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Author Topic: How does bitcoin mining work?  (Read 318 times)
emmagloor
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September 15, 2017, 03:37:38 AM
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Hello,
I'm interested to know how bitcoin works.Can anyone tell me about it?

Thanks
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xbugitox
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September 15, 2017, 03:50:57 AM
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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/
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September 15, 2017, 03:51:16 AM
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The best source of bitcoin mining advice is found here: http://bfy.tw/7hly

The second best source of bitcoin mining advice can be found at the Mining board on this forum.

Good luck to you.

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September 15, 2017, 03:54:36 AM
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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.














 

 

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mehcat11
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September 15, 2017, 09:21:29 PM
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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/
nl247
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September 15, 2017, 09:58:41 PM
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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!
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September 15, 2017, 10:34:38 PM
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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)

kuyaJ
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September 15, 2017, 11:34:11 PM
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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/

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.

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