what is and how this process takes place

Bitcoin mining is a process of confirming and recording a Bitcoin transaction on a ledger distributed on the network. This is the most important procedure of the entire Bitcoin technology, since it makes the system safe, ensures that users are acting correctly and finally introduces new bitcoins in circulation.

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1 Simplifying, it works like this

2 And you, would you like to mine Bitcoin?

2.1 Related posts:

Obviously there can be no extraction without extractors, also called miners. The extractors, all over the world, help to make the network decentralized by distributing hardware and electricity that support the system. They are rewarded on a rotating basis through transaction fees and newly extracted Bitcoins. These gains incentivize miners to continue contributing to the cause and to cover maintenance costs.

Simplifying, it works like this

Each extractor sets up its hardware so that it can verify transactions on the Bitcoin network.
Verified transactions are grouped into 1 Mb groups every 10 minutes.
Every computer that joins the network must solve a complicated cryptographic puzzle in order to add a new block to the Bitcoin blockchain.
The first computer to solve the puzzle adds the block and is rewarded with Bitcoin.

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Currently, once the puzzle is solved and a new block is added to the blockchain, the extractor receives a 12.5 BTC prize. This bonus tends to decrease over time (it becomes half after adding 210,000 blocks). The first Bitcoin extractor in history has received 50 BTC per block, while in 2020 the gain will be 6.25 BTC.

Keep in mind that there are no more than 21,000,000 BTC in circulation. This limit is necessary to make the deflationary system. For the moment, the new Bitcoin extractions are aimed at encouraging miners to keep the network alive, but the system is designed to gradually decrease once the 21 million BTC extracted has been touched.

In 2025 95% of the bitcoins will have been mined while the rest will slowly enter the market by 2140. At this point, the extractors will be rewarded only through the commissions paid during the transactions by the users, in spite of this it will be ensured that everyone it is still convenient to feed and keep the network alive.

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And you, would you like to mine Bitcoin?

Bitcoin is a completely open source project, anyone is free to join the network and benefit from new extractions. Mining can be highly beneficial, especially if Bitcoin continues to appreciate and keep the exchange rate high. However, to have a minimum guarantee of profit, it is necessary to have an extremely powerful computer (known as ASICs) that supports the necessary software, and to be aware that electricity consumption would be very high and expensive.

Due to the very high competition between miners, it is impossible to load a block with a simple PC or GPU in private contexts. If you are really interested and after evaluating a good business plan, you can always pay a qualified company that extracts BTC for you.