How does Bitcoin Mining work?

[Onachukwu]

Bitcoin mining is the backbone of the Bitcoin network. ... 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.

 

[Aaliyan]

Bitcoin mining is the process of creating new bitcoin by solving a computational puzzle. Bitcoins 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.

 

[Setho]

In order to make the bit coin project almost perfect, transaction ledgers are made and stored in series of block chains by humans like me and you that is why payments require some certain confirmations in order to be successful. The fees charged by these wallets are what are used to pay those people who confirm and thatvis what bitcoin minning is.

 

[Bholozy]

Mining of crypto currency are all scam especially bitcoin. No platform will give you bitcoins from mining, they are only there for the clicks. If you have been mining bitcoins I will advise you stop that now because u have only been wasting your time since and avoid wasting more time

 

[Victor001]

Bitcoin mining involves the use of high computer gpu and cpu to mine the coin. Bitcoin mining is quite expensive as it consumes energy in kilo volt. Personally i suggest vonsider mining low end coins like monero, litecoin and pi coin.its less energy consuming.

 

[Jomarie05]

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.

 

[Kelly5]

You keep seeing this funny assumption from time to time from some persons claiming they are mining Bitcoin with their phone or from their laptops. It is not done or mined that way. It doesn't happen that way at all. It is a very suphysticated arrangement

 

[Husnainali]

Regardless of the number of miners, it still takes 10 minutes to mine a bitcoin. At 600 seconds (10 minutes), a Bitcoin mine using the average power consumption provided by ASIC miners would take 72,000 GW (or 72 Teraawts) of power to equalize everything else.

 

[Olubayo12]

I have always been asking that question ever since because I do not really know how bitcoin mining works, can anyone please help us to answer the question so that we will know how it works and won't keep asking the same question agau

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?

 

[Marissa]

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.

 

[Eodine]

I think mining usually takes place in digital currencies like bitcoins etc and miners usually tap into the decentralized network to earn some tokens. Mining over time as been seen to be rigorous seeing the stress that comes with mining

 

[Bashir119]

Betty has an application from the Play Store to use a representative. Corrupt and Browser can install Sir Kirk to Browser and put it in your pocket and start manning and I will give you two hours.

 

[Adeyoola7]

By mining, you can earn cryptocurrency without having to put down money for it. Bitcoin miners receive Bitcoin as a reward for completing "blocks" of verified transactions which are added to the blockchain

 

[Abbeyola]

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 is a crypto currency form of exchange that is in digital currency ,a form of advance type of money, that is use in purchasing and sales of good and services that is buying and selling just the way we make use of the normal currency,and Bitcoin appreciate in value.

 

[Luckboy]

Bitcoin mining is the process of earning bitcoin in exchange for running the verification process to validate bitcoin transactions. These transactions provide security for the Bitcoin network which in turn compensates miners by giving them bitcoins. Miners can profit if the price of bitcoins exceeds the cost to mine

 

[OderuMiracle]

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.

 

[Eodine]

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.

There are people who specializes in mining that is pooling from the decentralized digital currency from the network for a given time and also there are wallet providers that provide mining services to their customers.

 

[tuna89]

The mining of BTC seem very critical and powerful, major reason why you need plenty electricity, a computer with strong features as well and top graded rigs like the antminer

 

[FreshKaz11]

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 don't believe in any platform anymore since mI lost my money the last time I was introduced to mine on one platform I don't want to mention the name of the platform ever since then I promise not to do anythingmining again.

 

[Filicit]

Yiu can mine bitcoin or other types of crypto currency remotely I.e from a device by downloading the app or from a mining site