Bitcoin Mining: What is it, Why and How Bitcoins are Mined ...
Bitcoin Mining Definition
Bitcoin mining is analogous to the mining of gold, but its digital form. The process involves specialized computers solving algorithmic equations or hash functions. These problems help miners to confirm blocks of transactions held within the network. Bitcoin mining provides a reward for miners by paying out in Bitcoin in turn the miners confirm transactions on the blockchain. Miners introduce new Bitcoin into the network and also secure the system with transaction confirmation.
I discuss what hashflare is and why mining bitcoin is a good investment. Hashflare is a cloud mining service allowing you rent bitcoin mining equiptment, therefore you do not require the initial upfront cost or technical knowledge to mine bitcoin.
Bitcoin Core (BTC) mining is competitive and the goal is that you want to solve or “find” a block before anyone else’s miner does. Then you will get the block reward and transaction fees from the block. During the last several years we have seen an incredible amount of hashrate coming online which made it harder to have enough hashrate personally (individually) to solve a block, thus getting the payout reward. To compensate for this pool mining was developed. What a mining pool does is accept connections from miners anywhere in the world (if applicable and some are private) and pool their hashrate together thus mining with a higher total hashrate. In doing this the variance or luck of finding block is increased to the positive by having a larger total hashrate in trying to process a block the fastest.
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@BinanceResearch: Bitcoin Gold is up 5.36% in the last 24 hours. But what is $BTG? It's a Bitcoin fork that changed the scripting function & the supply to curb ASIC mining. Some people think #BTG is superior to #Bitcoin. Do you? Read our report and see for yourself ⬇️ https://t.co/w4OF4xEjgb
Another week of webinars is ahead of us! Next week, hear from Developer Advocate Solange Gueiros for a Portuguese webinar on What is RSK, learn about Bitcoin Mining and Macro Industry Trends, and take part in our workshop to host your own decentralized website on RIF Storage!
bitcoin: slow, Chinese mining pools, energy consumption, not a safe haven, not a store of value. The bitcoin narrative is being eroded every day since this drop. So what is it great for?
Payments? Way to many better cryptos out there for that. Im tired of the BTC maxis saying bitcoin is made for this liquidity crunch. Its simply a speculative asset. Thats it, the space has moved too far ahead. That being said, I hodl and I think this is going to pump hard. If this is a truly manipulated market there has never been a time like right now for the manipulators to push this market up and drag money into the crypto sphere.
08-06 16:07 - 'What about Litecoin? Unlike XRP, Litecoin is mined, halved, and has a known max supply that isn’t held or premined by a company. It’s also about to roll out Mimble Wimble, which I think will make its btc ratio pop up. I’m...' by /u/WocketMan0351 removed from /r/Bitcoin within 3-13min
''' What about Litecoin? Unlike XRP, Litecoin is mined, halved, and has a known max supply that isn’t held or premined by a company. It’s also about to roll out Mimble Wimble, which I think will make its btc ratio pop up. I’m thinking about buying some Litecoin until the btc/ltc ratio pops and then selling to get more btc. Thoughts? ''' Context Link Go1dfish undelete link unreddit undelete link Author: WocketMan0351
Everyone is talking about Bitcoin Halving. Miners in 2009 received 50 BTC for mining each block but now it's going to be 6.25! We saw a huge price change after the last two halvings. Ahead of 3rd Bitcoin Halving, what is your expectations, what is going to happen?
I have an intel core i7-7700T and a GeForce GTX 1070 8GB, LPX Vengance 2400MHz RAM, but I’m looking to upgrade everything later on.. what motherboard should I get? I’ve got a bad bitcoin mining motherboard and this stuff is the best it can handle (2400mhz and i7 max)
A 17 year old dictator is trying to create a Reddit nation and wants 2 million dollars to create an island nation by seceding from a South American nation and the nation will live off of the proceeds from mining bitcoin, legalized gambling and by making the country a bank haven. Lets see what comes
Let’s say you don’t factor in the cost of the equipment and only the electrical costs (utility only). If it cost $0.10 per kWhr, what would be the average approximate cost to mine a btc in a pool? Let’s just say you are using a cheapish miner that isn’t the latest power efficient miner on the market maybe last generation. I tried to use the calculator from whattomine.com but couldn’t get a price that looked realistic.
If electricity isn't a concern, what is the best way to mine bitcoin?
I currently only have a decent gaming pc that's mining ETH but I didn't know if there was a way I could be mining BTC as well with that machine. I'd want to avoid spending ~$800 on an ASIC machine but it would pay for itself quite fast with free electricity. Does anyone have one to recommend? Doesn't have to be efficient but would love for it to be as fast as possible while also relatively cheap.
The "bit" stands for bitcoin, "rawr" means "i love you" in dinosaur language. This is Bitrawr. A project I've been working on for about 6 months now in an attempt to map the entire landscape of Bitcoin. From exchanges to wallet, mining to ATMs, it's all here. Let me know what you think!
Unathi Kwaza RT from Free Thoughts: Why is there a finite amount of bitcoin? What happens when all of the bitcoin is mined? What’s next for cryptocurrencies and blockchain technology? Will the government step in to regulate this? Can it?
Relativity speaking what is the price difference between a bitcoin and the cost of mining a bitcoin. Is it over or under valued
If it takes $1000 of hardware and $100 of electricity to mine a bitcoin then it's over valued. If it takes $50000 to mine a bitcoin then it's under valued. How much money does it take to mine a bitcoin?
Bitcoin Cash hashrate is at all time high. Miners are putting ideology before profit mining BCH at a relative loss to BTC. Does not matter what side you are rooting for: This is _exactly_ how its intended to work, and its beautiful!
The result of “bitcoin mining” is twofold. First, when computers solve these complex math problems on the Bitcoin network, they produce new bitcoin, not unlike when a mining operation extracts ... Bitcoin mining is the process by which new bitcoins are entered into circulation, but it is also a critical component of the maintenance and development of the blockchain ledger. Get the software for bitcoin mining. Only through bitcoin mining software, the miner can fastener their mining hardware to the preferred mining pool. Software is required to point the hash rate at the mining pool. Make sure bitcoin mining is legal in your area. In most countries, bitcoin mining is legal, but it is better to consult the local ... How Bitcoin Mining Works. Before you start mining Bitcoin, it's useful to understand what Bitcoin mining really means. Bitcoin mining is legal and is accomplished by running SHA256 double round hash verification processes in order to validate Bitcoin transactions and provide the requisite security for the public ledger of the Bitcoin network. Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks.
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