It's time to make millions from Bitcoin mining

Sheldon S., Seth Auberon, Ashley Wells (eds.), Wisdom Quarterly Wikipedia edit

If Ethereum is the future and dogecoin is hades, what can still be milked out of bitcoin?

How can I get rich but quick? I need it quick...and preferably no work or study either!

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Mining

GPU-based mining rig, 2012

A Bitcoin mining farm, 2018

To form a distributed timestamp server as a peer-to-peer network, bitcoin uses a proof-of-work system.^[3] This work is often called bitcoin mining.

Requiring a proof of work to accept a new block to the blockchain was Satoshi Nakamoto's key innovation. The mining process involves identifying a block that, when hashed twice with SHA-256, yields a number smaller than the given difficulty target. While the average work required increases in inverse proportion to the difficulty target, a hash can always be verified by executing a single round of double SHA-256.

For the bitcoin timestamp network, a valid proof of work is found by incrementing a nonce until a value is found that gives the block's hash the required number of leading zero bits. Once the hashing has produced a valid result, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing the work for each subsequent block. If there is a deviation in consensus then a blockchain fork can occur.

Majority consensus in bitcoin is represented by the longest chain, which required the greatest amount of effort to produce. If a majority of computing power is controlled by honest nodes, the honest chain will grow fastest and outpace any competing chains. To modify a past block, an attacker would have to redo the proof-of-work of that block and all blocks after it and then surpass the work of the honest nodes. The probability of a slower attacker catching up diminishes exponentially as subsequent blocks are added.^[3]

Mining difficulty has increased significantly

To compensate for increasing hardware speed and varying interest in running nodes over time, the difficulty of finding a valid hash is adjusted roughly every two weeks. If blocks are generated too quickly, the difficulty increases and more hashes are required to make a block and to generate new bitcoins.^[3] More

What's Elon Musk on about with electricity consumption? What do Tesla's eat? Use solar panels.