With the current FIAT money we use today (USD, EUR, etc.), governments or the Federal Reserve decide when to print and distribute money. With Bitcoin, miners use special software to solve complex mathematical equations and are issued a certain number of bitcoins in exchange to reward their services. This serves the purpose of minting new coins in a decentralized manner as well as motivating people to provide security for the network. The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Bitcoin mining is the process of adding transaction records to Bitcoin’s public ledger and it ensures that no amount of Bitcoin can be spent twice (i.e The double spend problem). Bitcoin miners help keep the Bitcoin network secure by approving transactions and monitoring the network and are rewarded for their services with Bitcoin block rewards.

The Block Reward

When a block is discovered, the person who mined the block is awarded a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently, this bounty is 12.5 bitcoins per block however, this value will halve every 210,000 blocks with its next reduction or “ halvening ” estimated to happen in May 2020. Miners are also awarded the fees paid by users sending transactions over the Bitcoin network as this transaction fee is an incentive for the miner to include the transaction in their block. In the future, the number of new bitcoins introduced to the network will be reduced due to the reward constantly being cut in half. This means that transaction fees for miners will become a much more important percentage of mining income. Mining Bitcoin ensures fairness while keeping the Bitcoin network stable, safe and secure- it also provides a secure and decentralized method for inflation which is protected by code . This solution to inflation is extremely intriguing as our economy faces massive issues thanks to FIAT (USD, EUR, Etc.) being inflated infinitely by centralized powers.

How to Mine Bitcoin?



While there are some complex methods to mine Bitcoin which involve running custom code on a computer and joining a mining pool, there are much simpler solutions for interested users. Honeyminer is a crypto mining software that users can run on their PC’s which allows them to earn bitcoin each day while their desktop or laptop are not being used. Honeyminer’s algorithm automatically scans through dozens of cryptocurrencies to identify the most profitable coins. These mined coins are then automatically converted to Bitcoin on a daily basis. Honeyminer is free to use and can be set up within minutes on a personal computer or laptop by setting up an account and downloading their software. User’s with a PC that has a high-end graphics card (such as NVIDIA’s GeForce 1080Ti), can make around $2 per day according to Honeyminer’s website. However, Honeyminer can be used on any computer or laptop regardless of specs, which makes it a very open and beginner friendly mining platform. Honeyminer offers its users a very simplistic form of bitcoin mining that doesn’t require constant supervision which can be easily installed on any computer. It is software we personally recommend for anyone interested in supporting the Bitcoin network and earning BTC rewards in the process. For more ways to earn bitcoin with your computer in your spare time, check out our guide here.

