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Author Topic: How Bitcoin mining works?  (Read 21400 times)

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Offline Adriana Lowe

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Re: How Bitcoin mining works?
« Reply #30 on: June 12, 2018, 02:23:22 AM »
Interesting post, thank you!


Offline Coinini

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

Offline emma.lee1890

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Re: How Bitcoin mining works?
« Reply #32 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 #33 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 #34 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

Offline Belfricsbt

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Re: How Bitcoin mining works?
« Reply #35 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 #36 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 (:

Offline Carolxx500

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Re: How Bitcoin mining works?
« Reply #37 on: August 13, 2018, 07:55:24 AM »
Thanks for sharing, very helpful topic! :)

Offline crypto

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Re: How Bitcoin mining works?
« Reply #38 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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