As Forbes Advisor explains, mining cryptocurrency isn’t actually a system through which users uncover new digital coins; rather, cryptocurrency miners compete with one another to verify the legitimacy of transactions. For this verification service, miners are paid a fee. In other words, the person who verifies the transaction first gets paid in Bitcoin.
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That verification process is critical because it keeps cryptocurrencies like Bitcoin from being used twice. Part of this verification process is ensuring the ledger of the cryptocurrency’s blockchain is always correct. But that process is not as simple as it sounds.
In order to verify the transaction, you need to crack a complicated digital equation, which is added for security’s sake. Since this is effectively a race against time, you’ll need more than a regular desktop, laptop, and phone to get the job done.
Freeman Law says pro miners rely on a strong, stable internet connection and a special type of computer known as an application-specific integrated circuit — or ASIC miners, which can be used to track down and verify just about any cryptocurrency. This mining setup can cost upward of $10,000.
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An aspiring miner can also increase their chance of success by joining a mining pool, which improves their ability to solve these complicated puzzles quickly, per Forbes Advisor. But being part of a pool also means you probably need to share the Bitcoin once you find it.