What is btc mining?

[Vishnu.Reang]

For the remainder of BTC surplus, miners harvest nodes to acquire coins... After the 21,000,000 are mined additional amounts come from transactions over the entire Bitcoin network.

My understanding is that once the 21 million coins are mined by 2140, there will be no block reward as such. The miners will get only the transaction fee, which can vary. Anyway, I don't know whether BTC will survive up to 2140.

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[Mike Mayor]

For the remainder of BTC surplus, miners harvest nodes to acquire coins... After the 21,000,000 are mined additional amounts come from transactions over the entire Bitcoin network.

My understanding is that once the 21 million coins are mined by 2140, there will be no block reward as such. The miners will get only the transaction fee, which can vary. Anyway, I don't know whether BTC will survive up to 2140.

It might. Untill then people now are very early adopters still. There only a few bitcoins so far and only so many can be mined. As more people adopt and in ten years time if you have saved a few whole bitcoins you might actually end up being rather wealthy. Lots horse our coins and wait and find out. ^^ Maybe by 2140 another Bitcoin is out and we do a swap xP

[yyyshhha1415]

Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.

[rahmat92]

Bitcoin mining is a process of mathematical calculation performed on Bitcoin tissue. As we all know, Bitcoin runs in an online system, and the purpose of mathematical calculations is to verify the bitcoin transactions that exist on the Internet. By performing the verification, a bitcoin miner will get a new block gap in the Bitcoin network containing a new amount of Bitcoin and can be taken. That's where a Bitcoin miner will get Bitcoin for himself. The more the process of verification and the creation of new blocks, the more mined bitcoins will be.

[Digitalbitcoin]

Mining is process of generation of coins. Which is basically a rewards claimed by miner for their contribution for solving mathematical problem. These rewards are generated coins for solving certain blocks. These rewards have many parameters for calculation. Block height, block size, block difficulty, block rewards, total contributing power etc.

Especially for bitcoin mining there is predefined theory for rewards generation. As after every 2,10,000 Block there halving occurs which reduce bitcoin generation by 50%.

[asyakashi]

I want to know the whole proccess by which we can earn through mining.what happens in mining?

When you mine Bitcoins, you are securing the network by confirming transaction. Such process is made by an ASIC miner (look it on ebay) and depending on your hashrate (KH/s, MH/s, GH/s, TH/s), network difficulty, and electricity costs, that will determine what you will earn. For more info, i'd suggest you look into these sites: http://www.pcadvisor.co.uk/how-to/internet/how-mine-bitcoins-generate-money-bitcoin-mining-3515249/     http://www.coindesk.com/information/how-bitcoin-mining-works/

Hope this helps. Somebody correct this, if I'm wrong.

Very interesting, How much capital is needed to start mining?

[hexafraction]

I want to know the whole proccess by which we can earn through mining.what happens in mining?

When you mine Bitcoins, you are securing the network by confirming transaction. Such process is made by an ASIC miner (look it on ebay) and depending on your hashrate (KH/s, MH/s, GH/s, TH/s), network difficulty, and electricity costs, that will determine what you will earn. For more info, i'd suggest you look into these sites: http://www.pcadvisor.co.uk/how-to/internet/how-mine-bitcoins-generate-money-bitcoin-mining-3515249/     http://www.coindesk.com/information/how-bitcoin-mining-works/

Hope this helps. Somebody correct this, if I'm wrong.

Very interesting, How much capital is needed to start mining?

Quite a lot. Most successful mining enterprises end up purchasing electricity, land, and miners in bulk, thus taking advantage of an economy of scale. Of course, if you want to try your luck at solo-mining, and need a wireless router as well, you can get a router with Bitcoin miner built-in for around 40 USD.

[seo11]

Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain.

[H1_colonization]

For the remainder of BTC surplus, miners harvest nodes to acquire coins... After the 21,000,000 are mined additional amounts come from transactions over the entire Bitcoin network.

This is done by mega computers with heavy GPU's as well as custom computers to amass virtual wealth.

what did you mean

[mizan2821]

I have same Question... I want to know how to mining...Very interesting, How much capital is needed to start mining......I hove I will get some Answer...?

[madwica]

I have same Question... I want to know how to mining...Very interesting, How much capital is needed to start mining......I hove I will get some Answer...?

I do not know what is the exact amount of investment need to build a mining site because it depends on the mining site wanting by the users. and also it depends on the price of the mining rigs you build. mate just consider the electricity rate in your country.

[Nicol3]

Great information here about bitcoin mining, I too wanted to know more about this and it brought me to this thread. Will try to see if it works for me too because so far from some topics I've read here at bitcointalk it usually says you need lots of funds or capital because it will increase your electric bill for sure.