But as Bitcoin has risen in prominence, now major websites like Reddit, WordPress, Baidu and several retailers are taking the currency. How do people get Bitcoins? You can buy them, or you can mine them. Mining will get you free Bitcoins as rewards for using your hardware to calculate the complex mathematical problem resulting in a digit answer that is required to verify a Bitcoin is legitimate.
For every algorithm you solve you are awarded a block of 50 Bitcoins.
This means that the more people that try to mine, the harder it is to get Bitcoins in other words, more processing power is needed to crack advanced math problems. This helps keep the currency valuable. Right now about 11 million Bitcoins exist, which means only another 10 million can be mined. But if you get even a handful of those ten million, with prices as they are now, you can make enough of it to live on for years…or even the rest of your life. The biggest Bitcoin currency exchange is Mt.
Android apps for mining Bitcoins Okay, so say you want to mine Bitcoins. The best way to do it is by setting up a really sweet PC-rig with the fastest processor, most RAM, and best video card you can. All this power will help your computer calculate the algorithms that will generate the digit code needed to verify Bitcoin transactions.
Each time you solve an algorithm, 50 Bitcoins are yours.
Recently, there have also been some Android apps that help you mine Bitcoins. Also, keep in mind the energy requirements needed to keep your Android powered while running these mining apps.