EDNA Vlog

In this video, you’ll learn step by step how to file ITR online. #incometaxreturn #itronline #wallstreetmojo #incometaxfiling #itr #online Make sure you take an accountant's help before submitting your tax report, as mistakes can lead to errors and notices from the tax department. Chapters: 00:00 – Introduction 00:39 – How to file Income tax Return Online? 04:05 – Conclusion Are you among the seven-crore people that have already filed their taxes, or are you lagging behind? You might be thinking that filing ITR is a tedious process, but actually, the filing part is the easy part and what’s difficult is the calculations part, for which you might need to consult an accountant. (Explained in detail in the video) We will take you through the process of filing online tax. 1. Open income tax India e-filing portal: https://www.incometax.gov.in/iec/foportal 2. Register for a new account, or log in to the portal. (Explained in detail in the video) 3. On the Dashboard click on the option of “File Now”. 4. Select the assessment year and mode of filing. (Explained in detail in the video) 5. Select “Start filing now”, if you are doing it for the first time, & it will send you to a new page. if you’ve already commenced the process earlier and have saved a draft, you can start from where you left off. 6. Select status applicable, we will select “Individual”. (Explained in detail in the video) 7. Select the ITR you want to fill. **If you don’t know we have already covered it in our previous video!** The next step would be validating your returns breakup. It'll already be pre-filled if you have Form 16. After that, you need to make changes, if there are any. If you don’t have form16, enter all the details manually. (Explained in detail in the video) Enter personal details asked on the portal. Now you need to provide information on your total gross income from various sources. **If you don’t know then we have also covered it in our previous videos!** After income, you can move on to the tax deduction part. (Explained in detail in the video) If you don’t know deduction, **we have covered that in our next video! ** In the end, the portal will calculate the total tax that you are supposed to pay to the government. This might seem like an elaborate process, but this new portal does make things easy and seamless. After all that details, the portal will ask you to confirm, and the usual verification process followed by application submission Again, if you are completely new to this, consider consulting an accountant. Better safe than sorry, isn’t it? (Explained in detail in the video) So, this was all about income tax returns filing online process. If you don’t want to miss out on such videos, then subscribe to our channel. 😊 Don’t forget to like the video, comment, and also share. This keeps us inspired to create better videos! ========================================================================== Subscribe to Our Channel – Youtube ► https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1 LinkedIn ► https://www.linkedin.com/company/wallstreetmojo/ Facebook ► https://www.facebook.com/wallstreetmojo Instagram ► https://www.instagram.com/wallstreetmojoofficial/ Twitter ► https://twitter.com/wallstreetmojo

In this video, you’ll learn about income tax returns and the different types of income tax return forms. #incometaxreturn #ITR #wallstreetmojo #incometaxfiling #incometaxreturnforms *Make sure you take an accountant's help before submitting your tax report, as mistakes can lead to errors and notices from the tax department.* Chapters: 00:00 – Introduction 00:38 – What is Income tax 00:50 – What is an Income tax return or ITR? 02:02 – Different types of ITR forms 02: 32 – Comparison chart of ITR forms. 02:43 – What is ITR 1? 03:04 – What is ITR 2? 03:28 – What is ITR 3? 03:45 – What is ITR 4? 04:05 – Conclusion In 2021, the Indian government collected around 14 lakh crore rupees in income taxes. Income tax returns are like the bread and butter of chartered accountants. Every year, we have to pay income tax to the government, and we do that through income tax returns. What is an Income tax return? Income tax return is a form you must fill out to pay income taxes to the government. (Explained in detail in the video) You need to file your income tax online at www.incometaxindia.com website. The due date for filing income tax is usually 31st July, but the tax department may extend the date. Different types of ITR forms There are seven ITR forms in total. Form numbers 5 to 7 are for business, while form numbers 1 to 4 are for individuals. In this video, we’ll only stick to ITR 1 to ITR 4. To simplify things for you, we have compared each form side by side, which will give you a clear understanding of the forms. (Explained in detail in the video) Each form has some eligibility, and if you fulfil those, you will have to fill out that form while filing your income tax. The forms differ based on a couple of things: 1. Who can fill the form 2. Whether there is foreign income 3. Total income 4. Whether there is income from salary 5. Whether there is income from business and profession 6. Whether there is income from capital gains 7. Whether there is income from house property 8. Whether there is income from other sources (Explained in detail in the video) So this was all about income tax returns. If you don’t want to miss out on such videos, then subscribe to the channel. Don’t forget to like the video, comment, and also share. ========================================================================== Subscribe to Our Channel – Youtube ► https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1 LinkedIn ► https://www.linkedin.com/company/wallstreetmojo/ Facebook ► https://www.facebook.com/wallstreetmojo Instagram ► https://www.instagram.com/wallstreetmojoofficial/ Twitter ► https://twitter.com/wallstreetmojo

In this video I show you how I perform financial close at month end in 15 steps. Download a sample month-end close checklist 📆 https://thefincontroller.com/p/the-fin-controller-get-close-checklist Enroll in the Controller Academy 🚀 https://thefincontroller.com/p/controller-academy —————————— My other best selling courses: 🔥Take 30% off when you enroll in my online course “Night Before the Accounting Interview Guide” including All Levels Q&A🔥: https://thefincontroller.com/p/the-night-before-your-accounting-interview-course-for-all-levels?coupon_code=30OFFCOURSE 📈Get My “Controller KPI Dashboard” (Excel + Course) with the most important P&L and Balance Sheet KPIs: ​https://thefincontroller.com/p/controller-kpi-dashboard-one-kpi-dashboard-to-run-a-business​ ——————————————————————— Hang Out with me on social media: 📸 https://www.instagram.com/the_financial_controller/ 📱https://www.tiktok.com/@thefinancialcontroller 🙋🏼‍♂️https://www.facebook.com/groups/780732429036886/?source_id=101273467885666 DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! All views expressed on my channel are mine alone. Not intended as financial or professional advice

In this video, you will learn about the different types of income taxes and which category you would fall under. #tax #incometax #wallstreetmojo #government #income #business Chapters: 00:00 – Introduction 00:42 – Types of income tax 00:46 – Tax levied on Income from salary. 01:10 – What is the tax Slab presently followed in India? 01:16 – Tax levied on Income from business and profession? 01:55 – Tax levied on Income from capital gains? 02:18 – What Long term Capital gain and short-term capital gain? 03:06 – Tax levied on Income from house property? 03:30 – What is the tax Slab for taxation of income from house property in India? 03:42 – Tax levied on Income from other sources 04:02 – How is a tax levied on winning from the lottery? 04:21 – Conclusion (Explained in detail in the video) Americans owe the government almost $1 billion in taxes and penalties in the US. In India, if you do not pay your taxes on time, then you be fined at least Rs. 10,000. In the previous video, you learned how income tax works and why it is important for you to pay your income taxes in time. In this video, you will learn the different types of income taxes and know which category you would be under. (Explained in detail in the video) Here are the five types of income taxes: No. 1: Income from salary If you work a job, then you’ll receive a salary. You will then be liable to pay income tax on this income. You would be taxed according to the tax slab you fall under. (Explained in detail in the video) No. 2: Income from business and profession You may have a business that is generating income for you. Or you might be involved in a profession like a lawyer, doctor, or CA where you have your own practice. Or you may be a freelancer. Any income you generate from these sources would fall under this type of income tax. The tax payable would also depend on the income tax slab you’d fall under as per your total income. No. 3: Income from capital gains If you buy any financial asset like bonds, stocks, gold, etc., or any property and sell it for a profit, you’ll have to pay capital tax on it. In capital taxes, you either have to pay Long Term Capital Gains Tax or Short Term Capital Gains Tax based on how long you hold the financial asset or property before selling it. (Explained in detail in the video) No. 4: Income from house property In this type of income tax, income generated through rental or lease income received from properties will be taxed. No. 5: Income from other sources Any income you receive from bank interests, fixed deposit interests, lottery winnings, etc., would be taxed under this income tax category. Again, the tax payable would be calculated according to the tax slab that you’d fall under. (Explained in detail in the video) This was about the types of income taxes, and if you like what you see, show it to us by liking, commenting, and sharing the video. We regularly keep coming up with such videos, so don’t forget to subscribe to the channel. ========================================================================== Subscribe to Our Channel – Youtube ► https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1 LinkedIn ► https://www.linkedin.com/company/wallstreetmojo/ Facebook ► https://www.facebook.com/wallstreetmojo Instagram ► https://www.instagram.com/wallstreetmojoofficial/ Twitter ► https://twitter.com/wallstreetmojo

*CONTACT INFO FOR EACH BOARD OF ACCOUNTANCY: https://nasba.org/stateboards/ *INTERNATIONAL CANDIDATES: https://nasba.org/internationalexam/ *CPA EXAM CHECKLIST: https://nasba.org/app/uploads/2020/08/2020-CPA-Exam-Checklist-08072020-1.pdf *GETTING YOUR CPA LICENSE: https://nasba.org/licensure/gettingacpalicense/howtogetlicensed/ *FAQ: https://www.aicpa.org/resources/article/find-answers-to-frequently-asked-questions-about-cpa-exam#international To become a licensed CPA, you need to do three things: 1. Meet the requirements to sit for the CPA exam 2. Pass the CPA exam 3. Meet the licensing requirements for the state in which you plan to practice The requirements to sit for the CPA exam and the requirements to obtain a CPA license are different for each jurisdiction. There are 55 jurisdictions in the U.S., including: • The 50 U.S. states • Washington, D.C. • Puerto Rico • Guam • The U.S. Virgin Islands • The Northern Mariana Islands It’s important that you check the requirements for your jurisdiction. 0:00 Introduction 0:18 The 55 jurisdictions 0:38 Requirements to sit for the CPA exam 1:49 International students 2:12 One-tier states vs. two-tier states 3:06 Licensing requirements 3:46 Continuing professional education — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people. — SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING • A 44-PAGE GUIDE TO U.S. TAXATION • A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS • MANY MORE FREE PDF GUIDES * http://eepurl.com/dIaa5z — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira — CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/

In this video, you’ll learn about income tax, the latest income tax slabs in India, and also, why income tax is important. #incometax #income #wallstreetmojo #tax #personalfinance Chapters: 00:00 – Introduction 00:53 – What is income tax? 01:21 – Example of Income tax. 01:28 – Income tax slab in 2022-23. 01:40 – Why do we pay income tax? 02:46 – Why paying income tax is important? 03:23 – Conclusion As per a report on the India Income Tax website, only 8 cr Indians pay taxes. That makes up for just 6.25% of the total population of 132 cr. (Explained in detail in the video) In contrast, almost 45% of Americans pay taxes. Whether you are working a job or doing some business and earning money, you are generating some income. A part of this income is to be given to the government as income tax. (Explained in detail in the video) Income tax is levied as per the tax slabs you’d fall under on the basis of your income. To know more about tax slabs, you can check this out: https://www.incometaxindia.gov.in/Tutorials/2%20Tax%20Rates.pdf (Explained in detail in the video) You might have a question as to, why we have to pay tax on the income that we earn by working hard. The income tax that you pay to the government is used by them to run the country. Running a country requires a lot of money and the government just cannot keep printing money right. (Explained in detail in the video) The government has to look after us, the people living in the country, by building proper infrastructure, and providing adequate facilities. Income tax is very important for the government as a majority of its revenue comes from the income tax levied. Countries like France, Denmark, and Belgium get almost 40% of their total revenue from income taxes. (Explained in detail in the video) These countries are also good countries, with a stable government, and the people living there, in general, are happy. That’s why you should be paying your income taxes on time and must contribute to the growth of your country. (Explained in detail in the video) These were some of the basics of income tax and we will be covering more on income tax in our subsequent videos. So make sure that you subscribe to the channel. Don’t forget to like and share this video and we’ll know that you are interested in such topics and we will continue putting out content for you. ========================================================================== Subscribe to Our Channel – Youtube ► https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1 LinkedIn ► https://www.linkedin.com/company/wallstreetmojo/ Facebook ► https://www.facebook.com/wallstreetmojo Instagram ► https://www.instagram.com/wallstreetmojoofficial/ Twitter ► https://twitter.com/wallstreetmojo

Discover Small Business Tips for Success. Small Business Advice. Go to https://www.bizmove.com to get a free business plan template, plus dozens of tools for managing and starting a business, featuring dozens of templates, books, worksheets, tools, software, checklists, videos, manuals, and spreadsheets. All completely free, no strings attached. Also see here how I managed to save hundreds on car insurance (my dirty little trick): https://www.bizmove.com/auto-car-insurance.

This is a video on “What are Cryptocurrency scams and how we can safeguard ourselves!”. #crypto #scam #wallstreetmojo #cryptocurrency #cryptoscam Chapters: 00:00 – Introduction 00:47 – What are cryptocurrency scams? 01:10 – What are Fake investment schemes? 01:40 – What are Rug pull scams? 02:23 – What are Romance scams? 03:04 – What are Phishing scams? 03:36 – What are social media giveaway scams? 04:14 – How to identify if you are being scammed? 05:13 – Conclusion (Explained in detail in the video) According to a CNBC report, more than 46,000 people have lost over $1 billion in crypto scams. Cryptocurrencies have surely gained the attention of people, but it has also gained the attention of scammers. These scammers are responsible for the rampant crypto scams that are targeting innocent people around the world. The crypto scams are just like any other financial scams, people fall for the various tactics used by the scammers, and they lose their money. There are many tactics that these scammers use: (Explained in detail in the video) 1. Fake investment schemes 2. Rug pull scams 3. Romance scams 4. Phishing scams 5. Social media giveaway scams (Explained in detail in the video) No matter what tactics the scammers use, there are some red flags that you can spot and save yourself from falling prey to them. 1. No one can ever guarantee any return or profit be it in anything, let alone in crypto. 2. Anyone offering you free money is basically out there to scam you. 3. Don’t trust anyone who is not ready to give you complete details of the investment. 4. Before you invest your money into anything, make sure that you do your own research to ensure that it is all genuine. 5. Anyone who approaches you claiming to grow your investments is most probably a scammer. (Explained in detail in the video) This was all about crypto scams that you need to be aware of. We regularly upload videos on topics including crypto, finance, etc. So, if you don’t want to miss out on those videos, then subscribe to the channel. Don’t forget to like, comment, and share this video as that’s how we’ll know you are liking our content. ========================================================================== Subscribe to Our Channel – Youtube ► https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1 LinkedIn ► https://www.linkedin.com/company/wallstreetmojo/ Facebook ► https://www.facebook.com/wallstreetmojo Instagram ► https://www.instagram.com/wallstreetmojoofficial/ Twitter ► https://twitter.com/wallstreetmojo

It also covers several AICPA updates , including new NOCLAR requirements and accounting and auditing for digital assets.

This is a video on “Crypto: What Is a Smart Contract?”. #stmartcontract #cryptocurrency #wallstreetmojo #smartcontractbenefits #miners Chapters: 00:00 – Introduction 00:01 – Introduction to contracts? 00:20 – Example of a standard Contract? 01:11 – What is a smart contract? 01:33 – Example of a Smart Contract? 02:14 – What are miners? 02:42 – How can we trust a smart contract? 03:20 – Sectors where smart contracts are used? 04:00 – Which company uses smart contracts? 04:14 – Live example of smart contracts 05:00 – Conclusion In this video tutorial, we will discuss standard contracts, Smart contracts and their example, miners, security and benefits of smart contacts, sectors and companies using smart contracts, etc. (Explained in detail in the video) Contracts govern a huge part of our personal and professional life. But, given the history of many contract violations, you can always rely on a central figure or authority to honour your side of the bargain? (Explained in detail in the video) Example: Largest crowdfunding platform, "Kickstarter” Individuals or organizations visit this website, create a project, set a funding goal, and start collecting funds. Once the target fund has been collected, Kickstarter must transfer the money to the creators. Or, if the project fails to accumulate the target funds, money must go back to the donors. (Explained in detail in the video) So, there is always a reliance on the central figure who acts as a contract dictator or controller. Similarly, smart contracts are programs or protocols stored in the blockchain that are executed automatically when pre-determined contract conditions are met. (Explained in detail in the video) So in the above example, instead of depending on Kickstarter, the organization decides to create a smart contract for its project. A developer programs the smart contract. Code is then added to the blockchain, and its copies are distributed to the entire network of donors. (Explained in detail in the video) Next, miners, use their computers to solve mathematical problems and verify if the agreement conditions are valid. Once the majority confirms the validation of the contract, donors can transfer all their money to the smart contract. And once the project is fully funded, the smart contract self-executes and all the funds are transferred to the creator’s account. However, if the project fails to gather the required amount, the funds will be automatically transferred to all the donor’s accounts. (Explained in detail in the video) Security: Smart contracts are stored inside a blockchain using encryption protective codes, and hence nobody can alter these agreements. Once a smart contract is created, it remains as it is. Also, because each record on the blockchain is connected to the previous record, hackers would have to tamper with the entire chain to alter a single record. Because it is controlled by blockchain, this means that a copy of the agreement is distributed as a ledger to all the donors. This means that if someone tries to tamper with the agreement, all the other donors would know about it, and that person’s attempt would be declared invalid. (Explained in detail in the video) Because of these properties, smart contracts have slowly started gaining entry into various sectors. Some examples include: (Explained in detail in the video) • The gaming industry, • IBM (the computer giant) and Sonoco (the protective packaging giant) also use smart contracts to safely transport and deliver temperature-controlled life-saving medicines. • Insurance companies • Banks • Postal companies can use it for payments on delivery. The most famous one employing smart contracts is the digital currency “Ethereum.” Here’s a real-world example where Ethereum smart contracts are in action. (Explained in detail in the video) AXA, the French insurance giant, uses Ethereum-powered smart contracts to provide flight insurance to its customers. And the condition is a delay of two hours or more in a regular flight schedule. Based on the code, the smart contract holds AXA's money until that certain condition of 2 hours flight delay is met. So, as soon as global air traffic databases show flight delays of 2 hours or more the smart contract self-executes. And you are compensated. (Explained in detail in the video) This brings us to end of the video. Don’t forget to hit that subscribe button and vote a thumbs-up for this video. And stay tuned! Because there’s more to come on cryptocurrencies. (Please check the video for details). ========================================================================== Subscribe to Our Channel – Youtube ► https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1 LinkedIn ► https://www.linkedin.com/company/wallstreetmojo/ Facebook ► https://www.facebook.com/wallstreetmojo Instagram ► https://www.instagram.com/wallstreetmojoofficial/ Twitter ► https://twitter.com/wallstreetmojo

The purchasing process is very important to a business, as manufacturers can’t make goods without raw materials and retailers can’t sell goods without first buying them. Even service providers must acquire goods or services to provide services (e.g., accounting firms need to purchase tax preparation software and law firms purchase software to research legal cases). Before auditing the purchasing process, the auditor needs to get an overview of the activities that make up a company’s purchasing process. The purchasing process consists of the following steps: 1. Requisitioning goods or services 2. Purchasing goods or services 3. Receiving goods or services 4. Processing invoices 5. Making disbursements 6. Updating records 0:00 Introduction 0:22 Requisitioning goods or services 1:19 Purchasing goods or services 4:09 Receiving goods or services 5:37 Processing invoices 7:57 Making disbursements 8:40 Updating records — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people. — SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING • A 44-PAGE GUIDE TO U.S. TAXATION • A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS • MANY MORE FREE PDF GUIDES * http://eepurl.com/dIaa5z — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira — CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/

What is Bitcoin Mining? – Easy explanation. (Basics) This is a video on “What is Bitcoin Mining”. Chapters: 00:00 – Introduction 00:12 – Where do Bitcoins come from or enter the market? 00:17 -What is Bitcoin mining? 00:23 – How Bitcoin mining is done? 00:48 – What are the key concepts of bitcoin? 00:54 – What is Block? 01:04 -What is Hash? 01:35 -What is Proof of work? 01:50 -What is Nonce Value? 02:03 – How does the whole mining process work? 03:26 -What is Miners Pool? 03:50 – Why miners mine Bitcoin? 03:56 – What are the rewards of Bitcoin mining? 04:22 – Which are the top Mining farms? 04:39 – Is Bitcoin mining profitable? 04:49 – How much Bitcoin rewards are given to miners? 04:39 – Is Bitcoin mining profitable? 05:15 – Conclusion In this video tutorial, we will discuss how Bitcoins enter the market, what is Bitcoin mining and how is it done, its key concepts, miners Pool, rewards of mining, the top Mining farms and are they profitable, and Bitcoin rewards, etc. (Explained in detail in the video) Do you know? Bitcoin is the world’s first publicly distributed currency. A bitcoin enters the market through a system called mining. Bitcoin mining is the process of adding new bitcoins to the system by validating bitcoin transactions. Individuals or organizations called miners use specialized computers and softwares to solve extremely complex mathematical puzzles. And the first miner to solve the equation gets rewarded with some bitcoins. (Explained in detail in the video) Key concepts 1. Block – A block is the smallest unit in blockchain that stores all the transaction data in the blockchain network. 2. Hash – A hash function is basically a method by which the transaction details you input are converted into an output of fixed length consisting of letters and numbers. Bitcoin uses a specific algorithm to convert your transactions into a fixed-length digital output called a hash. Each time the same input is entered into the hashing function, it produces the same output as earlier The miners verifying the transactions on the bitcoin network are actually trying to guess the hash value. (Explained in detail in the video) 3. To arrive at this hash value, miners need to arrive at the nonce value- a complex mathematical puzzle that, when solved, gives the targeted hash and validates the entire transaction. (Explained with example in the video) The difficulty level of mining increases each time 2016 blocks are added to the network. Mining is a very complex process & the hardware/computers used are usually very expensive and use a lot of resources. Due to this Miners have come up with a solution called miners pool, where a group of miners with their advanced computers get together to mine bitcoins collectively by sharing their resources. Rewards: (Explained in detail in the video) At present, a successful miner is rewarded with 6.25 bitcoins, making it close to 120 thousand US dollars. That’s why a lot of individuals and organizations devote their entire time to bitcoin mining. However, when you consider the highly expensive electricity costs and the expenses incurred in building a farm full of supercomputers, the profit margins are not always that high. (Explained in detail in the video) In 2009, miners were rewarded with 50 bitcoins. But as the years rolled on, the rewards were curtailed to half with every passing four years. So, in 2012- 25 bitcoins were rewarded. In 2016- The reward went to 12.5 bitcoins. And from 2020, the rewards were further reduced to 6.25 bitcoins. Don’t forget to subscribe and vote a thumbs-up for our videos. And stay tuned for our next video on the cryptocurrency series. Please check the video for details. #miners #mining #wallstreetmojo #cryptocurrency #bitcoin ========================================================================== Subscribe to Our Channel – Youtube ► https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1 LinkedIn ► https://www.linkedin.com/company/wallstreetmojo/ Facebook ► https://www.facebook.com/wallstreetmojo Instagram ► https://www.instagram.com/wallstreetmojoofficial/ Twitter ► https://twitter.com/wallstreetmojo