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Author Topic: How Bitcoin mining works?  (Read 371628 times)

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How Bitcoin mining works?
« on: December 17, 2017, 05:12:27 PM »
"Your keys, your Bitcoin. Not your keys, not your Bitcoin." (Andreas Antonopoulos)
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The following users thanked this post: franzyshifter, Ivette80, lovelydaytoday


Offline ZenQual

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Re: How Bitcoin mining works?
« Reply #105 on: June 24, 2020, 10:56:57 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.
I am fond of trading and exchanging cryptocurrenci

Offline Backfist

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Re: How Bitcoin mining works?
« Reply #106 on: June 25, 2020, 01:04:05 AM »
I wonder if it is still profitable to mine?

Offline deltaexchange

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Re: How Bitcoin mining works?
« Reply #107 on: June 26, 2020, 05:45:45 AM »
All the details about the topic are under one roof, perfect, definitive guide.

Offline Davidson1987

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Re: How Bitcoin mining works?
« Reply #108 on: July 03, 2020, 10:21:48 AM »
Thank you for the info

Offline artuchik

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Re: How Bitcoin mining works?
« Reply #109 on: July 07, 2020, 06:44:49 AM »
I wonder if it is still profitable to mine?

Offline wilkinesaudrey

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Re: How Bitcoin mining works?
« Reply #110 on: August 12, 2020, 02:13:36 AM »
Thanks

Offline 24ATM

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Re: How Bitcoin mining works?
« Reply #111 on: September 22, 2020, 11:49:25 AM »
Works well enough

Offline EdwardHeavy

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Re: How Bitcoin mining works?
« 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

Offline mlawson71

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Re: How Bitcoin mining works?
« Reply #113 on: November 23, 2020, 02:55:59 PM »
Do you think the situation will improve in the future?

Offline Fallar

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Re: How Bitcoin mining works?
« Reply #114 on: November 23, 2020, 08:15:03 PM »
Is it profitable to buy ASICs now?

Offline Emma_br

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Re: How Bitcoin mining works?
« 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.

Offline raheem68g

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Re: How Bitcoin mining works?
« Reply #116 on: December 10, 2020, 04:03:18 PM »
Yeah, fundamental analysis is important

Offline Shiftal

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Re: How Bitcoin mining works?
« 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.

Offline caranos

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Re: How Bitcoin mining works?
« Reply #118 on: December 20, 2020, 10:08:29 AM »
thanks a lot for this topic

Offline CeshEx

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Re: How Bitcoin mining works?
« Reply #119 on: December 28, 2020, 02:13:27 PM »
Works best!


 

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