The fundamental process of earning or creating bitcoin is known as mining. Bitcoin mining is similar to discovering gold from a mine. However, as the extraction of gold takes a lot of time and requires a lot of effort, so does the mining of bitcoins. You have to solve a series of mathematical calculations designed by computer algorithms to earn bitcoins for free. This is almost impossible for a newbie. The merchants have to open a set of locks to solve the mathematical calculations. In this procedure, you will have to spend money (electricity costs, antminers purchase and mining rig setup) to earn bitcoins. The miners have to run software to earn bitcoins with mining.

A more convenient way is to join a cloud mining pool like Bitrearer; one of the top cloud mining and short term investment pools in the crypto space. Clients get to buy hashpower to mine Bitcoin and other supported altcoins – Ethereum, Bitcoin Cash, and Litecoin. You’re required to have a wallet upon signing up so automatic profit withdrawals can be made.

There are only 21million bitcoins to be mined. Estimates suggest the last bitcoin will be mined by year 2140.

Get daily cryptocurrency webinars and tips