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There are no physical “coins” in bitcoin, only balances kept on a public ledger in the cloud, that—along with all bitcoin transactions—is verified by a massive amount of computing power. Bitcoin is backed by millions of ASICs around the world called “miners.” By mining bitcoin, you can earn cryptocurrency without having to put down money for it. It is also the only way to release new bitcoin into circulation.

There are no physical “coins” in bitcoin, only balances kept on a public ledger in the cloud, that—along with all bitcoin transactions—is verified by a massive amount of computing power. Bitcoin is backed by millions of ASICs around the world called “miners.” By mining bitcoin, you can earn cryptocurrency without having to put down money for it. It is also the only way to release new bitcoin into circulation.

Originally, Bitcoin’s creator intended for bitcoin to be mined on central processing units (CPUs)—your laptop or desktop computer. However, Bitcoin ASICs surpassed both CPUs and graphics processing units (GPUs) in terms of both their reduced electricity consumption and greater computing capacity. After gaining traction in mid-2013, when other hardware mining devices started hitting their bottlenecks in mining, Bitcoin ASIC miners have retained their lead.

There are no physical “coins” in bitcoin, only balances kept on a public ledger in the cloud, that—along with all bitcoin transactions—is verified by a massive amount of computing power. Bitcoin is backed by millions of ASICs around the world called “miners.” By mining bitcoin, you can earn cryptocurrency without having to put down money for it. It is also the only way to release new bitcoin into circulation.

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