How does Bitcoin Mining work?

[Abbas ali]

The short answer is yes. The long answer… it's complicated. Bitcoin mining began as a well paid hobby for early adopters who had the chance to earn 50 BTC every 10 minutes, mining from their bedrooms.

 

[Hasan Raza]

Bitcoin is a sovereign system of digital money. It has no direct correlation to any real-world currency, nor is it controlled by any government or centralized entity. But people can (and do) use it to purchase real-world items at major retailers such as Overstock.com and Expedia.

 

[Thosynho]

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 really don't have the idea too. I have heard people talked about Bitcoin mining but I think I need to research on it and see how I can benefit from it. I only trade and make investment with Bitcoin but I have to learn other ways to earn cool money.

 

[Variable]

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

nobody mines with their personal computers anymore , it'll get fried , there's special hardware for it and its not available for most people, so lets say if you can't afford the hardware and the electricity bills for it , don't get into it, its more of a hard access than it is stressful.

 

[Abelcairo43]

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.

 

[Nurudeen]

Bitcoin or any crypto currency mining is a process where by use a rig software system to gain or attaij the amount of crypto currency you want. If you want to get started with this you need to buy a personal computer and a rigging software so after that you can now then do some installation to start mining your crypto currency

 

[Abibatabosede]

Actually, I don't know a lot about bitcoin mining but I am aware that mining generally crashes system that are not powerful. It's better for you to seek advice from the expert so that you will be able to gather knowledge.

 

[Akinwale701]

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?

From the little experience I gathered on some self acclaimed bitcoin mining Apps, I can say it's sometimes a total waste of time as most of them end up turning out to be scam. The satoshis that they give per second or minute is very little and before one reaches the withdrawal threshold, they'll start asking you to send bitcoin to some address.

 

[Richmond funke abosede]

Bitcoin mining is done by specialized computers. ... Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin's famous “blockchain”). For this service, miners are rewarded with newly-created Bitcoins and transaction fees.

 

[singlej007]

I have not tried mining bitcoin personally, apart from subscribing to site and the rest, I am actually on this trend to learn too, but from what I have learnt about it on youtube and others, you will need a powerful mining rig, computer, power source and join a mining pool. It cost some quite good amount of money to set this up.

 

[Xerryl]

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.

 

[Zamaney]

All mining starts with the blockchain. This is an online decentralized ledger that records transactions throughout a network. A group of approved transactions is called a “block.” These blocks are tied together to create a “chain,” hence, the term “blockchain

 

[Adventurer]

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?

Thanks for this question, I also want to learn. Id been avoiding anything Bitcoin for a long time because it sounds so complicated but since I joined Bizdustry my interest has picked up.

 

[Herzhan]

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?

Bitcoin mining is the process of creating new bitcoin by solving a computational puzzle. Bitcoin mining is necessary to maintain the ledger of transactions upon which bitcoin is based. Miners have become very sophisticated over the last several years using complex machinery to speed up mining operations

 

[Trojan8]

Bitcoins are mind through machines that carry out computation on it network. The downside to mining with bitcoin is that it requires a lot of electricity to mine a unit. There's also the huge cost associated with getting a mining rig and getting it operational. I don't think bitcoin mining is something one individual should undertake.

 

[Akinwale701]

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?

Some sites make you perform some task for them with your data and time then they reward you with some satoshis, as time goes on, your satoshis accumulate to some bitcoin. This is what bitcoin mining means to some people. Others require you to purchase some softwares for mining as well. It works in different ways

 

[Oliver 20]

Miners confirm exchanges by running a PC program called a Bitcoin digger. A Bitcoin digger (the PC program) assembles all the exchanges that occurred in a particular time span (about ten minutes) and this gathering of exchanges is known as a square. The square is then added to the Blockchain - A changeless verifiable record of all the Bitcoin exchanges. All the excavators are attempting to figure the hash of the following square so it makes numerous conjectures every second. The principal excavator to figure the hash gets a prize.

 

[WhiteHouse]

Bitcoin miners tune in for exchanges that are communicated to the organization. As they get the exchange, they confirm that the exchange is legitimate 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 all out 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 asserted by the excavator as an exchange expense). On the off chance that any of the information sources are now utilized or the exchange is in some alternate manner invalid, the excavator will dispose of it. On the off chance that all that looks at the excavator will presumably remember the exchange for the square it is mining.

 

[Mawome]

Bitcoin mining is not that easy as some people think, you can only mine Bitcoin through the machine that is designed to mine, but before now people where mining it through laptop and computers, an some other websites and apps too, anyway you can still mine btc through some apps, legit app.

 

[Debola]

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?

Bitcoin mining is done by specialized computers. ... Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin's famous “blockchain”). For this service, miners are rewarded with newly-created Bitcoins and transaction fees.