Bitcoin Forum

Other => Beginners & Help => Topic started by: Wisbrown on February 12, 2021, 11:40:23 PM


Title: Bitcoin miners revenue
Post by: Wisbrown on February 12, 2021, 11:40:23 PM
If I may ask
What is the backbone of bitcoin industry?
How can bitcoin be created?

Title: Re: Bitcoin miners revenue
Post by: Jazzi Mahesh on February 13, 2021, 06:26:03 AM
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.

Title: Re: Bitcoin miners revenue
Post by: DannyHamilton on February 13, 2021, 06:31:32 AM
Quote from: Wisbrown on February 12, 2021, 11:40:23 PM
If I may ask
What is the backbone of bitcoin industry?
Bitcoin is a currency, not an industry.

Quote from: Wisbrown on February 12, 2021, 11:40:23 PM
How can bitcoin be created?

The bitcoin protocol allows the miners (or mining pools) that create blockchain blocks and provide the necessary proof-of-work to assign some value to a special transaction in the block that they create and complete.

Quote from: Jazzi Mahesh on February 13, 2021, 06:26:03 AM
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. In exchange for this service, the rules of the Bitcoin protocol allow the miner (or mining pool) to award themselves, in a special transaction in the block, a number of bitcoins no larger than the sum of all the transaction fees for all the transactions in the block they've created PLUS the current block subsidy of "new bitcoins". Miners can profit if the price of bitcoins exceeds the cost to mine.

FTFY  ;)

Title: Re: Bitcoin miners revenue
Post by: Tytanowy Janusz on February 13, 2021, 08:38:53 AM
Quote from: Jazzi Mahesh on February 13, 2021, 06:26:03 AM
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.

When you copy paste something always remeber to add source:
https://www.investopedia.com/articles/forex/051115/bitcoin-mining-still-profitable.asp

Thats enough to nuke your account.

@OP Reading for you:

https://academy.binance.com/en/glossary/bitcoin
https://academy.binance.com/en/glossary/mining
https://www.investopedia.com/tech/how-does-bitcoin-mining-work/

Or google search "bitcoin mining" if above links did not satisfy your curiosity.



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