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What is Bitcoin Mining? A Step-by-Step Guide

By Timothy Sohn Dec 27, 2016 7:03 AM EDT

(The Huffington Post) – One of the most common analogies that people use for Bitcoin is that it’s like mining gold. Just like the precious metal, there is only a limited amount (there will only ever be 21 million bitcoin) and the more that you take out, the more difficult and resource intensive it is to find. Apart from that, Bitcoin actually works quite differently and it’s actually quite genius once you can get your head around it.

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