“How are Bitcoins Mined?” and 5 Best Ways To Get Free Bitcoins

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“How are Bitcoins Mined?” and 5 Best Ways To Get Free Bitcoins

The conversation around Bitcoin has been brewing for the past 13 years since Satoshi Nakamoto first developed this decentralized currency in the early 200s. Doing a simple Google search of the word “Bitcoin” easily provides you with 857,000 results, many of them relating to Bitcoin mining and how this currency has made waves within the economy.

However, despite being a hot topic, little is known about the logistics of acquiring Bitcoin.

So the question, today, is:

How are Bitcoins mined?

Bitcoin mining is the arduous task of entering new Bitcoins into the crypto ecosystem. The process is critical in confirming recent transactions and maintaining the blockchain’s ledger. The mining is performed using computational software known as advanced Application Specific Integrated Circuit (ASIC) machines that solve complex mathematical problems. The first computer to solve the problem receives the next block of Bitcoins, and the process starts anew.

The rewards for mining Bitcoin are cut in half every four years, so as of March 2022, miners receive $243,750 (6.25 x 39,000) for completing a block. So all in a hard day of work, right? Correct, but… the computers needed to mine Bitcoin also cost quite a pretty penny as well (easily running from $500 to the tens of thousands of dollars). While the chances of your hard work paying off steadily decrease as more and more individuals begin to tune into this profitable industry. Thus, you must first weigh the risk and rewards before getting involved in this game of chance.

Nonetheless, there are alternative ways to win free bitcoins.

Blogging About Cryptocurrency

Use your knack for the written word for good. If you’re a crypto aficionado, you can earn free Bitcoin by writing stories on your favorite topic for blogs and news outlets.

The popular cryptocurrency forum publish0x rewards creatives for writing articles on topics related to Bitcoin.

Completing Odd Jobs Online

Another way to earn Bitcoin is by completing tasks on websites like Freebitcoin.io and CoinPayU. Some of the activities on these sites are as simple as:

  • Viewing ads and offers
  • Clicking a button
  • Reading expert testimonials about Bitcoin

Playing Games Online

If you’re looking to have fun while making an extra buck, join a Bitcoin casino. While there, you can bet your own money or your Bitcoin on casino games or lotteries to get a high Bitcoin payout.

Doing Some Retail Therapy or Shopping Online

Ever thought that you could make money while shopping? No, well, today, you can. You can earn free Bitcoin by first downloading a browser extension, so when you purchase various products you will be rewarded with a fractional amount of Bitcoin.

For instance, Lolli‘s browser extension will reward you with free Bitcoin after shopping at over 1,000 top stores.

Refer a Friend To a Service

Affiliate programs are also a profitable means to earn free Bitcoin. For example, when you refer a friend to a service, you and your friend will have the opportunity to get a discount, accrue rewards points, or even get a Bitcoin or alt coin currency bonus.

Apply to Binance now to get 40% in commission when your friends make a transaction.

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