, for verifying a new block of Bitcoin transactions . Miners who successfully validate a block earn a reward of 6.25 bitcoins–currently worth more than $260,000. 9 Many miners work together in mining pools, enabling them to earn typically lower rewards but more frequently.