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Author Topic: How Bitcoin mining works?  (Read 429588 times)

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Offline bitcoinforum.comTopic starter

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How Bitcoin mining works?
« on: December 17, 2017, 05:12:27 PM »
"Your keys, your Bitcoin. Not your keys, not your Bitcoin." (Andreas Antonopoulos)
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The following users thanked this post: franzyshifter, Ivette80, lovelydaytoday, scentsupremacy


Offline johnnathanexo

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Re: How Bitcoin mining works?
« Reply #120 on: January 06, 2021, 04:08:07 AM »
I know a bit about this that bitcoins can be mined. But you can also earn cryptos without having to invest money for it is a new thing for me. Great link shared. Now I will dig up more in this topic.

Offline lovelydaytoday

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Re: How Bitcoin mining works?
« Reply #121 on: January 13, 2021, 01:19:12 PM »
Great info for beginners like me. its a bit long though but really helpful. just need to read more, i would really want to learn more about bitcoin trading

Offline KylieSandersonE8Kf

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Re: How Bitcoin mining works?
« Reply #122 on: January 22, 2021, 03:29:55 PM »
Thanks for the great explanation . I'm not the dumbest person in this business, but this will help me to understand in more detail

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Re: How Bitcoin mining works?
« Reply #123 on: January 29, 2021, 12:17:01 PM »

The users primarily find many news about Bitcoin Mining which are quality in different genres because they make use of their key features, and there’s nothing that reveals the rewarding satisfaction users get when they exactly implement the correct application, even if it takes some time for a while.


Bitcoin Mining is the crucial processing of transactions on a Bitcoin network and securing them into the blockchain.  Also each set of transactions that are processed is a block. In addition the block is secured by the miners. Mostly the miners do this by developing a hash that is created from the transactions in the block.
It is also illustrated that this cryptographic hash is then actually added to the block. The next block of transactions would look to the previous block’s hash to verify it is legitimate. After then your miner would attempt to develop a new block that contains present transactions and new hash before anyone else’s miner can do so.


More importantly this Bitcoin Core is less usable as money due to much higher fees and has delayed transaction times. So the core team has also expressed interest in keeping these fees high since they actually view BTC as a store-of-value and not something to be transacted on a daily basis. In addition more similarly Bitcoin Cash’s transaction fees cost pennies and payments could be validated even with zero confirmations. As a result these facts make ideal cryptocurrency for sending and receiving money anywhere in the world.


Ever since the hardship of Bitcoin mining is high now people would pool their miners together to have a better chance of creating a block and having it confirmed before other miners for a share of the current mining reward which is 12.5 BTCs, plus any transaction fees. Primarily the series of blocks is called the blockchain.
Also this blockchain would be like your checkbook register or a general ledger of transactions.  The general way that Bitcoin mining secures the blockchain makes that ledger tamper-proof and immutable. Each block once made into a block would be verified by nodes on a Bitcoin network.


More accurately this process of Bitcoin mining is going to be difficult on the technical side. The miners secure the network by utilizing proof of work and developing a hash for each block that is mined, so the blockchain keeps an immutable record of all transactions taking place on the network. Altogether it is illustrated noted that the Bitcoin mining is competitive, so if you wish to solve or find a block before anyone else’s miner does. You will get the block reward and transaction fees from the block. 


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Offline Wanjoina

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Re: How Bitcoin mining works?
« Reply #124 on: February 01, 2021, 12:30:07 AM »
The only thing is that miners get unlimited chances to guess and calculate the correct answer. Now coming to the technicalities is that you will need a decent hardware setup if you are planning for mining the bitcoins which in turn requires investment. For those who want to have information in more detailed manner including technicalities can take help of internet.

Offline Bamand

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Re: How Bitcoin mining works?
« Reply #125 on: February 03, 2021, 08:03:41 AM »
You can mine without investment on your computer, which I think you have at home. There are many browser mining options now.

Offline Zaxell

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Re: How Bitcoin mining works?
« Reply #126 on: February 04, 2021, 10:42:31 AM »
I would not say that mining is the extraction of coins without investment, in any case, whatever the cloud mining or on a home farm, you will not do without investment.

Offline Shital

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Re: How Bitcoin mining works?
« Reply #127 on: February 08, 2021, 10:48:27 AM »
By mining, you can earn cryptocurrency without having to put down money for it. Bitcoin miners receive Bitcoin as a reward for completing "blocks" of verified transactions which are added to the blockchain. Mining rewards are paid to the miner who discovers a solution to a complex hashing puzzle first, and the probability that a participant will be the one to discover the solution is related to the portion of the total mining power on the network. You need either a GPU (graphics processing unit) or an application-specific integrated circuit (ASIC) in order to set up a mining rig.

Offline Wild Wild SouthWest

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Re: How Bitcoin mining works?
« Reply #128 on: March 01, 2021, 02:46:13 PM »
Thanks for this. I am getting the grip little by little

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Re: How Bitcoin mining works?
« Reply #129 on: March 21, 2021, 05:46:31 PM »
Thank you!

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Re: How Bitcoin mining works?
« Reply #130 on: March 23, 2021, 09:35:54 AM »
You may have read or heard about this in the news: bitcoin mining. But what exactly is bitcoin mining, and how does mining contribute to the bitcoin network?

Before we dive into this, we need to clear up a few things. When you hear 'bitcoin mining', you may think that it is about creating new bitcoins. But the name has been chosen a bit unfortunate, because creating new bitcoins is not the main purpose of mining.

This is what bitcoin miners do:

 1.Miners process new transactions in blocks
 2.Miners are rewarded in bitcoin for their work
 3.Miners protect the network
 
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Offline Cleareye

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Re: How Bitcoin mining works?
« Reply #131 on: April 19, 2021, 02:43:07 PM »
Interesting. From a personal experience. The more people mine the more GPUs cost


 

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