Bitcoin Forum

Hello,
I'm interested to know how bitcoin works.Can anyone tell me about it?

Thanks

Mining is kinda hype in my country (Philippines) right now and most of them use GPU. But here's a good read of how mining works.

https://www.coindesk.com/information/how-bitcoin-mining-works/ (https://www.coindesk.com/information/how-bitcoin-mining-works/)

The best source of bitcoin mining advice is found here: http://bfy.tw/7hly (http://bfy.tw/7hly)

The second best source of bitcoin mining advice can be found at the Mining board (https://bitcointalk.org/index.php?board=14.0) on this forum.

Good luck to you.

Bitcoin mining serves as a method to distribute Bitcoins as well as to put transactions into the Blockchain.

Heres how it works: The miner starts by assembling a merkle root with transactions that he wishes to put into the block. The merkle root includes all the transaction that he wishes to include and a Coinbase transaction which is the block reward + the transaction fees (ie. 12.5BTC+all the transaction fees of the Bitcoins in the block). Together with various other data such as the hash of the last block, timestamp, difficulty etc, he puts it together and that is the block header. The miner will then hash the block header and if the hash is lower than the current difficulty target, it is valid. The miner can then broadcast the block and the network of nodes will accept it. If not, the miner will modify the block header to generate a new different hash.

Bitcoin mining need mining ecosystem such us CPU mining, GPU mining, FPGA mining, ASIC mining, etc to gain bitcoin.

There is a video to explain how bitcoin mining does work https://www.bitcoinmining.com/

You can get most of the information you want from the mining section of this forum as well as online. Plenty of articles and discussions to guide you!

Every ten minutes or so mining computers collect a few hundred pending bitcoin transactions or we may say a block and turn them into a mathematical puzzle. Then the other miners will check wheter the sender of the funds has the right to spend the money.

And there are two ways in order to mine bitcoin.

1. CLOUD MINING - In order to start the cloud mining you need to invest first in order to mine. You're going to pay to the company in order to mine (it depends to your investment how fast you're going to mine.)

Advantages:
• You can mine offline.
• No high electricity bill.
• Your computer won't be damage.
• Passive mining
• You can choose how fast you're going to mine.

Disadvantages:
• You need to invest first to start mining.
• The site on where you've may turn out to be a scam.

2. USE YOUR OWN DESKTOP - It's simple you just need to download a wallet and a pool on where your goong to mine and you can start mining using your own computer. It depends on your pc how fast you're going to mine.

Advantages:
• You don't need to invest in order to start mining.
• You won't be scam.

Disadvantages:
• There's a chance that your computer can be damage.
• High electricity bill.
• You need your pc to be open while mining.
• You can't change the speed of your mining. (You can if you change the parts of your computer)

They use GPU to have a good processor to have a good performance when do mining because some site do not take anything because they need a good chip.

Mining is kinda hype in my country (Philippines) right now and most of them use GPU. But here's a good read of how mining works.Heres how it works: The miner starts by assembling a merkle root with transactions that he wishes to put into the block.You can get most of the information you want from the mining section of this forum as well as online.

Basically, right now they are engaged in mining on personal PCs with a powerful video card or create large farms that are engaged in the production of crypto currency

In my opinion,every ten minutes or so mining computers collect a few hundred pending bitcoin transactions (a “block”) and turn them into a mathematical puzzle.The miner who found the solution gets 25 bitcoins as a reward, but only after another 99 blocks have been added to the ledger.

Bitcoin mining serves as a method to distribute Bitcoin and also puts transactions into Blockchain.

and every fifteen minutes once the mining computer collects a few hundred pending Bitcoin transactions (a "block") and the miner can then broadcast the block and the node network will receive it. Otherwise, the miner will modify the block header to generate a different new hash

Miners are getting paid for their work as auditors. They are doing the work of verifying previous Bitcoin transactions. This convention is meant to keep Bitcoin users honest, and was conceived by Bitcoin's founder, Satoshi Nakamoto. By verifying transactions, miners are helping to prevent the "double-spending problem.

You are copy-pasting the above post by Heyyyrenz:


which may be regarded as a plagiarism, resulting in red trust as it is not allowed in the forum.  You may want to use "quote" when you use some sentences in other users' posts.

hello i am also exploring bicoin ways to get more income at free time who knows how and how and new projects out please share with me. Thanks very much

There are couple ways to mine BTC:

-BTC mining app (Easiest way--Bitcoin Miner)
-Cloud mining (Genesis Mining)
-Build a mining rig (most complicated way)

Mining crypto can be a neat way to earn extra money through your computer’s processing power. It could also be another unique way to support your favorite crypto that you’ve invested in. The network of miners support the Blockchains, so having more miners can help lead to a more stable and faster coin.

Hope this helps  :)