What is Bitcoin Mining? How Does it Actually Work? (2020 ...
Bitcoin mining is analogous to the mining of gold, but its digital form. The process involves specialized computers solving algorithmic equations or hash functions. These problems help miners to confirm blocks of transactions held within the network. Bitcoin mining provides a reward for miners by paying out in Bitcoin in turn the miners confirm transactions on the blockchain. Miners introduce new Bitcoin into the network and also secure the system with transaction confirmation.
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Is this an accurate and basic explanation of what Bitcoin mining is?
As a simple explanation, mining is essentially the use of computer hardware to voluntarily verify transactions on the Bitcoin network. Computers are tasked with “solving blocks” through the use of a proof-of-work (PoW) algorithm, or more simply, computers guess the answer to a very complex computational equation using a trial-and-error strategy (you can learn more about Bitcoin mining here). The first computer(s) to solve the block are awarded a predetermined amount of Bitcoin for their services to the network. As more miners enter the network, these equations become more difficult, and the mining rewards decrease, in an attempt to curb inflation and keep the block creation rate at a static time interval (about 10 minutes).
What bitcoin mineing software work with slush's pool?
Im trying to find a good mineing software that work with slush's pool thats not cgminer or BFGminer or GUIminer does anyone know a alternative for that? i just want a miner that i can enter a stratum URL in that works.
I think I've got a somewhat general idea of what bitcoin mining is. Basically it's using your computer to keep ledgers of bitcoin transactions around the globe, and when you successfully do it you are paid for your services in bitcoin... at least I think that's the general idea of it though correct me if I'm wrong and PLEASE elaborate in more detail I'm very curious of it. Secondly I recently built a new gaming rig with a gtx 1080ti gpu and a i7 8700k cpu that I'm planning on OC'ing, is this something that could potentially mine bitcoin? If so how would I do that?
Who knows what bitcoin, bitcoin mining or bitcoin mining as a service is?
Bitcoin, who here knows what it is and who knows what Bitcoin Mining as a Service is? I just wanted to get an idea of who knows about what this is and how in depth their knowledge of Bitcoin is as the average redditor. This is just a survey that I am doing so it would help me greatly if you guys could post if you do know what bitcoin, bitcoin mining or bitcoin mining as a service are. Thank you for your time and considerations guy and for your help!
Can anyone explain how to earn bitcoin? What does this even mean? It cost over 11k!
What does the phrase "earn bitcoin" allude too? Do you just watch adds on your phone or play app store games? Don't really get what bitcoin mining is, what's the point of "mining"? And also, if you were to buy crypto currency in general, where do you do it??
[Offer] I can teach you how to setup a working bitcoin mining software on your pc for $2 bitcoin
Hey slavelabour! I’m just some random guy looking to make a few bucks. Before I start, I’m going to explain what bitcoin mining is. Essentially, bitcoin operates off of a blockchain, which has stuff that needs to be figured out in order for transactions to go through. Bitcoin mining is pretty much signing up your pc to do that stuff. Your pc can do this by itself with help of some softwares, and can generate a few dollars or cents a day, depending on your pc. (Disclaimer: you might not profit due to electricity bills) I can explain, through reddit dms, how to setup your pc for bitcoin mining, how to create a bitcoin wallet, and how to deposit and withdraw bitcoin. I can also link a few sites where you can order from amazon with bitcoin or buy gift cards with bitcoin. I can also tell you where to buy bitcoin with a credit card!
What do you guys think about the possibility of using lots of Arduinos to possibly replace expensive GPU's in bitcoin mining
I'm not sure what I'm talking about here too much but I'm pained to see expensive GPU's that the ultra-rich buy in the thousands and mine so much bitcoin. My attempts of bitcoin mining with my PC were a failure because my 4GB GPU is not strong enough at all Renting ASIC miners are mostly scams and I will not get much return The one thing I'm forced to go to is to make my own GPU by my self and see if there is a possibility of working a with a general PC As far as I'm aware this has never been done before and by no means do I expect an Arduino graphics card to be as strong as an early 2000's GPU but my thinking is: If I can buy the components for a cheap price then I can assemble an array of weak GPU's to become a far stronger one If this whole idea is a flop and there is no real way to make money, I want to use this as a learning experience So the first thing I want is a discussion on whether or not this could even achieve and become compatible with a PC. Whether it be a gaming PC or a raspberry Pi The next is some sources on how GPU's work and their pinout and whatnot I really don't expect any positive comments in this comment section since what I'm thinking of doing is near enough outrageous Xd
The result of “bitcoin mining” is twofold. First, when computers solve these complex math problems on the Bitcoin network, they produce new bitcoin, not unlike when a mining operation extracts ... How Bitcoin Mining Works. Before you start mining Bitcoin, it's useful to understand what Bitcoin mining really means. Bitcoin mining is legal and is accomplished by running SHA256 double round hash verification processes in order to validate Bitcoin transactions and provide the requisite security for the public ledger of the Bitcoin network. Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. Bitcoin mining is done by private computers. The role of miners is to secure the network and process each Bitcoin. Miners do this by solving a calculation problem that allows them to assemble the transaction blocks (hence bitcoin's famous blockchain). Miners for this service are rewarded with newly created Bitcoins and transaction fees. 4. Bitcoin Mining Pools. Mining is an extremely competitive game. Even if you buy the best possible miner out there, you’re still at a huge disadvantage compared to professional Bitcoin mining farms.That’s why mining pools came into existence.. The idea is simple – miners group together to form a “pool” so they can combine their mining power and compete more effectively.
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