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Author Topic: What is mining ? And how does bitcoin get generated  (Read 1051 times)
Roboabhishek
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September 18, 2016, 07:51:56 PM
 #1

I have a serious question since I started using bitcoin that is -> How bitcoin is generated

- By Bitcoin currency creator  ?

Also what happen in mining does it create more bitcoin or it's a reward for confirming transactions by Bitcoin creator.

I hope getting answer soon.
Thanks

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September 20, 2016, 12:04:59 AM
 #2

I have a serious question since I started using bitcoin that is -> How bitcoin is generated

- By Bitcoin currency creator  ?
Bitcoin is generated through the mining process. It is nothing but a mathematical calculation to find a SHA256 hash which satisfies certain criteria.

Also what happen in mining does it create more bitcoin or it's a reward for confirming transactions by Bitcoin creator.
By mining, a miner gets rewarded by some bitcoin from the network as well as the miner collects total mining fee from the Tx list it is confirming.

I hope getting answer soon.
Thanks
For details, please check https://en.bitcoin.it/wiki/Mining

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September 23, 2016, 03:57:55 AM
 #3

Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions. 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.
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September 23, 2016, 11:29:30 AM
 #4

Mining is simply confirming the transactions of bitcoins.

I have a serious question since I started using bitcoin that is -> How bitcoin is generated

- By Bitcoin currency creator  ?
Thanks

Bitcoin is not practically generated, the miners just include a transaction of block reward to himself when a block is found.

Also what happen in mining does it create more bitcoin or it's a reward for confirming transactions by Bitcoin creator.

nearly both are correct more bitcoins comes into circulation and that bitcoin comes in the way of reward.

 Huh One thing i don't understand on what meaning you are specifying bitcoin creator

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September 23, 2016, 12:25:00 PM
 #5

I have a serious question since I started using bitcoin that is -> How bitcoin is generated

- By Bitcoin currency creator  ?

Also what happen in mining does it create more bitcoin or it's a reward for confirming transactions by Bitcoin creator.

I hope getting answer soon.
Thanks
bitcoin mining ? is the process of adding transaction records you can get generated bitcoin depends on the hash power of your bitcoin miner and for me as of today or last survey that bitcoin mining is not that profitable right just try trading and everything will be fine for sure.

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beerlover
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September 23, 2016, 12:28:33 PM
 #6

I have a serious question since I started using bitcoin that is -> How bitcoin is generated

- By Bitcoin currency creator  ?

Also what happen in mining does it create more bitcoin or it's a reward for confirming transactions by Bitcoin creator.

I hope getting answer soon.
Thanks
There is no specific Bitcoin currency creator, blockchain itself creates new bitcoins out of thin air and will includes it to the newly created block as a reward to the miner who finds it.

With mining process, our new transactions are being included into new blocks and recent-old transactions are being confirmed. For the process "including", blockchain rewards new bitcoins.

Roboabhishek
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September 23, 2016, 08:16:30 PM
 #7

Mining is simply confirming the transactions of bitcoins.

I have a serious question since I started using bitcoin that is -> How bitcoin is generated

- By Bitcoin currency creator  ?
Thanks

Bitcoin is not practically generated, the miners just include a transaction of block reward to himself when a block is found.

Also what happen in mining does it create more bitcoin or it's a reward for confirming transactions by Bitcoin creator.

nearly both are correct more bitcoins comes into circulation and that bitcoin comes in the way of reward.

 Huh One thing i don't understand on what meaning you are specifying bitcoin creator

I meant Nakamoto when I said creator of bitcoin Cheesy ,
As he made this currency they he should be having some administrative rights like giving bitcoins to miners , etc
Some of my doubts are now clear.

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September 24, 2016, 02:23:32 PM
 #8

I meant Nakamoto when I said creator of bitcoin Cheesy ,
As he made this currency they he should be having some administrative rights like giving bitcoins to miners , etc

No.

Bitcoin is a decentralized, open-source, permissionless, trustless, peer-to-peer system.

You have all the same administrative rights in this system as Mr. Nakamoto.  The system doesn't allow him to do ANYTHING that is doesn't also allow you to do.

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September 24, 2016, 04:29:59 PM
 #9

Bitcoin is completely decentralized and no one has yet been identified as the original owner/creator of bitcoin. But yes how much and how bitcoin will be generated every time when transaction is included in a block every 10 minutes time were fixed/setup in early days by bitcoin creator/dev. Those generated bitcoin will go towards miner who have enough mining power and who support bitcoin network not towards the creator of bitcoin.


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September 24, 2016, 04:40:28 PM
 #10

I meant Nakamoto when I said creator of bitcoin Cheesy ,
As he made this currency they he should be having some administrative rights like giving bitcoins to miners , etc

No.

Bitcoin is a decentralized, open-source, permissionless, trustless, peer-to-peer system.

You have all the same administrative rights in this system as Mr. Nakamoto.  The system doesn't allow him to do ANYTHING that is doesn't also allow you to do.
Maybe in theory when we are talking about 1 person it is correct. But what about scenario when this person is admin of the biggest mining pool.
Isn't that true that these people (owners of mining pools, developers) have bigger possibilities to influence bitcoin?
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September 24, 2016, 06:19:37 PM
 #11

bitcoin mining is a time based process in which a mashine is used to solve huge mathamatical problems and each problem is placed into a  network block with a set of 20000-30000 transactions friom all over the world and as soon as a block gets solved it is also being verified and hence all the transactions in that will get confirmations


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October 03, 2016, 05:26:54 PM
 #12

everything is explained here : http://www.coindesk.com/information/how-bitcoin-mining-works/


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October 05, 2016, 08:57:13 PM
 #13

Thanks for posting the thread, really interesting info.

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October 07, 2016, 03:03:17 AM
 #14

I have a serious question since I started using bitcoin that is -> How bitcoin is generated

- By Bitcoin currency creator  ?

Also what happen in mining does it create more bitcoin or it's a reward for confirming transactions by Bitcoin creator.

I hope getting answer soon.
Thanks
Accoding To Me As I Know That Bitcoins are Generated By Solving Some Mathematical Equations By a Hardware Which is Known as a Mining Hardware.....
In Mining The Bitcoin Transactions are Confirmed And Enlisted into The Public Ledger By the Mining Hardware.....

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