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1.2 Motivation With the introduction of Bitcoin and the technology that lies within it, there are tremendous opportunities explored by various people in different sectors such as consumers, developers, marketers, etc. Many organizations have started working on mining Bitcoin which serves as a virtual currency as a replacement of fiat currencies. Several countries including USA, Japan, China, and Australia, started using Bitcoin as one of their payment methods in restaurants and stores [1]. The way of generating new Bitcoins is known as Bitcoin mining. Since there is a limited number of Bitcoins (21 Million), the numbers of Bitcoins left to be mined are getting less day by day. As of now, there are approximately 17.7 Million Bitcoins have been mined, and 3.5 Million Bitcoins are left to be mined. The motivation to know more about Bitcoin and the technical aspect of generating Bitcoin evolves from the ever-increasing interest of people in Bitcoin and its implementation on different sectors. 1.3 Objectives The main objectives of this research work are listed below: To know more about mining options and the ways to reduce longevity in mining time. To explore better ways to mine, reducing the cost and improving the performance. To know about the existing algorithms behind proof of work, which is a critical factor in mining Bitcoin. To study the details of the process in mining and technical difficulties existing in the mining process and come up with a better solution. 2PDF Image | Analysis of Bitcoin Cryptocurrency and Its Mining Techniques
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