The Proof Of Work Behind Proof-Of-Work — Bitcoin Mining Profitability Doesn’t Come Easy

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Photo courtesy of Brekkie von Bitcoin. 

The inspiration of this article comes from spending a weekend with Nick Foster.

Over the past few years, there has been an incredible amount of interest dedicated toward the bitcoin mining space. It is apparent that many interested parties lack the understanding of how difficult it is to be a participant in this industry, and the amount of work that goes into plugging in a machine so that it begins hashing. This lack of understanding can be attributed to a general disconnect from the complexities of the entire process, because you cannot truly understand it until you try it. What I would like to convey in this article is how much work is necessary in order to build the infrastructure needed to process a Bitcoin transaction.



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