How to mine Bitcoin – level 1

27-05-2021 07:00

Bitcoin is digital money. One person can send bitcoin to another person via the Internet. Miners check the transactions. A transaction is when you send or get money. The miners get bitcoins for their work.

People can have only 21 million bitcoins. More bitcoins cannot exist.

Bitcoin starts in 2008. Satoshi Nakamoto starts bitcoin. Everybody can mine bitcoin at the beginning. You only need a computer.

If you want to mine bitcoin today, you need a lot of computers in one place. This place has a special name. It is a mining farm. These farms need a lot of electricity and a good cooling system.

One big farm is in Russia. Low temperatures help to cool the system. This big farm can mine six bitcoins every day.

Difficult words: digital (connected with computer technology), miner (a person who works and gets gold, silver, or bitcoin), mine (to work and get gold, silver, or bitcoin), cooling (get cold).

You can watch the original video in the Level 3 section.

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