Advertise with us (we do not endorse any site advertised)

Author Topic: How Bitcoin mining works?  (Read 12448 times)

0 Members and 1 Guest are viewing this topic.

Offline Carry Niggan

  • Newbie
  • Joined: Jun 2018
  • Posts: 7
  • Karma: +0/-0
    • View Profile
Re: How Bitcoin mining works?
« Reply #30 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.


Online crypterum

  • Newbie
  • Joined: May 2018
  • Posts: 30
  • Karma: +0/-0
  • HODL!
    • View Profile
Re: How Bitcoin mining works?
« Reply #31 on: June 04, 2018, 08:10:30 AM »
That's good

Offline CMD368

  • Newbie
  • Joined: Dec 2017
  • Location: www.wang368.com
  • Posts: 20
  • Country: 00
  • Karma: +0/-0
  • Gender: Male
  • Mobile CMD368
    • View Profile
    • Promotion CMD368
Re: How Bitcoin mining works?
« Reply #32 on: June 04, 2018, 07:41:45 PM »
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.


 ;) ;)

Offline Adriana Lowe

  • Newbie
  • Joined: Jun 2018
  • Posts: 5
  • Karma: +0/-0
  • HODL!
    • View Profile
Re: How Bitcoin mining works?
« Reply #33 on: June 12, 2018, 02:23:22 AM »
Interesting post, thank you!

Online Coinini

  • Newbie
  • Joined: Feb 2018
  • Posts: 23
  • Thanked: 1 times
  • Karma: +0/-0
    • View Profile
Re: How Bitcoin mining works?
« Reply #34 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.


 

How a bitcoin transaction works?

Started by bitcoinforum.com

Replies: 2
Views: 11239
Last post February 22, 2014, 02:21:51 PM
by bitcoinwallettest
Bitcoin Mining Software Development

Started by brsoftech

Replies: 1
Views: 588
Last post March 26, 2018, 06:39:02 AM
by innate
Youtube.com: Micon's how to play poker with bitcoin

Started by bitcoinforum.com

Replies: 0
Views: 7590
Last post 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: 5324
Last post 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: 7563
Last post December 14, 2012, 05:47:39 PM
by bitcoinforum.com

your ads here