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Author Topic: How Bitcoin mining works?  (Read 20912 times)

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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.

Offline Garden

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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

Offline Sensiyorum

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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.

Offline holdandrelax

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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.

Offline Ifeanyichukwu

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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... (*_^)

Offline Garden

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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!

Offline adconity

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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.

Offline Carry Niggan

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Re: How Bitcoin mining works?
« Reply #28 on: June 03, 2018, 03:03:23 PM »
Bitcoin mining serves as a method to distribute Bitcoins as well as to put transactions into the Blockchain.

Heres how it works: The miner starts by assembling a merkle root with transactions that he wishes to put into the block. The merkle root includes all the transaction that he wishes to include and a Coinbase transaction which is the block reward + the transaction fees (ie. 12.5BTC+all the transaction fees of the Bitcoins in the block). Together with various other data such as the hash of the last block, timestamp, difficulty etc, he puts it together and that is the block header. The miner will then hash the block header and if the hash is lower than the current difficulty target, it is valid. The miner can then broadcast the block and the network of nodes will accept it. If not, the miner will modify the block header to generate a new different hash.

Offline crypterum

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Re: How Bitcoin mining works?
« Reply #29 on: June 04, 2018, 08:10:30 AM »
That's good


 

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