How does Bitcoin Mining work?

[Mykel]

New to the Bitcoin economy. However, I do not understand the concept. I understand that I need a computer to "mine" bitcoins but why is an extremely powerful computer necessary to solve the "blocks" Are the problems mathematical? And what does a HASH measure or represent?

 

[Patrik]

here is how it works in case you are interested :

How Does Bitcoin Mining Work?

Bitcoin mining is how new bitcoins enter into circulation. It's also a critical component of the security of the blockchain ledger.

www.investopedia.com

 

[Heatman]

I have personally tried out mining in the past but it looks too stressful for me, maybe because I was engaged with work and studying at the time, so my focus wasn't really spot on.

If I get the chance to learn how to successfully get into it now, I'm definitely going to try it out one more time.

 

[Sotherefore]

bitcoin's mining is very stressful if you don't have a good laptop with good internet connection sometimes even with a good laptop if you don't have a pool of minors you might even go in a year without mining a single bitcoins because the process is very complicated and your laptop may not be able to solve the code immediately so that is why people mine bitcoins in pool to help one another,

 

[Ralphjoe]

Bitcoin mining for an individual is not really a profitable venture because what you will mine will be too insignificant to amount to anything worth the amount of time and stress you put in.
To your question, Bitcoin is a digital coin that uses a block of mathematical equations to create each coin. It is so complex and tedious that one need alot of electricity and big computers to be able to mine it, it's not decentralized that is being controlled from any source. It was created to address the inadequacies of normal fiat currency.

 

[Ltherman]

The mining process though rewarding is quite stressful the steady power and a powerful laptop with good internet connection is still not enough. As someone rightly said belonging to a pool is the best way to go about mining this period. And currently miners are cashing out big time.

Post automatically merged: Dec 31, 2020

The mining process though rewarding is quite stressful the steady power and a powerful laptop with good internet connection is still not enough. As someone rightly said belonging to a pool is the best way to go about mining this period. And currently miners are cashing out big time.

 

[giddy]

Cryptocurrency mining is painstaking, costly, and only sporadically rewarding. Nonetheless, mining has a magnetic appeal for many investors interested in cryptocurrency because of the fact that miners are rewarded for their work with crypto tokens. This may be because entrepreneurial types see mining as pennies from heaven, like California gold prospectors in 1849. And if you are technologically inclined, why not do it?

 

[WhiteHouse]

Bitcoin Miners tune in for exchanges that are communicated to the Network. As they get the exchange, they confirm that the exchange is substantial and that all contributions to an exchange are totally utilized. For instance if Alice needed to send Bob 1.5BTC she would have to pick yields from a past exchange which complete more than 1.5BTC. Furthermore, characterize an exchange that has a 1.5BTC yield to Bob and the rest of to herself (any excess BTC that doesn't have a yield is guaranteed by the excavator as an exchange charge). In the event that any of the data sources are now utilized or the exchange is in some alternate manner invalid, the Miner will dispose of it. In the event that all that looks at the miner will likely remember the exchange for the square it is mining.

 

[Tienda]

Bitcoin mining it is not just about a machine or who managing the machine, but behind that the miner doing a big role to secure the network and confirm the Bitcoin transactions, and they are paid for their service. All transaction we do with cryptocurrency needs to be confirmed, without confirmation will not be processed.

 

[Suba]

To be able to find out how Bitcoin works, we must recognize the three elements of Bitcoin, namely: block chains, mining networks, and wallets. You need a very powerful computer to solve complex hashing puzzles, and the miner who can solve the puzzles first will be rewarded. What hashes measure or represent is the measure of how many Bitcoin networks are trying to solve a puzzle every second.

 

[moonlight]

The method of generating new bitcoin through solving a computational puzzle is Bitcoin mining. In order to maintain the ledger of transactions on which bitcoin is founded, bitcoin mining is needed. Over the past few years, miners have become very sophisticated with complex equipment to speed up mining operations.

 

[Chumzy]

There are various ways of mining bitcoin but the most popular is through a mining rig. You can buy an already made miner or you buy parts and build your own powerful rig. Mining bitcoin is a little bit difficult and is not often profitable compared to other coins.

 

[LaylaG]

Although I don't have so much interest in bitcoins mining process but as little as I can remember mining of bitcoins as to do with a computer device solving a complicated algarithm and if a computer is able to solve this algarithym within a short period of time the computer will be rewarded with a satoshi of Bitcoin,bitcoins are not to be mined with the computer because it will damage your computer there are special computers that are designed for mining of bitcoins.

 

[Bilal0087]

New to the Bitcoin economy. However, I do not understand the concept. I understand that I need a computer to "mine" bitcoins but why is an extremely powerful computer necessary to solve the "blocks" Are the problems mathematical? And what does a HASH measure or represent?

I am also very curious to know about this concept, I have watched several videos on YouTube and I just come to know only a few things, that powerful computer have to solve blocks during the transactions and in return it receive some Bitcoin, the more powerful your system is the more blocks it can solve and mine Bitcoin.

 

[ossai]

What is Bitcoin Mining?​

Cryptocurrency mining is painstaking, costly, and only sporadically rewarding. Nonetheless, mining has a magnetic appeal for many investors interested in cryptocurrency because of the fact that miners are rewarded for their work with crypto tokens. This may be because entrepreneurial types see mining as pennies from heaven, like California gold prospectors in 1849. And if you are technologically inclined, why not do it?

 

[Adetayo100]

1. Get a Bitcoin mining rig. If you want to start mining in the first place, you have to own a mining rig. ...
2. Get a Bitcoin wallet. The next important step is to set up a Bitcoin wallet. ...
3. Join a mining pool. ...
4. Get a mining programme for your computer. ...
5. Start mining

 

[Oliver 20]

Miners are getting paid for their work as reviewers. They are accomplishing crafted by confirming the authenticity of Bitcoin exchanges. This show is intended to keep Bitcoin clients fair and was brought about by bitcoin's author, Satoshi Nakamoto. By checking exchanges, diggers are assisting with forestalling the "twofold spending issue.

 

[Aniwhyte]

It would do you a lot of good if you should forget about mining bitcoin and use the money you intends spending on procuring laptops and other necessary equipment to buy some bitcoin and save it on your wallets.

 

[Variable]

I have personally tried out mining in the past but it looks too stressful for me, maybe because I was engaged with work and studying at the time, so my focus wasn't really spot on.

If I get the chance to learn how to successfully get into it now, I'm definitely going to try it out one more time.

bitcoin's mining is very stressful if you don't have a good laptop with good internet connection sometimes even with a good laptop if you don't have a pool of minors you might even go in a year without mining a single bitcoins because the process is very complicated and your laptop may not be able to solve the code immediately so that is why people mine bitcoins in pool to help one another,

i don't really get why you are calling it stressful? it has specific software and hardware and you just let it do its job , you literally have nothing to mess around , so what exactly is stressful for you as a student? if you don't have the hardware and the bills to cover it , stay away, it already is going extinct , at least for bitcoin.

OnTopic:
The way mining works simply is that you review transactions and add them to the block-chain, once a block is added to the chain, it marks a new bitcoin, or Satoshi , that is . and no you don't just make bitcoins out of nowhere, the coins are circulating already and you are there to review, miners serve as a sub-server as well that saves transaction logs for the safety of your money , and after doing that , you receive a reward which is the amount you 'mined' .

 

[Sotherefore]

i don't really get why you are calling it stressful? it has specific software and hardware and you just let it do its job , you literally have nothing to mess around , so what exactly is stressful for you as a student? if you don't have the hardware and the bills to cover it , stay away, it already is going extinct , at least for bitcoin.

OnTopic:
The way mining works simply is that you review transactions and add them to the block-chain, once a block is added to the chain, it marks a new bitcoin, or Satoshi , that is . and no you don't just make bitcoins out of nowhere, the coins are circulating already and you are there to review, miners serve as a sub-server as well that saves transaction logs for the safety of your money , and after doing that , you receive a reward which is the amount youit

It is very stressful in the sense that you can finish a whole 5 dollars worth of data without mining a single coin, even if you try to mine you may not be able to mine enough upto the dollar data, which at the end of the day you may not be able to make profit and you will still spoil your computer because he really needs to work hard to solve complicated algarithm, your computer will be very hot that you may damage it.i don't and I will never try mining bitcoin with my pc