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Title: What is Bitcoin Mining - a newbie explanation Post by: ofirbeigel on February 13, 2014, 11:29:49 PM Just finished my last video about "What is Bitcoin Mining (http://www.youtube.com/watch?v=lI4dzg_f_-Q)". Hope you like it...
Title: Re: What is Bitcoin Mining - a newbie explanation Post by: Sonny on February 14, 2014, 12:33:10 AM Just finished my last video about "What is Bitcoin Mining (http://www.youtube.com/watch?v=lI4dzg_f_-Q)". Hope you like it... Great video. Newbies should be able to understand why we need mining after watching it. :) Title: Re: What is Bitcoin Mining - a newbie explanation Post by: Noisskal on February 14, 2014, 01:01:32 AM You made this ? its perfect !
Title: Re: What is Bitcoin Mining - a newbie explanation Post by: eafdeafd on February 14, 2014, 01:53:50 AM I like how you show a home desktop printer for printing out fiat. :P
Title: Re: What is Bitcoin Mining - a newbie explanation Post by: bitcoin_miner on February 14, 2014, 02:01:50 AM easy to understand
thanks for video Title: Re: What is Bitcoin Mining - a newbie explanation Post by: oxfardk on February 14, 2014, 05:54:54 AM Great Video.
It's quicker to watch a video about Bitcoin mining than read about it. Title: Re: What is Bitcoin Mining - a newbie explanation Post by: ofirbeigel on February 14, 2014, 08:51:48 AM Thanks for the great feedback guys!
Title: Re: What is Bitcoin Mining - a newbie explanation Post by: j3steven on February 14, 2014, 01:23:32 PM Great video, always appreciate getting advice out to the new guys (like me)!
Title: Re: What is Bitcoin Mining - a newbie explanation Post by: chocomav on February 14, 2014, 03:52:06 PM Great job!
Title: Re: What is Bitcoin Mining - a newbie explanation Post by: quarkyplum on February 14, 2014, 04:03:38 PM GUD VID
Title: Re: What is Bitcoin Mining - a newbie explanation Post by: DannyHamilton on February 14, 2014, 06:29:30 PM Not too bad.
I did notice one error when you state that: "More miners means faster transaction verifications and less fraud". This is not generally true. A sudden increase in mining hash power (more miners) might temporarily distort the confirmation time so that is is faster for a short while, but within 2016 blocks the difficulty will be adjusted and the average confirmation time will return to 10 minutes per block. So, more miners means more difficult mining, but not faster transaction verifications. Also, there is a detail that is confusing the way you describe it. You state: "Miners get paid twice, once for verifying the transactions and again when they successfully generate new bitcoins." This makes it sound like a miner gets paid for verifying the transactions even when they don't successfully generate new bitcoins, when the two things are actually tightly tied together. While the miner gets paid from two different sources (a block subsidy and transaction fees), that is handled with a single payment when "they successfully generate new bitcoins". So it would be more accurate (and less confusing) to state that upon successfully solving the mining calculation, miners receive a single payment from two sources (from the transaction fees, and from the block subsidy). Title: Re: What is Bitcoin Mining - a newbie explanation Post by: ofirbeigel on February 15, 2014, 03:46:45 PM Quote This is not generally true. A sudden increase in mining hash power (more miners) might temporarily distort the confirmation time so that is is faster for a short while, but within 2016 blocks the difficulty will be adjusted and the average confirmation time will return to 10 minutes per block. So, more miners means more difficult mining, but not faster transaction verifications. Also, there is a detail that is confusing the way you describe it. You state: "Miners get paid twice, once for verifying the transactions and again when they successfully generate new bitcoins." This makes it sound like a miner gets paid for verifying the transactions even when they don't successfully generate new bitcoins, when the two things are actually tightly tied together. While the miner gets paid from two different sources (a block subsidy and transaction fees), that is handled with a single payment when "they successfully generate new bitcoins". So it would be more accurate (and less confusing) to state that upon successfully solving the mining calculation, miners receive a single payment from two sources (from the transaction fees, and from the block subsidy). Thanks for clarifying that. I'm a bit of a newbie myself to Bitcoin mining so it's good to know. |