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Author Topic: What is Bitcoin mining?  (Read 9984 times)
BTC AND ETH
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November 01, 2017, 03:35:02 PM
 #101

Bitcoin mining is the process by which the transaction information distributed within the Bitcoin network is validated and stored on the blockchain. It is a term used to describe the processing and confirmation of payments on the Bitcoin network.

What makes the validation process for Bitcoin different from traditional electronic payment networks is that there is no need for an issuing bank, an acquiring bank, merchant accounts or mandatory centralized clearing houses, such as Visa and MasterCard, holding onto funds until they process transactions at the end of each day.
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November 02, 2017, 03:57:52 PM
 #102

Mining is the process of adding transaction records to Bitcoin's public ledger of past transactions.
Oh, good answer.  I was searching for as like your answer.  By the way thank you very much.
Before than I also thinking what can be it (mining).
Then,  I am clear about this question.

kevin go
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November 02, 2017, 04:45:37 PM
 #103

Hello, I have a question,
what is Bitcoin mining?
actually can anyone explain that what is bitcoin mining?
or any source link or article where I can find my question perfect answer..
Your kindness.

Basically mining is the process of adding transaction records to bitcoins investor journal of past history. Mining  build the network. Without mining their is no network and it will have zero value. You can say that bitcoin is dependent on mining. when you run the mine bitcoins then it is measured in hashes per second. Mining is used to introduce bitcoin in the system. Their is many types of mining like CPU mining, FPGA mining, pools, cloud mining etc. Hope it will help you. Smiley
Julia_bitcoin
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November 03, 2017, 04:26:21 AM
 #104

Mining is the creation of crypto coins by a special algorithm. A unique data set (or block) is generated on the computer, which confirms the authenticity of payment transactions. The block consists of a header hash of the previous block, a hash of transactions, and a random number. A chain containing all transactions is called a blockchain.

Characteristic features of mining and blocking:
1)There is no centralized management in the virtual currency production system;
2)The system is anonymous;
3) It is impossible to create more bitcoins and altcoins than is necessary because the algorithm is given and it can not be changed;
4)Transactions can not be canceled, and all information about them is stored in a common database;
5)Earnings are provided from the resources of a separate computer.

Also you can use this a video "How to Mine Bitcoins Using Your Own Computer"
https://www.youtube.com/watch?v=6QpgP7XIzxk
shariya M
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November 03, 2017, 12:58:39 PM
 #105

Mining as a art of adding transaction history to bitcoin's public Ledger of revious transaction.
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November 04, 2017, 03:43:44 AM
 #106

Hello, I have a question,
what is Bitcoin mining?
actually can anyone explain that what is bitcoin mining?
or any source link or article where I can find my question perfect answer..
Your kindness.

Bitcoin mining is the process where bitcoin blocks are being solved and those blocks contains bitcoins.It is a way for a person to have a bitcoin but difficulty level goes high because of the competition between miners.

Another purpose of mining is for transaction confirmations, every time a bitcoin is transferred from one wallet to another confirmations are needed for the transaction to be verified and for it to go through, those transactions are also included on the blocks that miners are solving every time. We can say that mining is the heart of the block chain once mining stops bitcoin might die because transfers will be impossible.
shariya M
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November 04, 2017, 07:52:26 AM
 #107

BITCOIN MINING can be defined as a process of verifying and securing bitcoin transaction...
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November 04, 2017, 03:38:03 PM
 #108

Hello, I have a question,
what is Bitcoin mining?
actually can anyone explain that what is bitcoin mining?
or any source link or article where I can find my question perfect answer..
Your kindness.

From the word itself mining means you are trying to look for something like gold mining you need to dig the soil to get gold, in bitcoin you need to solve blocks to get bitcoins.

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Hakkerman101
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November 04, 2017, 09:19:50 PM
 #109

The first and only way to earn Bitcoin was mining. This is a unique way that allows you to receive a crypto currency by "putting into operation" the power of your home computer. The essence of the principle is that the PC solves mathematical problems. After the solution of the problem (hash) is found, the miner will receive the reward. The profitability of mining fell significantly after the appearance of special devices on the market. The full professionalization of production made the use of conventional stationary computers unprofitable.
tyreII
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November 05, 2017, 08:34:32 AM
 #110

Hello, I have a question,
what is Bitcoin mining?
actually can anyone explain that what is bitcoin mining?
or any source link or article where I can find my question perfect answer..
Your kindness.

From the word mining, it is the process of extracting bitcoins from the network.
CIiff0rd
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November 05, 2017, 02:34:34 PM
 #111

It is the process for those transactions to go through. Miners are giving confirmations for the transactions.
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November 05, 2017, 04:07:30 PM
 #112

and you receive few bitcoin for that Smiley
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November 05, 2017, 04:11:28 PM
 #113

Before you start mining Bitcoin, it's useful to understand what Bitcoin mining really means. Bitcoin mining is legal and is accomplished by running SHA256 double round hash verification processes in order to validate Bitcoin transactions and provide the requisite security for the public ledger of the Bitcoin network. The speed at which you mine Bitcoins is measured in hashes per second.

The Bitcoin network compensates Bitcoin miners for their effort by releasing bitcoin to those who contribute the needed computational power. This comes in the form of both newly issued bitcoins and from the transaction fees included in the transactions validated when mining bitcoins. The more computing power you contribute then the greater your share of the reward.

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November 05, 2017, 05:11:32 PM
 #114

Posted for the umpteen millionth time:

Start by browsing through the Beginners & Help section...
Point-1 to remember is that not all crypto coins are 'Bitcoin'. Bitcoin is a specific coin with very specific hardware needs which is very different from the hardware other coins use. The other coins are in general called altcoins and they have their own areas here so when you start posting hardware questions be sure you post in the correct area.

-Joshua Zipkin aka Joshua Alexander leaked AMT A1 miner skype chats http://bit.ly/1Qjt6lj
-For bitcoin to succeed the community must police itself.
-Support Sidehacks miner development. Donations to:   1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
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November 05, 2017, 08:39:59 PM
 #115

Bitcoin mining is the process by which the transaction information distributed within the bitcoin network is validated and stored on the blockchain.It is a strategy in which you solve mathematical problems  and get paid once you solved it. However,profitability in this case depends on many factors and how willing you are to take risk.


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Umenk
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November 06, 2017, 10:58:27 AM
 #116

Mining bitcoin is mostly a scam and has no results...
Md.Esamul Haque
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November 06, 2017, 02:43:23 PM
 #117

It is a process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released.People with access to the internet and suitable hardware can participate in mining.  This mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle.

bitzizzix
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November 07, 2017, 04:39:55 AM
 #118

In very simple words,  Its a process of verification of Bitcoin transactions.  You may use your own hardware to mine you btc.
my bitcoin mining is not really in the know yet, which I know is now mine by finding a way to get bitcoin in this forum either by signature or something else, and there is also to buy it at a cheap price and invest it so that the result is maximal in when the time is right .. so far that's all that I know, because I have not been there in bitcoin. but bitcoin motivates me to search and find the smallest bitcoin I get ..


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November 07, 2017, 05:48:35 AM
 #119

Hi there.. It is simply a deep process of collecting or adding transaction records to Bitcoin's public ledger of previous transactions. This public ledger is called block chain.

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November 07, 2017, 08:19:59 AM
 #120

bitcoin mining is like let your hardware work for you.. passive in come may apply.. it cost you money and a lot of electrical power consumption. maybe its reliable to other but not in mine. Wink

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