Bitcoin Forum

what is mining ???? can anyone elaborate ????

Mining is the process by which new Bitcoins are produced. It can get complicated, but basically miners compete for a reward that they can receive when a block is discovered (about every 10 mins.) This system provides an incentive to keep the network running by paying people to run their computers and use electricity. It also is a fair way to distribute the coins worldwide.

Here you go.

https://en.bitcoin.it/wiki/Mining

ELI5 version: Various transactions that are still waiting to be added to the blockchain are sent to the miners. The miners take the transactions that they approve of (depending on fees and other factors) and perform hashing operations on it. What's hashing? Well, that would take a separate ELI5 discussion to answer, so for now, think of it as a complicated series of operations similar but not equivalent to encryption. Anyway, every miner hashes their own list of approved transactions and the first one to submit a valid hash gets to "mine" the next block of the chain. Essentially, it allows that miner to add the next block to the chain, getting all those transactions that they approved to be approved by the whole Bitcoin community. And that's it. I simplified the explanation for ELI5 convenience, but that's the gist of it. Go to the wiki (via the given link) and read that if you want the more detailed explanation.

Mining i think there is a good explanation in wikipedia here https://en.wikipedia.org/wiki/Bitcoin_network#Mining

Also here the video to understand it easily..

https://www.youtube.com/watch?v=GmOzih6I1zs

It's better to search first before you created a post since there is a lot of explanation about mining that you can easily found on google or youtube.

yes but searching on google,youtube dont makes your post count /rank goes up! you missed that one!  ;)

lol but if you ask me, I'd too probably ask here. Someone could probably explain better/simplier or provide a useful link to agogole article or youtube video.

mining is the process when miners with good hardware produce the new bitcoins

Yes more fully described in wikipedia, what is bitcoin mining network, I think now too many people too lazy to find information via google before them asking to others.

Meaning a list of hashes make up a blockchain (12.5btc reward) not a single hash.

I heard somewhere that difficulty changes every 2016 blocks - difficulty and hash rate are linked together.

Basically, without going into technical details, you buy a device which costs 1 or 2k$ and set it up correctly. Then it generates you bitcoins. The bitcoins it generates are not used by anyone else before. You are are the first owner. To me that doesn't mean anything though.

If you ask me, don't bother. If you need bitcoins, just buy them. Trust me it is more cheap to buy unless you got free electricity.

No. The "hash" we are getting from mining is the final hash derived from the approved list of transactions, after difficulty and random nonce and all that other stuff have been considered. I didn't really go into that since that's more than what an ELI5 explanation should go into. A block cannot contain only hashes, as that will render it impossible to keep, check and verify the details of a transaction. This page (https://en.bitcoin.it/wiki/Block) explains the actual contents and structure of a block. The blockchain is the series of such contiguous blocks accepted by consensus.

As for your second inquiry, in a nutshell, yes.

Mining is a Process in Which New Bitcoins Are Produced By Solving Some Arithmetic Problems By The Mining Hardwares and The Miners Do. Mining For Receiving a Block Solving Reward....

Its better that you google it and you will find some good and elaborate answer about the bitcoin mining.Or try to search on youtube where you can get video tutorial on mining which can easily make you understand about the mining.

Yeah start off with some YouTube info video's, getting info visually will help you understand it faster then the Wiki I suppose.

There are many threads and topics on the forum that will answer your question, that is what the forum is here for :D Go explore

the best way to learning something is by doing it.
in fisrt time i read more article about mining, like the difficult, etc. after i doing i know more about it, pool, difficult, stratum, etc.

i suggest you to start mining, to know more about it.

I'm really surprised that anyone answer your question.. and btw in very good way! If you ask questions like this, you should make your first steps to this thread:

https://bitcointalk.org/index.php?board=40.0

and if you have no answers you can ask here.

Anyway: GOOD LUCK! ;)

It is hard to explain but you use your computer power to get bitcoins

Closed to prevent further spam. There are enough threads that answer this question.