What to consider before starting Bitcoin Mining
What is Bitcoin Mining
There are many cryptocurrencies available for mining, such as ethereum and litecoin, not only the Bitcoin, others are referred to as "AltCoins".
In order that any cryptocurrency gets mined, it has to operate in a proof-of-work concept, which requires miners to solve complex math equation with hardware and decryption program, the miners are then rewarded a part of the transaction in digital currency, such as Bitcoins, which are transferred to the miner's crypto-currency wallet as a block reward for processing the transactions request and sending a valid confirmation.
When we are proceeding to what we call "Bitcoin Mining"; the gears (GPU, CPU, ASIC,..) use their processing power to create the hashes and process data of the user's transactions, this is a resource intensive task, in fact processing only one Bitcoin can take the equivalent of 1.5 Average US household electricity consumption.
Before investing in digital currencies, it is always a good start to see how the market has moved since the last information you got as it changes constantly, some coins can pay a lot more a day than the others, there's a lot of variation to take into consideration, and that is what makes it hard to estimate your potential revenue.
You are paid for every transaction hashed.
See the impact of hardware on mining;