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Bitcoin => Security and technical support => Topic started by: bitcoinforum.com on December 17, 2017, 05:12:27 PM

Title: How Bitcoin mining works?
Post by: bitcoinforum.com on December 17, 2017, 05:12:27 PM
How Bitcoin mining works?

https://www.investopedia.com/tech/how-does-bitcoin-mining-work/ (https://www.investopedia.com/tech/how-does-bitcoin-mining-work/)
Title: Re: How Bitcoin mining works?
Post by: cointech on December 28, 2017, 04:39:28 PM
this is great, thanks!
Title: Re: How Bitcoin mining works?
Post by: Hardmandie on December 30, 2017, 04:43:07 PM
I have always wanted to know how bitcoin mining works. I read some hardwares are needed. How much do I really need to set up a mining software and hardware.
Title: Re: How Bitcoin mining works?
Post by: MaxXXXX on January 28, 2018, 02:20:48 PM
can not understand anything
Title: Re: How Bitcoin mining works?
Post by: bitbuddy on January 30, 2018, 08:04:25 PM
Whoever wants to even start thinking moving into Crypto World should have atleast read Satoshi's whitepaper.
Title: Re: How Bitcoin mining works?
Post by: Adelle on February 07, 2018, 09:22:41 PM
Basically it works like this:
Every ten minutes or so mining computers collect a few hundred pending bitcoin transactions (a “block”) and turn them into a mathematical puzzle. ... The miner who found the solution gets 25 bitcoins as a reward, but only after another 99 blocks have been added to the ledger.
The first miner to find the solution announces it to others on the network. The other miners then check whether the sender of the funds has the right to spend the money, and whether the solution to the puzzle is correct.
Title: Re: How Bitcoin mining works?
Post by: Bilkymesk on February 13, 2018, 01:16:31 AM
I have always wanted to know how bitcoin mining works. I read some hardwares are needed. How much do I really need to set up a mining software and hardware.

I wonder there is any software that can help to earn bitcoins without paying. I am newbie so I want to learn more before investing money on. Thanks
Title: Re: How Bitcoin mining works?
Post by: J on February 14, 2018, 07:29:48 AM
Basically it works like this:
Every ten minutes or so mining computers collect a few hundred pending bitcoin transactions (a “block”) and turn them into a mathematical puzzle. ... The miner who found the solution gets 25 bitcoins as a reward, but only after another 99 blocks have been added to the ledger.
The first miner to find the solution announces it to others on the network. The other miners then check whether the sender of the funds has the right to spend the money, and whether the solution to the puzzle is correct.
The mining-pool get 12.5 BTC per block, not 25 BTC. This stage has already passed. By the way, in the beginning of Bitcoin the miners received 50 BTC per block.
Title: Re: How Bitcoin mining works?
Post by: innate on February 27, 2018, 07:05:51 AM
nice post! Finally i can found this
Title: Re: How Bitcoin mining works?
Post by: MaRiNA_098 on March 22, 2018, 12:26:03 PM
Interesting post, thanks a lot!
Title: Re: How Bitcoin mining works?
Post by: ZigZag on March 24, 2018, 09:46:32 AM

Is not mining BitCoin a waste of energy? I thing, that in future there will be more projects like Nebula Network - decentralized storage cloud. Emission mechanism is tied to their supply and exchange rate is rock stable (separated from BitCoin rate). It's already working on Tether USDT which has stable rate in about 1$ and I thing thats great - investors dont have to worry about rate turbulences. What do you thing?
Title: Re: How Bitcoin mining works?
Post by: Bitmann on March 25, 2018, 02:25:15 PM
Thanks!
Title: Re: How Bitcoin mining works?
Post by: jitenrajput on March 26, 2018, 06:32:27 AM
Bitcoin mining is a process by which bitcoins are generated. They are given in the form of reward to the miner who solves the puzzle first. It works on the concept of blockchain.

Suppose you are transferring 50 bitcoins to say your friend. When you broadcast the message, all the nodes in the network will verify the transaction. There are specialized programmers called “miners” who solve the puzzle in order to add the transaction to the block. The miner who solves the puzzle first receive reward in the form of bitcoin and transaction fee. In the previous years bitcoin reward was 25 bitcoins per transaction and right now its 12.5. The reward is halved every four years. This process of bitcoin generation is known as bitcoin mining. The transaction verified successfully is then added to the block and bitcoins are transferred to your friend’s account/wallet.
Title: Re: How Bitcoin mining works?
Post by: troy28 on March 27, 2018, 03:47:45 PM
Does cloud mining still profitable? as per other mining the return is very slow. you have to invest more to feel your earning, i came accross this hashmonster.io site and they will start this April, im planning to try this one, any two cents? i think they are worth a try because you can sell or stop your contract anytime and resell it so you could have your investment back unlike the old cloud mining where you dont have a choice but wait. i think this hashmonster.io mining is worth a try. Any idea guys?
Title: Re: How Bitcoin mining works?
Post by: EllenLiao on March 27, 2018, 10:53:45 PM
As a Newbie, the article explains mining clearly to me. I'd recommend people to check this out.
But in the explanation to five year old child, it's a little confusing.  ??? So basically, miners have two ways to earn cryptocurrency: 1. mine blocks and contributing computer power to blockchain (every miner is solving the same mathematical problem at a time, and the first solver could gain the new releasing cryptocurrency as a reward). 2. process the transaction for users in the blockchain. Transaction fee is existing crypto currency that will pay for miners.

Lmk if there's any concept should be corrected.  8)
Title: Re: How Bitcoin mining works?
Post by: yazzy on April 11, 2018, 02:18:05 PM
Nice post! Thanks for the link! I used to wonder how it works.  I guess some who are actively participating in bitcoin transactions know not much about it.  Nice summary jitenrajput by the way.
Title: Re: How Bitcoin mining works?
Post by: Coinini on April 12, 2018, 08:56:24 AM
Im not sure if mining is best way to earn money, but for sure it's waste of energy. I prefer trading. Well, there are already alt coins with real value thanks to emission mechanism tied to their supply. There are innovative alt coins which are generated due to distribution of storage cloud supply (in form of computational power and disc space). I thing it will be next step in cruptocurrency development...Time will see if Im right, but project is worth to follow.
Title: Re: How Bitcoin mining works?
Post by: holdandrelax on April 16, 2018, 02:20:31 AM
Is it still profitable to mine?
Title: Re: How Bitcoin mining works?
Post by: Coinini on April 16, 2018, 06:02:27 PM
I was a miner of Bitcoin for some time but currently I thing that it's a waste of energy. I prefer trading to get money. Otherwise, Im sure soon mining will be less and less popular because there will be more coins like mentioned above Nebula Network, where emission mechanism is tied to their supply. It makes that rate of exchange is rock stable and free from btc rate turbulences.
Title: Re: How Bitcoin mining works?
Post by: Garden on April 18, 2018, 11:21:07 AM
Bitcoin mining is a computer processing in order to ensure the security and verification of all the transactions made between one user and other. These transactions are made over a decentralized network. Hope you people will get an idea about the mining.
Title: Re: How Bitcoin mining works?
Post by: Zoey_iam on April 18, 2018, 11:54:18 PM
It's not an easy topic to discuss but thanks for sharing the information.  It's something i definitely would like to do eventually.
Title: Re: How Bitcoin mining works?
Post by: Zoey_iam on April 20, 2018, 12:42:42 PM
Whenever I get puzzled and confused about this topic I always go to your link. :D
Title: Re: How Bitcoin mining works?
Post by: Sensiyorum on May 23, 2018, 09:17:06 AM
Bitcoin mining is a technique in which external hardware (GPU) is used with the memory in terabytes in order to mine the coins. You just need to buy an external hardware from a trusted company and then attach it with your pc and wallet. It is the newest mean of earning money via generation of coins!
Title: Re: How Bitcoin mining works?
Post by: MoonGringo on May 23, 2018, 10:21:26 AM
In my opinion mining is useless, while there are projects like mentioned decentralized storage cloud Nebula Network, where emission mechanism is tied to the supply - it's something more innovative than well known PoS or PoW. Thanks of it, rate of exchange is rock stable and independent from BitCoin, and as we know it's the main problem for investors and generally for cryptocurrencies to break into mainstream.
Title: Re: How Bitcoin mining works?
Post by: holdandrelax on May 24, 2018, 07:05:03 PM
Up to this point I thought that at least some cryptos are still profitable to mine. But afaik monero, pkt w/e same thing as btc in the sense that they are pointless to mine.
Title: Re: How Bitcoin mining works?
Post by: Ifeanyichukwu on May 25, 2018, 04:18:31 PM
The new Bitcoin cloud mining system has changed a lot of things. Now anybody can mine Bitcoin from anywhere, quite cool... (*_^)
Title: Re: How Bitcoin mining works?
Post by: Garden on May 26, 2018, 09:08:42 AM
Crypto mining is a process in which you use external harddrive to your computer in order to generate coins for yourself. You just need to buy a harddrive with the capacity of storage in terrabytes and connect it to your wallet. You can generate up to 1 BTC per month via mining!
Title: Re: How Bitcoin mining works?
Post by: adconity on May 30, 2018, 06:44:09 AM
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 blockchain as it is a chain of blocks. The blockchain serves to confirm transactions to the rest of the network as having taken place. Also, if you are looking to advertise your business on bit[censored]d advertising platform then Adconity may suit your interest, as it helps advertisers and publishers to advertise their business on a crypto-based advertising platform with competitive pricing. Visit the website for more info.
Title: Re: How Bitcoin mining works?
Post by: crypterum on June 04, 2018, 08:10:30 AM
That's good
Title: Re: How Bitcoin mining works?
Post by: Adriana Lowe on June 12, 2018, 02:23:22 AM
Interesting post, thank you!
Title: Re: How Bitcoin mining works?
Post by: Coinini on June 12, 2018, 10:34:13 AM
Mining is waste of energy. There is already more innovative technology. Emission mechanism tied to the supply. There is Nebula Network - it's decentralized storage cloud with emission mechanism tied to the supply in form of computational power and disc space. Thanks of it it's rock stable and independent from Bitcoin.
Title: Re: How Bitcoin mining works?
Post by: emma.lee1890 on June 29, 2018, 07:29:08 AM
The first miner to find the solution announces it to others on the network. The other miners then check whether the sender of the funds has the right to spend the money, and whether the solution to the puzzle is correct.
Title: Re: How Bitcoin mining works?
Post by: aikon on August 02, 2018, 10:35:55 AM
It still isn't clear to me how exactly do the coins acquire value...
Title: Re: How Bitcoin mining works?
Post by: Shiva on August 09, 2018, 12:16:50 PM
By mining, you can earn cryptocurrency without having to put down money for it. That said, you certainly don't have to be a miner to own crypto. 
In addition to lining the pockets of miners, mining serves a second and vital purpose: It is the only way to release new cryptocurrency into circulation. In other words, miners are basically "minting" currency. For example, as of the time of writing this piece, there were about 17 million Bitcoin in circulation. Aside from the coins minted via the genesis block (the very first block created by Bitcoin founder Satoshi Nakamoto himself), every single one of those Bitcoin came into being because of miners. In the absence of miners, Bitcoin would still exist and be usable, but there would never be any additional Bitcoin. There will come a time when Bitcoin mining ends; per the Bitcoin Protocol, the number of Bitcoin will be capped at 21 million.
Aside from the short-term Bitcoin payoff, being a miner can give you "voting" power when changes are proposed in the Bitcoin protocol. In other words, a successful miner has influence on the decision-making process on such matters as forking.
For more information check on Belfrics.com

Thanks,
Shinto
Title: Re: How Bitcoin mining works?
Post by: Belfricsbt on August 10, 2018, 05:45:33 AM
Mining computer collect a few hundred pending bitcoin transactions and turn them into a mathematical puzzle in every ten minutes. As a reward, the miner who found the solution gets 25 bitcoins, but only after another 99 blocks have been added to the ledger.
Title: Re: How Bitcoin mining works?
Post by: bitbud on August 10, 2018, 06:37:06 AM
I've already read a few explanations about mining.
It's good to read many different ones, then you really get a plan of what mining is.
A friend of mine also explained it to me, I'm trying to soak up as many information as possible (:
Title: Re: How Bitcoin mining works?
Post by: Carolxx500 on August 13, 2018, 07:55:24 AM
Thanks for sharing, very helpful topic! :)
Title: Re: How Bitcoin mining works?
Post by: crypto on August 21, 2018, 12:57:25 PM
Hi,

I get to know about mining from a tv show where the character used to solve mathematical problems online by which he was earning bitcoins, but now it all happens by Computers processors.
Computer processors solve mathematical problems by which users get bitcoins.
Title: Re: How Bitcoin mining works?
Post by: JosefinaCrane on September 27, 2018, 07:22:03 AM
As a newbie understanding the concept of bitcoin mining will be a bit complex but it is not impossible. There are lot of articles on internet that give information but they are very much technical, so for those who are not much tech savvy will find it confusing. So its better to avoid the technical aspect and rather focus on the how bitcoin mining works. In simple words mining is a process which is undertaken by miners as they are rewarded with certain bitcoins for getting the correct answer. To make things simple consider a situation where there are a lot of miners who are supposed to find an exact answers so they keep trying until anyone of them finds it. the one who finds gets rewarded with certain bitcoins. 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.
Title: Re: How Bitcoin mining works?
Post by: emma.lee1890 on September 30, 2018, 07:22:23 AM
I have always wanted to know how bitcoin mining works. I read some hardwares are needed. How much do I really need to set up a mining software and hardware.
Title: Re: How Bitcoin mining works?
Post by: crroman18 on October 01, 2018, 09:48:27 PM
I think the thing is you can spend as much or as little as you'd like to be a miner, but the more successful miners are the ones who invest a lot of money on the best hardware/software. They have a higher chance of winning a block.
Title: Re: How Bitcoin mining works?
Post by: BitcoinXCash on October 02, 2018, 09:51:25 AM
helpful topic! THANX
Title: Re: How Bitcoin mining works?
Post by: btcismylife on October 17, 2018, 06:21:46 PM
Does cloud mining still profitable? as per other mining the return is very slow. you have to invest more to feel your earning, i came accross this hashmonster.io site and they will start this April, im planning to try this one, any two cents? i think they are worth a try because you can sell or stop your contract anytime and resell it so you could have your investment back unlike the old cloud mining where you dont have a choice but wait. i think this hashmonster.io mining is worth a try. Any idea guys?


cloud mining is not really profitable now man, it should be only when btc will grow
Title: Re: How Bitcoin mining works?
Post by: emma.lee1890 on October 21, 2018, 10:26:14 AM
It is possible for some to mine bitcoins profitably with a single device. The major factor is cost of electricity. Other factors are the cost of the equipment, cooling, and noise. While there might be some economies of scale in mining with 1000 machines, it is not a major factor.
Title: Re: How Bitcoin mining works?
Post by: crroman18 on October 22, 2018, 02:36:04 PM
True there are many factors that impact your success in crypto mining.. but the major one no one talks about is the network is not optimized for blockchain tech. This post explains it well https://medium.com/bloxroute/how-bloxroute-benefits-miners-f4816af72f68 hopefully with scalability solutions on the network level we will all be more profitable.
Title: Re: How Bitcoin mining works?
Post by: emma.lee1890 on October 28, 2018, 05:27:10 PM
its funny how this is all very reminiscent of the gold rush.  You used to be able to mine with your two hands and now its all machinery not too different from cryptocurrency.
Title: Re: How Bitcoin mining works?
Post by: BITCOINBTC on October 31, 2018, 08:55:38 AM
More miners try to exit from business.
Title: Re: How Bitcoin mining works?
Post by: gogas2 on November 09, 2018, 06:11:08 PM
Very interesting , Thanks for this share
Title: Re: How Bitcoin mining works?
Post by: AndrejWarhola on November 12, 2018, 11:41:07 AM
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. The block chain serves to confirm transactions to the rest of the network as having taken place.
Title: Re: How Bitcoin mining works?
Post by: emma.lee1890 on November 14, 2018, 05:18:38 PM
But the reason that people mentioned mining with your PC now is because you can "mine Bitcoin" indirectly by mining other cryptocurrencies and then converting them to Bitcoin.  Many of these cryptocurrencies have different mining algorithms which means that ASICs have not been developed for them yet - furthermore, many of the mining algorithms are designed to make ASICs hard to develop.
Title: Re: How Bitcoin mining works?
Post by: coinologist on November 27, 2018, 04:32:15 PM
That article is the most helpful thing i've read whilst researching mining. Thank you so much!
Title: Re: How Bitcoin mining works?
Post by: blockminded on December 27, 2018, 04:35:33 AM
Bitcoin Mining is the process of creating and originating the bitcoin currency to introduce more coins in the system. Transactions made in bitcoin are recorded publically by blockchain technology.

 
Title: Re: How Bitcoin mining works?
Post by: moonswamp on January 01, 2019, 10:31:06 AM
I have closed my small mining farm these days
Title: Re: How Bitcoin mining works?
Post by: Ksenia Volfer on January 22, 2019, 05:39:52 PM
t=2s if you want get free btc daily, see video, have proof
Title: Re: How Bitcoin mining works?
Post by: letsgetit on February 03, 2019, 09:51:37 AM
 There is still so much more to explain about the system, but at least now you have an idea of the broad outline of the genius of the programming and the concept
Title: Re: How Bitcoin mining works?
Post by: Crypt0Pro on February 04, 2019, 06:24:43 AM
Got it finally. Thanks for the useful info!
Title: Re: How Bitcoin mining works?
Post by: Meadow on February 04, 2019, 10:51:12 AM
To put it simple, people compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created.
Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
Title: Re: How Bitcoin mining works?
Post by: Gobane on February 07, 2019, 09:38:04 PM
I'm just new to cryptocurrency. But as I know from here BitcoinBestBuy bitcoin mining is very difficult. And now it can take a long time.
Title: Re: How Bitcoin mining works?
Post by: ryanbennett on February 11, 2019, 04:16:26 PM
Tanks for share you are rally help for me!
Title: Re: How Bitcoin mining works?
Post by: emililadjet on February 16, 2019, 03:51:12 PM
Thank you for this information, the mining remains a mysterious domain
Title: Re: How Bitcoin mining works?
Post by: Anast on February 17, 2019, 10:30:00 PM
Cryptocurrency mining is painstaking, expensive, and only sporadically rewarding. I would say it's worth the pain and efforts to partake in this process of mining.
Title: Re: How Bitcoin mining works?
Post by: letsgetit on February 19, 2019, 03:53:02 PM
 miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine.
Title: Re: How Bitcoin mining works?
Post by: Meadow on March 04, 2019, 05:50:03 PM
Well, the puzzles are solved with a help of powerful hardware - that's all ahah
Title: Re: How Bitcoin mining works?
Post by: Quiks on March 27, 2019, 10:44:52 AM
Thank. Very detailed.
Title: Re: How Bitcoin mining works?
Post by: bit858585 on March 28, 2019, 07:22:14 PM
mining is not profitable any more
Title: Re: How Bitcoin mining works?
Post by: emililadjet on March 31, 2019, 07:33:23 AM
Bitcoin miners listen for transactions that are broadcast to the network. As they receive the transaction, they verify that the transaction is valid and that all inputs to a transaction are completely used.
Title: Re: How Bitcoin mining works?
Post by: Meadow on May 09, 2019, 08:40:44 AM
mining is not profitable any more
Are you a miner?
Title: Re: How Bitcoin mining works?
Post by: killy_93 on May 22, 2019, 10:45:36 AM
That's really great article, but I'm not sure if mining is profitable. It costs a lot of energy
Title: Re: How Bitcoin mining works?
Post by: Mermaid on May 22, 2019, 10:33:07 PM
Thanks for the article! I couldn't imagine that it is so hard
Title: Re: How Bitcoin mining works?
Post by: coin_talk on May 23, 2019, 02:07:04 PM
Many thanks for the article. Useful information for me.
Title: Re: How Bitcoin mining works?
Post by: Fereyjo on June 25, 2019, 12:11:23 PM
Mining works pretty easy, but it’s not very easy to start this whole farm at home by yourself. It is necessary to understand the entire technical side of this issue and not just the process itself.
Title: Re: How Bitcoin mining works?
Post by: Nightwinger on June 30, 2019, 02:31:41 PM
Mining it self is the original source of earning bitcoins. Cloud mining are platforms that bridge the gap between purchasing expensive mining hardware and investing. With as little as $100 you can invest in cloud mining.

Yeah there is a problem with fraudsters, that’s why you need to make inquiries and seek expert opinion on where to invest your funds. if you are looking for a reliable platform, The best cloud mining platform I have encountered and I can vouch for it reliability is Hashnow ASIC & FPGA Cloud Mining . They are unique and boast of outstanding features like:

• Powerful high tech modern processors used for cloud mining and information processing on the blockchain network.

• State of the earth mining farms, with about 300,000 KW of power supply.

• Most advanced mining hardware available.

• Unbeatable and dynamic profit margins.

• Over 15 cryptocurrencies available for mining, including the top 5 most profitable cryptocurrencies to mine.

 From my experience their profits are the best and no difficulty withdrawing your profits. Do well to check it out and invest.

Title: Re: How Bitcoin mining works?
Post by: ThomasEKirk on July 19, 2019, 09:44:43 AM
Hello everyone,
Thomas i'm new here.
I read the explanation and I have old PC that I want to know if it will be good for mining.

Title: Re: How Bitcoin mining works?
Post by: Ivette80 on July 20, 2019, 07:28:33 AM
very clear!  I have a lot of questions but first I ll read many times this forum!
Title: Re: How Bitcoin mining works?
Post by: lanevsky on July 23, 2019, 11:57:15 AM
Thanks! I like this article! Simple explanation. Also I like bitcoin mining work (https://inechain.com/search?q=how+does+bitcoin+mining+work) tutorials set. But mining is profitable for other coins is hard task nowadays :-\ . This is impossible to do in without HUGE investments into electricity and technique. But with solar panels it may be profitable. 8)
Title: Re: How Bitcoin mining works?
Post by: killy_93 on July 23, 2019, 01:22:43 PM
Well, in reference to mining - I think that it isn't profitable this times, I would recommend just buying BTC to be honest
Title: Re: How Bitcoin mining works?
Post by: andybrown5 on August 07, 2019, 07:39:56 AM



We really love the way you are helping people to understand all.
Title: Re: How Bitcoin mining works?
Post by: RobBa on September 16, 2019, 12:22:04 PM
So mining is dead now? Damn..
Title: Re: How Bitcoin mining works?
Post by: AskGamblers on September 18, 2019, 09:47:39 AM
The article about Bitcoin mining is well-written and easy to read.
Title: Re: How Bitcoin mining works?
Post by: Adalberto on October 01, 2019, 05:34:24 PM
Thanks for the info.
Title: Re: How Bitcoin mining works?
Post by: VCC_Exchange on October 04, 2019, 08:38:11 AM
Is mining still possible now?
Title: Re: How Bitcoin mining works?
Post by: bossmarket1 on October 08, 2019, 12:39:27 PM


Did I like the stable BTC cryptocurrency?
Title: Re: How Bitcoin mining works?
Post by: Holoiy on October 19, 2019, 06:02:22 PM
5 years ago, using a pair of powerful computers, you could earn BTC, but now it is not so simple.  In order to get cryptocurrency, you have to spend money first.
Title: Re: How Bitcoin mining works?
Post by: Sue on October 21, 2019, 07:54:20 AM
I'm really curious that with the electricity price rising, and the price of bitcoin going down as low as now, is it really possible to get profit from bitcoin mining?
Title: Re: How Bitcoin mining works?
Post by: seekingtrader on October 24, 2019, 10:20:24 AM
Basically it works like this:
Every ten minutes or so mining computers collect a few hundred pending bitcoin transactions (a “block”) and turn them into a mathematical puzzle. ... The miner who found the solution gets 25 bitcoins as a reward, but only after another 99 blocks have been added to the ledger.
The first miner to find the solution announces it to others on the network. The other miners then check whether the sender of the funds has the right to spend the money, and whether the solution to the puzzle is correct.
Thanks for the info. Finally understood it.
 
Title: Re: How Bitcoin mining works?
Post by: Sto_3 on November 20, 2019, 09:57:45 AM
I personally would stick to just buying/selling cryptos. As of now, won’t try or suggest mining.
Title: Re: How Bitcoin mining works?
Post by: mlawson71 on November 25, 2019, 02:14:35 PM
Very useful article, thank you for sharing it with us.
Title: Re: How Bitcoin mining works?
Post by: jumbalu21 on November 25, 2019, 02:43:35 PM
Is it legal to mine bitcoins in india?
Title: Re: How Bitcoin mining works?
Post by: Hagibis on December 05, 2019, 10:17:03 PM
This was a very informative article. It clearly state how mining works and would be very helpful in explaining how btc works in general. I'm not a newbie but I find it hard sometimes to explain to everyone how Bitcoin really works so I guess I should save this link and just forward it to friends for them to understand more about Bitcoin.
Title: Re: How Bitcoin mining works?
Post by: Trastoy on December 28, 2019, 12:34:04 PM
Mining is one of the best options for passive earnings, but of course, in order to create a good farm with good capacities, you need to invest not a small amount.
Title: Re: How Bitcoin mining works?
Post by: Sto_3 on December 30, 2019, 11:22:56 AM
Mining is one of the best options for passive earnings, but of course, in order to create a good farm with good capacities, you need to invest not a small amount.
That’s right, mining can be quite an expensive affair and so only those should enter into it, who have complete knowledge and skills. Otherwise, the funds are surely in danger.
Title: Re: How Bitcoin mining works?
Post by: mycybercasino.com on December 31, 2019, 03:12:19 PM
thank you  for  the great read i am not a newbie to bitcoin but it is still intresting to learn more about it, this is a great topic!
Title: Re: How Bitcoin mining works?
Post by: Relz21 on January 21, 2020, 11:56:44 AM
That’s right, mining can be quite an expensive affair and so only those should enter into it, who have complete knowledge and skills. Otherwise, the funds are surely in danger.
I agree, mining should only be done by professionals, having that adequate amount of knowledge and expertise. Beginners, especially should abstain from this.
Title: Re: How Bitcoin mining works?
Post by: josephph on March 17, 2020, 09:33:27 AM
I wonder if it is still profitable to mine?
Title: Re: How Bitcoin mining works?
Post by: mlawson71 on March 24, 2020, 10:30:44 AM
Thank you for that explanation, I am sure it's very helpful for newbies.
Title: Re: How Bitcoin mining works?
Post by: wesley3WZ on April 06, 2020, 12:45:33 AM
Quote
That’s right, mining can be quite an expensive affair and so only those should enter into it, who have complete knowledge and skills. Otherwise, the funds are surely in danger.


And there are a lot of risks, that crypto currency can fall down, at any moment.
Title: Re: How Bitcoin mining works?
Post by: bloggo on May 01, 2020, 07:01:17 AM
In my newbie opinion, you provide your hardware to process transactions and for you get the reward
Title: Re: How Bitcoin mining works?
Post by: BBAxes on May 01, 2020, 08:16:43 PM
I didn't understand what exactly was bitcoin mining and why it's getting harder these days but now I have a better picture of all of it, thanks for the post!
 
Title: Re: How Bitcoin mining works?
Post by: Nissan on May 02, 2020, 01:51:53 PM
Yes, mining is not a cheap pleasure when it comes to a home farm or buying equipment, but there are also options for browser mining or cloud mining, they do not require large expenses.
Title: Re: How Bitcoin mining works?
Post by: Erz2my on May 04, 2020, 06:54:47 PM
Is a great stuff, thanks!
Title: Re: How Bitcoin mining works?
Post by: Myeent8 on May 05, 2020, 02:59:50 PM
Thanks!  ;D
Title: Re: How Bitcoin mining works?
Post by: zombyland on May 07, 2020, 05:06:45 AM
I have never tried mining, bought coins only.
I see it like a reward for the supporting the network
Title: Re: How Bitcoin mining works?
Post by: Erz2my on May 07, 2020, 02:00:14 PM
Thank you for sharing this article :D
Title: Re: How Bitcoin mining works?
Post by: JessDan on May 30, 2020, 08:59:41 AM
очень интересная информация. Я читал об этом раньше, но я не очень понял
Title: Re: How Bitcoin mining works?
Post by: Manicopus on June 15, 2020, 08:22:24 PM
This mining is not working at the moment, as almost all the niches are already occupied.
Title: Re: How Bitcoin mining works?
Post by: ZenQual on June 24, 2020, 10:56:57 PM
This mining is not working at the moment, as almost all the niches are already occupied.
Well, I would not say that everything, but it is close to the fact that it will soon be a reality.
Title: Re: How Bitcoin mining works?
Post by: Backfist on June 25, 2020, 01:04:05 AM
I wonder if it is still profitable to mine?
Title: Re: How Bitcoin mining works?
Post by: deltaexchange on June 26, 2020, 05:45:45 AM
All the details about the topic are under one roof, perfect, definitive guide.
Title: Re: How Bitcoin mining works?
Post by: Davidson1987 on July 03, 2020, 10:21:48 AM
Thank you for the info
Title: Re: How Bitcoin mining works?
Post by: artuchik on July 07, 2020, 06:44:49 AM
I wonder if it is still profitable to mine?
Title: Re: How Bitcoin mining works?
Post by: wilkinesaudrey on August 12, 2020, 02:13:36 AM
Thanks
Title: Re: How Bitcoin mining works?
Post by: 24ATM on September 22, 2020, 11:49:25 AM
Works well enough
Title: Re: How Bitcoin mining works?
Post by: EdwardHeavy on October 26, 2020, 10:37:59 AM
Oh, thanks for sharing this info, but anyway it is quite difficult to understand how is it working
Title: Re: How Bitcoin mining works?
Post by: mlawson71 on November 23, 2020, 02:55:59 PM
Do you think the situation will improve in the future?
Title: Re: How Bitcoin mining works?
Post by: Fallar on November 23, 2020, 08:15:03 PM
Is it profitable to buy ASICs now?
Title: Re: How Bitcoin mining works?
Post by: Emma_br on December 01, 2020, 09:54:58 AM
Whoever wants to even start thinking moving into Crypto World should have atleast read Satoshi's whitepaper.
Title: Re: How Bitcoin mining works?
Post by: raheem68g on December 10, 2020, 04:03:18 PM
Yeah, fundamental analysis is important
Title: Re: How Bitcoin mining works?
Post by: Shiftal on December 15, 2020, 11:05:31 AM
Miners are getting reimbursement for their work as an auditor. They are doing the work of checking previous bitcoin transactions. This arrangement is meant to keep Bitcoin customers honest and was invented by bitcoin’s founder, Satoshi Nakamoto. By checking the transactions, miners are helping to prevent the “double-spending problem”. Double spending is a situation in which a bitcoin owner unjustly spends the same bitcoin 2 times. With physical currency, this is not an issue: once you hand someone a bill of $20 to buy a bottle of vodka, they then no longer have it, so there is no harm you could use that same bill to buy lotto tickets next door.

Let’s say you had one legal $20 bill and one forged of that same $20. If you were to try to spend both the actual bill and the fake bill, someone who took the trouble of looking at both of the bills’ serial numbers would see that they were the same number, and thus one of them had to be fake. What a bitcoin miner does is similar to that they verify transactions to make sure that users have not illegally tried to spend the same bitcoin twice.
Title: Re: How Bitcoin mining works?
Post by: caranos on December 20, 2020, 10:08:29 AM
thanks a lot for this topic
Title: Re: How Bitcoin mining works?
Post by: CeshEx on December 28, 2020, 02:13:27 PM
Works best!
Title: Re: How Bitcoin mining works?
Post by: johnnathanexo 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.
Title: Re: How Bitcoin mining works?
Post by: lovelydaytoday 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
Title: Re: How Bitcoin mining works?
Post by: KylieSandersonE8Kf 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
Title: Re: How Bitcoin mining works?
Post by: augustinnova 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. 


Why to Select Hashogen Technologies?


It is a familiar motivated cryptocurrency exchange software development company with a team of skilful resources. Their key motto of us is to offer technology-driven services at an affordable cost without compromising the quality.

Title: Re: How Bitcoin mining works?
Post by: Wanjoina 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.
Title: Re: How Bitcoin mining works?
Post by: Bamand 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.
Title: Re: How Bitcoin mining works?
Post by: Zaxell 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.
Title: Re: How Bitcoin mining works?
Post by: Shital 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.
Title: Re: How Bitcoin mining works?
Post by: Wild Wild SouthWest on March 01, 2021, 02:46:13 PM
Thanks for this. I am getting the grip little by little
Title: Re: How Bitcoin mining works?
Post by: VirginiaBlack on March 21, 2021, 05:46:31 PM
Thank you!
Title: Re: How Bitcoin mining works?
Post by: Blockchainx 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
 
 https://www.blockchainx.tech/
Title: Re: How Bitcoin mining works?
Post by: Cleareye on April 19, 2021, 02:43:07 PM
Interesting. From a personal experience. The more people mine the more GPUs cost
Title: Re: How Bitcoin mining works?
Post by: Buseki on May 15, 2021, 03:48:10 PM
I can still mine on Asics pretty well.
Title: Re: How Bitcoin mining works?
Post by: Lucy_Smith on May 17, 2021, 10:10:31 AM
The mining-pool get 12.5 BTC per block, not 25 BTC. This stage has already passed. By the way, in the beginning of Bitcoin the miners received 50 BTC per block.
So if I understand correctly, this reward is changing? Is there a minimum reward set or is this gonna decrease until it won't make sense to mine anymore?
Title: Re: How Bitcoin mining works?
Post by: Adaludek on May 17, 2021, 08:09:00 PM
Thanks for this info its interesting for me newbie
Title: Re: How Bitcoin mining works?
Post by: Shital on May 18, 2021, 03:51:09 PM
Bitcoin mining is the interaction by which new bitcoins are gone into flow, yet it is additionally a basic segment of the support and advancement of the blockchain record. It is performed utilizing exceptionally refined PCs that take care of incredibly complex computational numerical statements.
Title: Re: How Bitcoin mining works?
Post by: dawnbailey1974 on May 21, 2021, 09:29:35 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
 
 https://www.blockchainx.tech/ (https://www.blockchainx.tech/)


how exactly do they protect network?
Title: Re: How Bitcoin mining works?
Post by: bradlux on May 29, 2021, 01:14:12 PM
Earlier this month the value of Bitcoin, Ethereum and Dogecoin fell sharply following new regulations in China.

Beijing has cracked down on Bitcoin mining after controversy about the amount of electricity it uses.
Title: Re: How Bitcoin mining works?
Post by: lesnik_utsa on June 06, 2021, 12:24:18 PM
Earlier this month the value of Bitcoin, Ethereum and Dogecoin fell sharply following new regulations in China.

Beijing has cracked down on Bitcoin mining after controversy about the amount of electricity it uses.
I think all these newscasts are planned actions. China gives good news and vice versa. Therefore, I think it's okay that the price has dropped now.
Title: Re: How Bitcoin mining works?
Post by: Kromss on June 06, 2021, 01:35:35 PM
Good afternoon! Thank you very much
Title: Re: How Bitcoin mining works?
Post by: hoaibacfx on June 06, 2021, 01:37:12 PM
Không khai thác BitCoin có lãng phí năng lượng không?
Title: Re: How Bitcoin mining works?
Post by: apri_hermawan on June 07, 2021, 10:00:56 AM
I think all these newscasts are planned actions. China gives good news and vice versa. Therefore, I think it's okay that the price has dropped now.



I think all these newscasts are premeditated acts. China gives good news and vice versa. Therefore, I think it's okay if the price drops now.


That's right, we better play patiently, and we always follow the information, good and bad news will always change all the time.


fun playing in bk8 using coins
Title: Re: How Bitcoin mining works?
Post by: Shital on June 11, 2021, 03:22:07 PM
Bitcoin mining is nothing but the process, by which new bitcoins would be entered into circulation, but it is also considered to be a very much critical component of the maintenance as well as the development of the blockchain ledger. It would be performed utilizing very sophisticated computers that resolve extremely complex computational mathematical problems.
Title: Re: How Bitcoin mining works?
Post by: samrich on June 11, 2021, 03:39:46 PM
Где проводить свободное время.
Title: Re: How Bitcoin mining works?
Post by: CryptoStar19 on June 26, 2021, 06:01:43 PM
Earlier this month the value of Bitcoin, Ethereum and Dogecoin fell sharply following new regulations in China.

Beijing has cracked down on Bitcoin mining after controversy about the amount of electricity it uses.


Bitcoin is going to move forward regardless of any one country's support. The exodus of miners out of China will more evenly distribute bitcoin has rate across the world and this is a good thing for bitcoin.
Title: Re: How Bitcoin mining works?
Post by: CryptoStar19 on July 06, 2021, 01:08:09 PM
We have recently seen some of the biggest downward mining difficulty adjustments for bitcoin... the drop in hash-rate that caused it would be concerning typically, however this drop is not organic and forced by the situation in China. Eventually this hash-rate will be replaced and in the mean-time tt make all other miners more profitable.
Title: Re: How Bitcoin mining works?
Post by: Shital on July 10, 2021, 06:13:05 PM
Risks are going to be there everywhere, whether you are dealing with Bitcoins or Forex. So, you need to learn about the Market before you enter into the same.
Title: Re: How Bitcoin mining works?
Post by: CryptoStar19 on July 13, 2021, 12:48:48 PM
Bitcoin's hash rate is already recovering to a significant degree post China mining exodus.
Title: Re: How Bitcoin mining works?
Post by: Shital on July 16, 2021, 05:22:40 PM
Right now I am dealing with Forex Trading and Hence, don't have enough time to learn about Bitcoin Mining.
Title: Re: How Bitcoin mining works?
Post by: FR05 on July 19, 2021, 01:27:50 PM
I highly recommend investing bitcoin or altcoins on Tokenomy (https://bitcoinforum.com/tokenomy.com) earn, the interest can be up to 12% a year
Title: Re: How Bitcoin mining works?
Post by: CryptoStar19 on July 19, 2021, 01:53:49 PM
We have just had the 4th downward difficulty adjustment in a row... ongoing mining issues in China, another province banned bitcoin mining just days ago.

It will be temporary though, the hash rate will come back online soon or later.
Title: Re: How Bitcoin mining works?
Post by: CryptoStar19 on July 21, 2021, 02:00:44 PM
Beware of android apps and cloud-mining services offering essentially fake mining in exchange for your money.