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Title: How bitcoin mining works Post by: Nathrixxx on July 27, 2021, 07:41:04 AM Here is a summary article for newbies on what btc mining is, we learn and we grow.
Quote |What Is Bitcoin Mining? Bitcoin mining is the process by which new bitcoins are entered into circulation, but it is also a critical component of the maintenance and development of the blockchain ledger. It is performed using very sophisticated computers that solve extremely complex computational math problems. KEY TAKEAWAYS 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. Mining rewards are paid to the miner who discovers a solution to a complex hashing puzzle first, and the probability that a participant will be the one to discover the solution is related to the portion of the total mining power on the network. You need either a GPU (graphics processing unit) or an application-specific integrated circuit (ASIC) in order to set up a mining rig. For further comprehensive study on mining, you can click the link below: https://www.investopedia.com/tech/how-does-bitcoin-mining-work/ Title: Re: How bitcoin mining works Post by: bitmover on July 27, 2021, 10:48:31 AM KEY TAKEAWAYS By mining, you can earn cryptocurrency without having to put down money for it. This is false. This was true long time ago, but not anymore. You are not able to just turn on your personal old notebook and start earning bitcoins for free. Nowadays, mining is a business. You need to buy specific hardware and spend a lot of electricity (which also costs money), as the specific hardware consumes a lot of electricity. So, you can earn cryptocurrency without buying it directly, but you still need to put down money for it. Title: Re: How bitcoin mining works Post by: HashingTower on July 27, 2021, 11:07:29 AM Lol wake up mate, mining is more than just earning today it's more a business for millions out there, BTC difficulty have raised alot that it will take a GPU rx570 a millennium to mine 1 BTC and in fact you can't use a GPU or CPU to mine BTC again, you need an ASIC miner to atleast earn some satoshi's not even 1 BTC lol
Title: Re: How bitcoin mining works Post by: TheNineClub on July 27, 2021, 07:39:07 PM I think this might be true maybe at the beginning of the previous cycle but soon after that the game changed and mining become a big scale operation that required some investment and more serious machinery if you want anything serious out of it. Can you still farm mine small scale? Sure, but to what end?
Title: Re: How bitcoin mining works Post by: Bitcoin_Arena on July 27, 2021, 10:44:19 PM This is a big problem Just copying outdated articles online and passing them here without any prior research. Such information can be so misleading to newbies
KEY TAKEAWAYS Have you looked into how much the mining equipment costs these days plusthe cost of the amount of power they consume during the process of mining?By mining, you can earn cryptocurrency without having to put down money for it. You need either a GPU (graphics processing unit) Obsolete when it comes to Bitcoin mining. You would be better off gambling or buying shitcoins.Title: Re: How bitcoin mining works Post by: sheenshane on July 27, 2021, 11:31:18 PM KEY TAKEAWAYS Have you looked into how much the mining equipment costs these days plusthe cost of the amount of power they consume during the process of mining?By mining, you can earn cryptocurrency without having to put down money for it. If you didn't consider this, much better if you will invest in Bitcoin directly for less risk. Invest and hold it for a long period of time. Title: Re: How bitcoin mining works Post by: kxwhalexk on July 28, 2021, 03:05:12 AM I found a cartoon picture that can help understand
https://i.loli.net/2021/07/28/CJNaI3cli6OrAeR.png https://www.bitcoindesigned.com/infographics/what-is-bitcoin-mining/ Title: Re: How bitcoin mining works Post by: pooya87 on July 28, 2021, 05:45:43 AM KEY TAKEAWAYS This is false. This was true long time ago, but not anymore.By mining, you can earn cryptocurrency without having to put down money for it. In fact this is how Proof of Work is designed, you have to spend money to perform work and the cost of this work is there to ensure the network security. Obviously security of bitcoin network in early days was nowhere near what it is today. Title: Re: How bitcoin mining works Post by: khaled0111 on July 29, 2021, 08:45:00 PM Here is a summary article for newbies on what btc mining is, we learn and we grow. If you are really willing to learn about the bitcoin/blockchain technology and how it works then you should look for better resources than Investobidia, at least don't make it your only source of information. Their articles are full of misinformation and you should never recommend it to newbies.You quoted a 5 line paragraphe and yet there are at leat 3 misinformation. The first one was already pointed out in the replies above. Then there is this: "completing "blocks" of verified transactions", what does that even mean! Then there is the famous misconception that bitcoin miners are solving complex math problems while all they do is calculating the sha256 of block headers. Title: Re: How bitcoin mining works Post by: juliepower on August 06, 2021, 05:59:44 AM Bitcoin mining is the process where new bitcoins are entered and it is performed by computers to solve maths problem.By mining, you can earn cryptocurrency without invest money in it. Bitcoin miners receive Bitcoin as a reward.
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