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How Bitcoin mining works?
« on: December 17, 2017, 05:12:27 PM »
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Offline cointech

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Re: How Bitcoin mining works?
« Reply #1 on: December 28, 2017, 04:39:28 PM »
this is great, thanks!

Offline Hardmandie

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Re: How Bitcoin mining works?
« Reply #2 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.
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Offline MaxXXXX

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Re: How Bitcoin mining works?
« Reply #3 on: January 28, 2018, 02:20:48 PM »
can not understand anything

Offline bitbuddy

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Re: How Bitcoin mining works?
« Reply #4 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.

Offline Adelle

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Re: How Bitcoin mining works?
« Reply #5 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.

Offline Bilkymesk

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Re: How Bitcoin mining works?
« Reply #6 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

Offline J

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Re: How Bitcoin mining works?
« Reply #7 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.

Offline innate

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Re: How Bitcoin mining works?
« Reply #8 on: February 27, 2018, 07:05:51 AM »
nice post! Finally i can found this

Offline MaRiNA_098

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Re: How Bitcoin mining works?
« Reply #9 on: March 22, 2018, 12:26:03 PM »
Interesting post, thanks a lot!

Offline ZigZag

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Re: How Bitcoin mining works?
« Reply #10 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?

Offline Bitmann

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Re: How Bitcoin mining works?
« Reply #11 on: March 25, 2018, 02:25:15 PM »
Thanks!

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Re: How Bitcoin mining works?
« Reply #12 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.
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Offline troy28

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Re: How Bitcoin mining works?
« Reply #13 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?

Offline EllenLiao

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Re: How Bitcoin mining works?
« Reply #14 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)
« Last Edit: March 27, 2018, 11:54:41 PM by EllenLiao »

Offline yazzy

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Re: How Bitcoin mining works?
« Reply #15 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.

Offline Coinini

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Re: How Bitcoin mining works?
« Reply #16 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.

Offline holdandrelax

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Re: How Bitcoin mining works?
« Reply #17 on: April 16, 2018, 02:20:31 AM »
Is it still profitable to mine?

Offline Coinini

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Re: How Bitcoin mining works?
« Reply #18 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.

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Re: How Bitcoin mining works?
« Reply #19 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.

Offline Zoey_iam

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Re: How Bitcoin mining works?
« Reply #20 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.

Offline Zoey_iam

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Re: How Bitcoin mining works?
« Reply #21 on: April 20, 2018, 12:42:42 PM »
Whenever I get puzzled and confused about this topic I always go to your link. :D

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Re: How Bitcoin mining works?
« Reply #22 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!

Offline MoonGringo

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Re: How Bitcoin mining works?
« Reply #23 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.

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Re: How Bitcoin mining works?
« Reply #24 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.

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Re: How Bitcoin mining works?
« Reply #25 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... (*_^)

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Re: How Bitcoin mining works?
« Reply #26 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!

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Re: How Bitcoin mining works?
« Reply #27 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 bitcoin-based 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.

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Re: How Bitcoin mining works?
« Reply #28 on: June 04, 2018, 08:10:30 AM »
That's good

Offline Adriana Lowe

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Re: How Bitcoin mining works?
« Reply #29 on: June 12, 2018, 02:23:22 AM »
Interesting post, thank you!

Offline Coinini

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Re: How Bitcoin mining works?
« Reply #30 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.

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Re: How Bitcoin mining works?
« Reply #31 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.

Offline aikon

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Re: How Bitcoin mining works?
« Reply #32 on: August 02, 2018, 10:35:55 AM »
It still isn't clear to me how exactly do the coins acquire value...

Offline Shiva

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Re: How Bitcoin mining works?
« Reply #33 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

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Re: How Bitcoin mining works?
« Reply #34 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.
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Offline bitbud

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Re: How Bitcoin mining works?
« Reply #35 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 (:

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Re: How Bitcoin mining works?
« Reply #36 on: August 13, 2018, 07:55:24 AM »
Thanks for sharing, very helpful topic! :)

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Re: How Bitcoin mining works?
« Reply #37 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.

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Re: How Bitcoin mining works?
« Reply #38 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.

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Re: How Bitcoin mining works?
« Reply #39 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.

Offline crroman18

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Re: How Bitcoin mining works?
« Reply #40 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.

Offline BitcoinXCash

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Re: How Bitcoin mining works?
« Reply #41 on: October 02, 2018, 09:51:25 AM »
helpful topic! THANX

Offline btcismylife

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Re: How Bitcoin mining works?
« Reply #42 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

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Re: How Bitcoin mining works?
« Reply #43 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.

Offline crroman18

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Re: How Bitcoin mining works?
« Reply #44 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 [nofollow] hopefully with scalability solutions on the network level we will all be more profitable.
« Last Edit: October 22, 2018, 09:15:07 PM by crroman18 »

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Re: How Bitcoin mining works?
« Reply #45 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.

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Re: How Bitcoin mining works?
« Reply #46 on: October 31, 2018, 08:55:38 AM »
More miners try to exit from business.

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Re: How Bitcoin mining works?
« Reply #47 on: November 09, 2018, 06:11:08 PM »
Very interesting , Thanks for this share
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Offline AndrejWarhola

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Re: How Bitcoin mining works?
« Reply #48 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.

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Re: How Bitcoin mining works?
« Reply #49 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.

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Re: How Bitcoin mining works?
« Reply #50 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!


 

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