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Author Topic: How Bitcoin mining works?  (Read 10651 times)

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Offline bitcoinforum.comTopic starter

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How Bitcoin mining works?
« on: December 17, 2017, 05:12:27 PM »
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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 CMD368

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Re: How Bitcoin mining works?
« Reply #2 on: December 29, 2017, 03:44:17 PM »
thx. :D
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Offline Hardmandie

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Re: How Bitcoin mining works?
« Reply #3 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 #4 on: January 28, 2018, 02:20:48 PM »
can not understand anything

Offline bitbuddy

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Re: How Bitcoin mining works?
« Reply #5 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 #6 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.
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Offline Bilkymesk

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

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Re: How Bitcoin mining works?
« Reply #8 on: February 13, 2018, 10:32:55 AM »
You don't have to buy cryptocurrency , enough buy hardware and earn it and be sure that your money will return. All you need two things, powerful hardware and  cheap electricity.
if you are a beginner, you don't  have the experience or technical skills, there are componies like "Mining Russia"  supplying services of hosting cryptoequipment for commercial mining on the territory of Russian Federation.
you can see a lot of advantages:
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Offline J

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Re: How Bitcoin mining works?
« Reply #9 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 #10 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 #11 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 #12 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 #13 on: March 25, 2018, 02:25:15 PM »
Thanks!

Offline jitenrajput

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Re: How Bitcoin mining works?
« Reply #14 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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