Willing to know more

[DaNNy001]

I have been in the forum for some time now and no doubt i have gathered so many knowledge about the crypto space especially on bitcoin and my view towards bitcoin has totally changed as i once like others saw bitcoin as a pornzi scheme that is meant to target the weak into depriving them in their little money they earn through ours of work stress.

 

the forum is like a library filled with so many books to read and its some time as i have always wanted to learn about the whole ethics of bitcoin mining and how its works so I can be able to participate in some of the conversation here in the forum but haven't really gotten to the full understanding of it.

So i want to know if there is any way i can learn a little bit faster as bitcoin mining always intrigues me and i just feel  maybe there are articles here i can read that can further broaden my knowledge on bitcoin mining and its importance to the crypto space.

[Sexylizzy2813]

I too am a newbie to this part of the forum and would like to gain vast knowledge about the crypto space and so I decided to make some research. I was intrigued by how miners would have to compete to complete cryptographic task fast enough to be able to earn rewards in the form of transaction fees and BTC. I got a bit of an opener here but I believe there are more places to get more practical knowledge than theory.

[DaNNy001]

I too am a newbie to this part of the forum and would like to gain vast knowledge about the crypto space and so I decided to make some research. I was intrigued by how miners would have to compete to complete cryptographic task fast enough to be able to earn rewards in the form of transaction fees and BTC. I got a bit of an opener here and here but I believe there are more places to get more practical knowledge than theory.

Thanks for the links provided, i will make sure to check it out when am less busy. My curiosity about the whole mining operation always get me confused when ever i come an article thats contains a wide and plenty write up but am ready to calm myself and learn about the facts that are involved in mining bitcoin.

[BitMaxz]

~snip~

Why did you link a Cloud mining site here since you are a newbie I suggest you remove the link that includes cryptolinks to hashing24 that website is obviously a scam look at the first description they said they have been involved in crypto since 2012 but look at the whois their domain was registered 2016.

Are you promoting the website? If I were you remove the anchor text a link that hiding from your post so that no one will click it here on the forum.

@DaNNy001

Actually, mining Bitcoin only needs ASIC units it is PlugNPlay the only problem is your electricity rate if you have a cheap power rate then go for mining but if your current electricity rate is expensive don't buy a unit.

and I would like you to read this before you start buying units. First time/Small miner reference for getting started.

[DiMarxist]

@DaNNy001

Actually, mining Bitcoin only needs ASIC units it is PlugNPlay the only problem is your electricity rate if you have a cheap power rate then go for mining but if your current electricity rate is expensive don't buy a unit.

and I would like you to read this before you start buying units. First time/Small miner reference for getting started.

That is good. You have given good information to the OP, so OP you to read what BitMaxz has provided for you to read. And if you like reading also add one link for you to know more on bitcoin mining.

How to Mine Bitcoin: A Beginner's Guide to Mine BTC

[kano]

...
intrigued by how miners would have to compete to complete cryptographic task fast enough
...

It's not a competition.

It's a simple random brute force hash to get leading zeros.

On average, every miner that hashes, they will find a 1 diff share for every 1 diff of hashes they do.

Network difficulty is currently 37590453655497.1 so, on average, 1 in every 37590453655497.1 diff of hashes done will currently be a block.

When a block changes, you continue hashing with a different set of data.
On all good pools, you continue hashing with a different set of data every 30 seconds.
There's no competition or race involved in finding a block hash.

However, once you do find a block, you must get it out to the worldwide bitcoin network as fast as possible, so that someone else doesn't find the same height block before you tell them about yours and get them to switch to building on top of yours.
This is the most important part that people also misunderstand in their posts all over this forum.

[Sexylizzy2813]

Why did you link a Cloud mining site here since you are a newbie I suggest you remove the link that includes cryptolinks to hashing24 that website is obviously a scam look at the first description they said they have been involved in crypto since 2012 but look at the whois their domain was registered 2016.

My bad. I didn't know it was a scam site and felt it was okay to share it on here since I got good info (in my mind). But thanks for the warning though. I'd quickly remove it since the last thing I want is to have a negative rep of promoting scam site