There are many ways to make money. Some are harder, some easier. But have you ever wondered how seductive is the idea of ​​you making money just by having your machine turned on and connected to the internet? Yes! Bitcoin mining has this promise.

But is it as easy as that says? Is it worth mining bitcoin today? Below is an analysis and revelation of everything not said about bitcoin mining by most people.

It seems obvious, but, many people do not have a clear idea about what bitcoin mining is. A lot of people just learn a little bit about bitcoin and about mining and they already go around turning on their little PC, installing the app and putting the poor baby mining in the hope of earning a good income by the end of the month. But you may just be enslaving your machine on it. So let's demystify this here.

Bitcoin mining is the process of receiving bitcoin payments by adding transaction records to the blockchain using the processing power of your machine. That is, when a person is mining, he is actually allowing the blockchain to use his machine to process and record transactions that occur on the network and in return, the blockchain generates more bitcoin to pay him as a reward.

Using this definition above, the more powerful your machine is, the more transaction logs it can perform and faster, consequently more bitcoin you get in return. This means that the better the performance of the machine, more gains.

With that said, you might think, "Okay, I'll buy a superpower machine and make money while I´m sleeping." Calm. There is much truth not told by the majority of the community about the problems of bitcoin mining. See some below:

• Mining consume a lot of power.

• Blockchain algorithm decreases the amount of bitcoins to generate every 210,000 blocks processed.

• There is a  limit of coins to be generated on the network, defined by Satoshi Nakamoto the creator of bitcoin.

• The more miners in the network, the lower the reward for each and the harder it is to mine.

See the explanation of each of the reasons mentioned above.

Mining consumes a lot of energy!

If you are a gamer or someone connected to IT, you should know that when it comes to processing, the higher the more power your machine consumes. And if it's with the graphics card, even bigger. So the blockchain processing takes a lot out of your machine, so your machine also uses a lot of energy when mining, some machines even overheat. This also requires a lot of energy expenditure on cooling. Depending on the bitcoin quotation, you may spend more money on the energy bill than is generated by mining. So beware.

The blockchain algorithm, decreases the amount of bitcoins to generate every 210 thousand blocks processed!

Yes! The creator of bitcoin has programmed a reward split given for every 210,000 blocks processed. That is, every 210,000 blocks, processed, transacted and approved on the blockchain, the reward per block processed, transacted and approved falls by half. Are you confused? So pay attention to the following:

In the beginning, when bitcoin was not yet so well known and popular and not so valued, this in 2009/2010, for each block processed by miners, the reward was 50 bitcoins. And a block took an average of one year to process. After reaching 210,000 blocks processed, the reward per block processed halved, meaning that miners no longer received 50 bitcoins but 25 bitcoins per block processed.

The processing of 210 thousand blocks, on average takes 4 years, so, every 4 years, the reward per block processed halves, so if in 2009 50 bitcoins were paid per block processed, in 2013 started to pay 25 bitcoins per block, and in 2016, 12.5 bitcoins per block were processed, by 2020 the payment will fall to 6.25 by 2024 to 3.125 and by 2028 to 1.5625 bitcoins per block processed.

Given the fact that on average it takes a year to process a block, it means that by 2028 miners will earn 1.5625 bitcois (less than two bitcoins) per block processed over a year.

Have you ever wondered how much energy mining takes to earn just 1.5625 for a year's work.
Ever wonder, what will be the bitcoin price?

You would not have earned any money, mining for a year with a heavy energy bill to pay, and earning just over 1 bitcoin if it had a $ 500 quote for example.

Do you know why the reward per block processed falls every 210,000 blocks processed? No? The answer is in the following point.

There is a limit of coins to be generated on the net, defined by Satoshi Nakamoto the creator of bitcoin!

Yes! The number of bitcoins that can exist on the network is limited. The limit is 21 million bitcoins. And as this number cannot be reached so quickly, satoshi nakamoto created this deceleration method.

Now thinking about this limit, you may be asking, “What will happen when the limit is reached? " Calm. Because of the blockchain algorithm, the limit can only be reached more than 100 years from now, so we still have a lot of time. But when the limit is reached, there is a high probability that the network will collapse.
Because bitcoin is a decentralized currency, that is, to process, transact bitcoin, it does this with mining machines that need a payment to continue to make their machines available. No reward, no reason to mine, no mining, bitcoin network will not exist. The only reward, perhaps, will be the fees charged for transactions made on exchanges. This is a great danger!

The more miners in the network, the lower the reward for each and the harder it is to mine.

Another reason that bitcoin mining is not just for people with regular machines is the size of the network that grows by the day. The bigger the network, the more work your machine has. Just to give you an idea, at first, when the network was still small, it could mine 5 to 10 bitcoins in a few months with a Pentium laptop. Nowadays, this is a joke even. To mine 1 bitoin, with a laptop, would take more than a year.

Now, as we talked about why it is a disadvantage to mine bitcoin, you may have some questions running through your mind, such as “So if there are no advantages to mining bitcoin, no one can mine? ” “ How is the network? What should I do then to make money with bitcoin?"

Look, first is that bitcoin mining has no gain for people with normal machines. Bitcoin mining today has significant gains for people who have superpower machines created just for that, called ASICS. These are people with rooms full of these machines like a server room running day and night. Then there are significant gains. But let me warn you that these machines are not cheap. So it's better to forget about bitcoin mining. The network will be supported by professional miners.

Now how to make money with bitcoin? How can I get a significant extra bitcoin income without even having a super powerful machine? The best option is trading. You can win with both falling and rising bitcoin. But that is the subject of another article.

Another option, is investing your bitcoins, but it is also a subject for another article.

My recommendation is that if you want to mine even after all that is said here, as it is a way to make money effortlessly, I recommend that you mine, other cryptocurrencies that are not yet popular, but which have prospects to be very valuable in the market, as well as bitcoin was in the beginning. Now your question may be, “What coins are these? ”Well that depends a lot too, because each time is a time. It's up to you to investigate a little and know how the market is doing. This article is just to analyze whether bitcoin mining is still worth or not for non-professionals. In a future article, we can talk about which coins to mine.

I hope, this article helped you understanding a litle bit more, how bitcoin mining works and how it is, on now days.

Thi is it for the moment. God be with you!