Bitcoin mining can be done by a computer novice—requiring basic software and specialized hardware.
The software required to mine is straightforward to use and open source—meaning free to download and run. A prospective miner needs a bitcoin wallet—an encrypted online bank account—to hold what is earned. The problem is, as in most bitcoin scenarios, wallets are unregulated and prone to attacks. Late last year, hackers staged a bitcoin heist in which they stole some $1.2 million worth of the currency from the site. When bitcoins are lost or stolen they are completely gone, just like cash. With no central bank backing your bitcoins, there is no possible way to recoup your loses.
The second piece of software needed is the mining software itself—the most popular is called GUIMiner. When launched, the program begins to mine on its own—looking for the magic combination that will open that padlock to the block of transactions. The program keeps running and the faster and more powerful a miner's PC is, the faster the miner will start generating bitcoins.When mining began, regular off-the-shelf PCs were fast enough to generate bitcoins.
New faster hardware is being created by various mining start-ups at a rapid rate and the price tag for a full mining rig—capable of discovering new bitcoins on its own—currently costs in the ballpark of $12,000.
MineCo blockchain 👨💻Clock running
This article is from 2014. Well done for keeping your finger on the pulse
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