Author Topic: How Bitcoin mining works? (Read 963483 times)

bitcoinforum.com · « **on:** December 17, 2017, 05:12:27 PM »

How Bitcoin mining works?

https://www.investopedia.com/tech/how-does-bitcoin-mining-work/

cointech · « **Reply #1 on:** December 28, 2017, 04:39:28 PM »

this is great, thanks!

Hardmandie · « **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.

MaxXXXX · « **Reply #3 on:** January 28, 2018, 02:20:48 PM »

can not understand anything

bitbuddy · « **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.

Adelle · « **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.

Bilkymesk · « **Reply #6 on:** February 13, 2018, 01:16:31 AM »

Quote from: 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.

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

J · « **Reply #7 on:** February 14, 2018, 07:29:48 AM »

Quote from: 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.

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.

innate · « **Reply #8 on:** February 27, 2018, 07:05:51 AM »

nice post! Finally i can found this

MaRiNA_098 · « **Reply #9 on:** March 22, 2018, 12:26:03 PM »

Interesting post, thanks a lot!

ZigZag · « **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?

Bitmann · « **Reply #11 on:** March 25, 2018, 02:25:15 PM »

Thanks!

jitenrajput · « **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.

troy28 · « **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?

EllenLiao · « **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.

yazzy · « **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.

Coinini · « **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.

holdandrelax · « **Reply #17 on:** April 16, 2018, 02:20:31 AM »

Is it still profitable to mine?

Coinini · « **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.

Garden · « **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.

Zoey_iam · « **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.

Zoey_iam · « **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.

Sensiyorum · « **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!

MoonGringo · « **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.

holdandrelax · « **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.

Ifeanyichukwu · « **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... (*_^)

Garden · « **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!

adconity · « **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 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.

crypterum · « **Reply #28 on:** June 04, 2018, 08:10:30 AM »

That's good

Adriana Lowe · « **Reply #29 on:** June 12, 2018, 02:23:22 AM »

Interesting post, thank you!

Coinini · « **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.

emma.lee1890 · « **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.

aikon · « **Reply #32 on:** August 02, 2018, 10:35:55 AM »

It still isn't clear to me how exactly do the coins acquire value...

Shiva · « **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

Thanks,
Shinto

Belfricsbt · « **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.

bitbud · « **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 (:

Carolxx500 · « **Reply #36 on:** August 13, 2018, 07:55:24 AM »

Thanks for sharing, very helpful topic!

crypto · « **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.

JosefinaCrane · « **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.

emma.lee1890 · « **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.

crroman18 · « **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.

BitcoinXCash · « **Reply #41 on:** October 02, 2018, 09:51:25 AM »

helpful topic! THANX

btcismylife · « **Reply #42 on:** October 17, 2018, 06:21:46 PM »

Quote from: 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?

cloud mining is not really profitable now man, it should be only when btc will grow

emma.lee1890 · « **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.

crroman18 · « **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.

emma.lee1890 · « **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.

BITCOINBTC · « **Reply #46 on:** October 31, 2018, 08:55:38 AM »

More miners try to exit from business.

gogas2 · « **Reply #47 on:** November 09, 2018, 06:11:08 PM »

Very interesting , Thanks for this share

AndrejWarhola · « **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.

emma.lee1890 · « **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.

coinologist · « **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!

blockminded · « **Reply #51 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.

moonswamp · « **Reply #52 on:** January 01, 2019, 10:31:06 AM »

I have closed my small mining farm these days

Ksenia Volfer · « **Reply #53 on:** January 22, 2019, 05:39:52 PM »

t=2s if you want get free btc daily, see video, have proof

letsgetit · « **Reply #54 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

Crypt0Pro · « **Reply #55 on:** February 04, 2019, 06:24:43 AM »

Got it finally. Thanks for the useful info!

Meadow · « **Reply #56 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.

Gobane · « **Reply #57 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.

ryanbennett · « **Reply #58 on:** February 11, 2019, 04:16:26 PM »

Tanks for share you are rally help for me!

emililadjet · « **Reply #59 on:** February 16, 2019, 03:51:12 PM »

Thank you for this information, the mining remains a mysterious domain

Anast · « **Reply #60 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.

letsgetit · « **Reply #61 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.

Meadow · « **Reply #62 on:** March 04, 2019, 05:50:03 PM »

Well, the puzzles are solved with a help of powerful hardware - that's all ahah

Quiks · « **Reply #63 on:** March 27, 2019, 10:44:52 AM »

Thank. Very detailed.

bit858585 · « **Reply #64 on:** March 28, 2019, 07:22:14 PM »

mining is not profitable any more

emililadjet · « **Reply #65 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.

Meadow · « **Reply #66 on:** May 09, 2019, 08:40:44 AM »

Quote from: bit858585 on March 28, 2019, 07:22:14 PM

mining is not profitable any more

Are you a miner?

killy_93 · « **Reply #67 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

Mermaid · « **Reply #68 on:** May 22, 2019, 10:33:07 PM »

Thanks for the article! I couldn't imagine that it is so hard

coin_talk · « **Reply #69 on:** May 23, 2019, 02:07:04 PM »

Many thanks for the article. Useful information for me.

Fereyjo · « **Reply #70 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.

Nightwinger · « **Reply #71 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.

ThomasEKirk · « **Reply #72 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.

Ivette80 · « **Reply #73 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!

lanevsky · « **Reply #74 on:** July 23, 2019, 11:57:15 AM »

Thanks! I like this article! Simple explanation. Also I like 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.

killy_93 · « **Reply #75 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

andybrown5 · « **Reply #76 on:** August 07, 2019, 07:39:56 AM »

We really love the way you are helping people to understand all.

RobBa · « **Reply #77 on:** September 16, 2019, 12:22:04 PM »

So mining is dead now? Damn..

AskGamblers · « **Reply #78 on:** September 18, 2019, 09:47:39 AM »

The article about Bitcoin mining is well-written and easy to read.

Adalberto · « **Reply #79 on:** October 01, 2019, 05:34:24 PM »

Thanks for the info.

VCC_Exchange · « **Reply #80 on:** October 04, 2019, 08:38:11 AM »

Is mining still possible now?

bossmarket1 · « **Reply #81 on:** October 08, 2019, 12:39:27 PM »

Did I like the stable BTC cryptocurrency?

Holoiy · « **Reply #82 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.

Sue · « **Reply #83 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?

seekingtrader · « **Reply #84 on:** October 24, 2019, 10:20:24 AM »

Quote from: 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.

Thanks for the info. Finally understood it.

Sto_3 · « **Reply #85 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.

mlawson71 · « **Reply #86 on:** November 25, 2019, 02:14:35 PM »

Very useful article, thank you for sharing it with us.

jumbalu21 · « **Reply #87 on:** November 25, 2019, 02:43:35 PM »

Is it legal to mine bitcoins in india?

Hagibis · « **Reply #88 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.

Trastoy · « **Reply #89 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.

Sto_3 · « **Reply #90 on:** December 30, 2019, 11:22:56 AM »

Quote from: 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.

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.

mycybercasino.com · « **Reply #91 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!

Relz21 · « **Reply #92 on:** January 21, 2020, 11:56:44 AM »

Quote from: Sto_3 on December 30, 2019, 11:22:56 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.

josephph · « **Reply #93 on:** March 17, 2020, 09:33:27 AM »

I wonder if it is still profitable to mine?

mlawson71 · « **Reply #94 on:** March 24, 2020, 10:30:44 AM »

Thank you for that explanation, I am sure it's very helpful for newbies.

wesley3WZ · « **Reply #95 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.

bloggo · « **Reply #96 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

BBAxes · « **Reply #97 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!

Nissan · « **Reply #98 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.

Erz2my · « **Reply #99 on:** May 04, 2020, 06:54:47 PM »

Is a great stuff, thanks!

Myeent8 · « **Reply #100 on:** May 05, 2020, 02:59:50 PM »

Thanks!

zombyland · « **Reply #101 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

Erz2my · « **Reply #102 on:** May 07, 2020, 02:00:14 PM »

Thank you for sharing this article

JessDan · « **Reply #103 on:** May 30, 2020, 08:59:41 AM »

очень интересная информация. Я читал об этом раньше, но я не очень понял

Manicopus · « **Reply #104 on:** June 15, 2020, 08:22:24 PM »

This mining is not working at the moment, as almost all the niches are already occupied.

ZenQual · « **Reply #105 on:** June 24, 2020, 10:56:57 PM »

Quote from: 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.

Well, I would not say that everything, but it is close to the fact that it will soon be a reality.

Backfist · « **Reply #106 on:** June 25, 2020, 01:04:05 AM »

I wonder if it is still profitable to mine?

deltaexchange · « **Reply #107 on:** June 26, 2020, 05:45:45 AM »

All the details about the topic are under one roof, perfect, definitive guide.

Davidson1987 · « **Reply #108 on:** July 03, 2020, 10:21:48 AM »

Thank you for the info

artuchik · « **Reply #109 on:** July 07, 2020, 06:44:49 AM »

I wonder if it is still profitable to mine?

wilkinesaudrey · « **Reply #110 on:** August 12, 2020, 02:13:36 AM »

Thanks

24ATM · « **Reply #111 on:** September 22, 2020, 11:49:25 AM »

Works well enough

EdwardHeavy · « **Reply #112 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

mlawson71 · « **Reply #113 on:** November 23, 2020, 02:55:59 PM »

Do you think the situation will improve in the future?

Fallar · « **Reply #114 on:** November 23, 2020, 08:15:03 PM »

Is it profitable to buy ASICs now?

Emma_br · « **Reply #115 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.

raheem68g · « **Reply #116 on:** December 10, 2020, 04:03:18 PM »

Yeah, fundamental analysis is important

Shiftal · « **Reply #117 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.

caranos · « **Reply #118 on:** December 20, 2020, 10:08:29 AM »

thanks a lot for this topic

CeshEx · « **Reply #119 on:** December 28, 2020, 02:13:27 PM »

Works best!

johnnathanexo · « **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.

lovelydaytoday · « **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

KylieSandersonE8Kf · « **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

augustinnova · « **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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Wanjoina · « **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.

Bamand · « **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.

Zaxell · « **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.

Shital · « **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.

Wild Wild SouthWest · « **Reply #128 on:** March 01, 2021, 02:46:13 PM »

Thanks for this. I am getting the grip little by little

VirginiaBlack · « **Reply #129 on:** March 21, 2021, 05:46:31 PM »

Thank you!

Blockchainx · « **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

https://www.blockchainx.tech/

Cleareye · « **Reply #131 on:** April 19, 2021, 02:43:07 PM »

Interesting. From a personal experience. The more people mine the more GPUs cost

Buseki · « **Reply #132 on:** May 15, 2021, 03:48:10 PM »

I can still mine on Asics pretty well.

Lucy_Smith · « **Reply #133 on:** May 17, 2021, 10:10:31 AM »

Quote from: J on February 14, 2018, 07:29:48 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?

Adaludek · « **Reply #134 on:** May 17, 2021, 08:09:00 PM »

Thanks for this info its interesting for me newbie

Shital · « **Reply #135 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.

dawnbailey1974 · « **Reply #136 on:** May 21, 2021, 09:29:35 AM »

Quote from: 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/ [nofollow]

how exactly do they protect network?

bradlux · « **Reply #137 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.

lesnik_utsa · « **Reply #138 on:** June 06, 2021, 12:24:18 PM »

Quote from: 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.

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.

Kromss · « **Reply #139 on:** June 06, 2021, 01:35:35 PM »

Good afternoon! Thank you very much

hoaibacfx · « **Reply #140 on:** June 06, 2021, 01:37:12 PM »

Không khai thác BitCoin có lãng phí năng lượng không?

apri_hermawan · « **Reply #141 on:** June 07, 2021, 10:00:56 AM »

Quote from: lesnik_utsa on June 06, 2021, 12:24:18 PM

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

Shital · « **Reply #142 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.

samrich · « **Reply #143 on:** June 11, 2021, 03:39:46 PM »

Где проводить свободное время.

CryptoStar19 · « **Reply #144 on:** June 26, 2021, 06:01:43 PM »

Quote from: 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.

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.

CryptoStar19 · « **Reply #145 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.

Shital · « **Reply #146 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.

CryptoStar19 · « **Reply #147 on:** July 13, 2021, 12:48:48 PM »

Bitcoin's hash rate is already recovering to a significant degree post China mining exodus.

Shital · « **Reply #148 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.

CryptoStar19 · « **Reply #149 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.

CryptoStar19 · « **Reply #150 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.

Jaianad · « **Reply #151 on:** August 03, 2021, 11:26:09 AM »

Essentially, a group of computers (nodes) gives a group of miners (pool of miners) a math problem. Most miners use a pool because mining solo drastically increases your variance. Each miner uses their hash power (computing power) to solve (hash) portions of the math problem (in bitcoin’s case, SHA-256 algorithm) until the block is mined. Think of a block as a page in a book. In bitcoins case, it’s new transactions on the network being added to the public ledger. Once the block is mined, miners are rewarded (BTC) based on how many shares (parts of the math problem) they contributed to the block.

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Shital · « **Reply #152 on:** August 05, 2021, 06:14:09 PM »

You would be able to trade bitcoin easily for cash or assets such as gold instantly with incredibly low fees. The high liquidity which would be associated with bitcoin makes it a great investment vessel

cashisking86 · « **Reply #153 on:** August 09, 2021, 02:36:03 PM »

Is this still profitable for most people to do or only if you are able to do en masse in a cave in Iceland?

Shital · « **Reply #154 on:** August 10, 2021, 05:29:30 PM »

I don't think so, because you need to have a good and working internet connection in order to do the Bitcoin Mining.

luckypenguin · « **Reply #155 on:** August 13, 2021, 09:50:46 AM »

CrySmile · « **Reply #156 on:** August 15, 2021, 05:58:46 PM »

It works well ) But in general it's no secret that bitcoins are given out as a reward for sharing your computing power and being a link in the chain needed to complete a transaction. This topic has been covered very extensively on Bitcoinvn. But now mining is considered unprofitable, you can only make a profit on it if you have access to super cheap electricity.

Jeff larin · « **Reply #157 on:** August 16, 2021, 10:31:01 AM »

Great that is really awesome
Thanks dude

michaels · « **Reply #158 on:** August 18, 2021, 12:27:11 PM »

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Shital · « **Reply #159 on:** August 26, 2021, 05:17:27 PM »

The easiest way you would be able to get into bitcoin mining is by participating in cloud bitcoin mining. Cloud bitcoin would be able to allow for an individual to pay for the utilization of hardware and software needed for bitcoin mining without expending the cost of overhead associated with a personal mining rig.

Wolbachia · « **Reply #160 on:** August 27, 2021, 11:52:28 AM »

great thread for newbies!

reecerispoli · « **Reply #161 on:** September 13, 2021, 09:32:04 PM »

Quote from: bitcoinforum.com on December 17, 2017, 05:12:27 PM

How Bitcoin mining works?

https://www.investopedia.com/tech/how-does-bitcoin-mining-work/

This is fantastic thanks for the information

Tanri · « **Reply #162 on:** September 20, 2021, 09:38:40 AM »

Interesting post

Shital · « **Reply #163 on:** September 30, 2021, 06:34:46 PM »

I would like to give bitcoin a try, but I would like to become successful in the Forex Trading first.

JasonKingss · « **Reply #164 on:** October 13, 2021, 12:50:51 PM »

this is great, thanks!

reecerispoli · « **Reply #165 on:** October 27, 2021, 01:03:39 PM »

Quote from: cointech on December 28, 2017, 04:39:28 PM

this is great, thanks!

Thanks for the info it’s good for people to no bow it’s done

Shital · « **Reply #166 on:** October 30, 2021, 06:44:50 PM »

Bitcoin mining is the second best business right now, after the Forex Trading and Once I master the Forex I would definitely love to give it a try.

CaryOne · « **Reply #167 on:** November 08, 2021, 01:11:34 PM »

Which sites are the best to mine

costom · « **Reply #168 on:** November 10, 2021, 06:28:21 PM »

Great. Thank you!

nataliedanks · « **Reply #169 on:** November 24, 2021, 07:19:41 AM »

Tell he truthh, im new user with crypto in cryptoworld. but if someone like me - i recomend to use crypto lendeng platform Coin Loan. Very smooth system and extremely easy to make depositss. I liked it in general. I don't have problems about waiting for the verification of the transaction, because I know that it will take some time to complete.

just try!

reecerispoli · « **Reply #170 on:** November 25, 2021, 10:08:13 PM »

Quote from: cointech on December 28, 2017, 04:39:28 PM

this is great, thanks!

Thanks this is Verry useful

Pink dream · « **Reply #171 on:** November 30, 2021, 09:38:23 PM »

For me, this is also interesting and very relevant.

HeavLeighGill · « **Reply #172 on:** December 08, 2021, 09:51:24 PM »

Thanks for sharing. I've been struggling a bit with some of the more complicated aspects of how cryptocurrency works, maybe this well help.

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williamramirez · « **Reply #175 on:** December 17, 2021, 12:46:36 PM »

Quote from: Shital on October 30, 2021, 06:44:50 PM

Bitcoin mining is the second best business right now, after the Forex Trading and Once I master the Forex I would definitely love to give it a try.

I plan to start from bitcoin trading and then study Forex.

antonio george · « **Reply #176 on:** February 24, 2022, 10:43:49 AM »

Bitcoin mining is designed to be similar to gold mining in many ways. This “digital mining” is a computer process that creates new Bitcoin, in addition to tracking Bitcoin transactions and ownership. Bitcoin mining and gold mining are both energy intensive, and both have the potential to generate a handsome monetary reward.

homeliday · « **Reply #177 on:** March 03, 2022, 08:55:15 AM »

this is great, thanks!

Begaing · « **Reply #178 on:** March 20, 2022, 10:54:29 AM »

Bitcoin mining can still make sense and be profitable for some people. The equipment is more readily available, although competitive ASICs cost from a few hundred dollars up to about $10,000. In an effort to stay competitive, some machines have adapted.

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AmandaLin · « **Reply #179 on:** April 10, 2022, 02:01:56 AM »

Quote from: antonio george on February 24, 2022, 10:43:49 AM

Bitcoin mining is designed to be similar to gold mining in many ways. This “digital mining” is a computer process that creates new Bitcoin, in addition to tracking Bitcoin transactions and ownership. Bitcoin mining and gold mining are both energy intensive, and both have the potential to generate a handsome monetary reward.

I think Bitcoin and gold mining are also alike in that both can be very attractive and both require previous knowledge in order to make a profit out of it.

vipcontent1 · « **Reply #180 on:** May 17, 2022, 01:51:28 AM »

I’ve been searching for some decent stuff on the subject and haven't had any luck up until this point, You just got a new biggest fan!..

Deaconing · « **Reply #181 on:** May 18, 2022, 04:22:30 AM »

Bitcoin mining has become a second great business with the increasing popularity of Bitcoin. .

KateNickolson · « **Reply #182 on:** May 23, 2022, 06:21:57 PM »

Hello!I do mobile mining. In the case of a mobile device the electricity costs are minimal, but at the same time the load on the equipment is quite high.
Classic ASIC miners usually break even in about six months, but it's hard to say exactly when mobile mining will pay for itself. If you want to get into mining seriously, it will be better to buy a good video card or even several. In this case, the costs will be reasonable and will pay off over time.

Hectography · « **Reply #183 on:** June 01, 2022, 09:13:15 AM »

Thank you for posting such a guide! It’ll help beginners learn so many things about bitcoin mining, and how it works.

Shital · « **Reply #184 on:** June 09, 2022, 07:50:11 AM »

Bitcoin mining is the process of verifying new transactions to the Bitcoin digital currency system, and is also the process of new bitcoins entering circulation. Bitcoin is a cryptocurrency that uses goods or services as a means of payment.

SpenserReed · « **Reply #185 on:** June 09, 2022, 04:05:41 PM »

Quote from: Shital on October 30, 2021, 06:44:50 PM

Bitcoin mining is the second best business right now, after the Forex Trading and Once I master the Forex I would definitely love to give it a try.

Yeah, it was very good when BTC was about 60k, and now it's half as profitable...

dutchy1986 · « **Reply #186 on:** June 14, 2022, 03:08:09 PM »

Good to see how it all works and explanations

robertopupka · « **Reply #187 on:** July 18, 2022, 09:03:51 PM »

great business with the increasing popularity of Bitcoin

hjfhj · « **Reply #188 on:** July 21, 2022, 07:28:55 AM »

Bitcoin miners are one of the ways to get bitcoins. Many companies have developed professional Bitcoin miners, which are equipped with ASIC chips, which are dozens or hundreds of times faster than ordinary computers. Miners receive two types of rewards during the mining process: new coins for creating new blocks, and transaction fees for the transactions included in the block. In order to get these rewards, miners scramble to complete a mathematical problem based on encryption hash algorithm, that is, use Bitcoin miner to calculate hash algorithm, which requires strong computing power, how many calculation processes are, and whether the calculation results are good or bad. The proof of the miner's computational workload is called "Proof of Work". If the miner is mining for a long time, certain failures or losses will occur, and the faulty components need to be repaired or replaced in time. If you are interested in mining bitcoins, then you better find some good miner repairer persons and accessories suppliers. zeusbtc is more professional in this regard. The website has a complete set of accessories and maintenance manuals, hoping to help you.

deoolosmaflasw · « **Reply #189 on:** August 19, 2022, 08:23:30 AM »

this is great, thanks!

INDEPENDENT_TECHNIQUE · « **Reply #190 on:** August 31, 2022, 07:26:21 AM »

Hi all, I recently started mining. I am mining ETH with NiceHash-Remaster. I recently switched to this software but that gave me better results, easy to overclock, you can control everything of the rig and easy to configure.
Right now I have x5 2060 having a power of 155 mh/s. NiceHash-Remastered is on the github. How do you think this is not a bad result?

davewhite · « **Reply #191 on:** September 15, 2022, 09:53:30 AM »

Great piece of content, thank you!

JohnKlein94 · « **Reply #192 on:** October 22, 2022, 12:49:20 PM »

Thank you for the wealth of useful information.

edelynwalker · « **Reply #193 on:** December 02, 2022, 01:23:55 PM »

Bitcoin mining is the process of verifying and adding transaction records to the public ledger known as the blockchain. Miners use specialized software and hardware to solve complex mathematical algorithms to verify and add transactions to the blockchain. They are rewarded with newly created bitcoins and transaction fees for their work. The more powerful the miner, the more chances they have of successfully mining a block and receiving the reward.

JohnnyDo · « **Reply #194 on:** December 09, 2022, 11:03:04 AM »

Good explanation. Thanks

edelynwalker · « **Reply #195 on:** December 16, 2022, 01:29:50 PM »

Bitcoin mining is the process of verifying and recording Bitcoin transactions to the blockchain, which is the public ledger for all Bitcoin transactions. When a user sends a transaction, it is broadcast to the network, and nodes called miners will verify the transaction and record it to the blockchain. To incentivize the miners to process transactions, they are rewarded with newly generated Bitcoins. This process is called mining and requires significant computational power.

WithAvoid · « **Reply #196 on:** December 19, 2022, 07:25:50 AM »

What would be the latest and most profitable ASIC machine in this space? I assume Antminer is still going stronger in this field?

edelynwalker · « **Reply #197 on:** December 29, 2022, 10:06:41 AM »

Bitcoin mining is the process by which new Bitcoin is created and transactions are verified and added to the public blockchain ledger. Mining requires specialized hardware and software that performs mathematical calculations to solve complex puzzles. When a miner finds a solution to the puzzle, they are rewarded with newly minted Bitcoin. As more miners join the network, the difficulty of solving the puzzles increases, leading to an increase in the amount of energy required to solve them. This makes Bitcoin mining an energy-intensive process, but it also ensures that the process is secure and reliable.

cbdpurekana · « **Reply #198 on:** January 27, 2023, 03:24:25 PM »

KateReed · « **Reply #199 on:** February 02, 2023, 03:50:53 PM »

Quote from: 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.

Yeah, I definitely agree. I have seen a lot of videos that are just full of unnecessary information, but in this article you can find not only up-to-date information, but also quickly navigate to understand how mining works.

How a bitcoin transaction works? Started by bitcoinforum.com	Replies: 2 Views: 30086	February 22, 2014, 02:21:51 PM by bitcoinwallettest
Bitcoin Mining Software Development Started by brsoftech	Replies: 4 Views: 21139	October 01, 2019, 05:37:22 PM by Adalberto
Youtube.com: Micon's how to play poker with bitcoin Started by bitcoinforum.com	Replies: 0 Views: 21528	April 10, 2012, 10:14:54 PM by bitcoinforum.com
Still present bug just found by Hal Finney makes Bitcoin more traceable Started by bitcoinforum.com	Replies: 0 Views: 22656	December 14, 2012, 05:30:40 PM by bitcoinforum.com
net-security.org: Beware of Bitcoin miner posing as Trend Micro AV Started by bitcoinforum.com	Replies: 0 Views: 24734	December 14, 2012, 05:47:39 PM by bitcoinforum.com

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Author Topic: How Bitcoin mining works? (Read 963483 times)