|
Rj Manik (OP)
|
 |
November 27, 2017, 01:05:36 PM |
|
Actually, one thing is not clear to me that what is Bitcoin mining?I have tried to know a lot by myself, to know it.But I can not understand.Can anyone explain to me please?
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
bloodyvio
|
|
November 27, 2017, 01:11:08 PM |
|
Mining is the process of adding transaction records to Bitcoin's public ledger of past transactions (and a "mining rig" is a colloquial metaphor for a single computer system that performs the necessary computations for "mining"). 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. Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere. full article here : https://en.bitcoin.it/wiki/Mining |
|
|
|
newinbtc
Legendary
 Offline
Activity: 1190
Merit: 1001
|
|
November 27, 2017, 01:18:10 PM |
|
What is Bitcoin mining?
Bitcoin mining requires a computer and a special program. Miners will use this program and a lot of computer resources to compete with other miners in solving complicated mathematical problems. About every ten minutes, they will try to solve a block that has the latest transaction data in it, using cryptographic hash functions.
What are Hash Functions?
A cryptographic hash function is an essentially one-way encryption without a key. It takes an input and returns a seemingly random, but fixed length hash value.
For example, if you use Movable Type’s SHA-256 Cryptographic Hash Algorithm:
Message: How does mining work?
Hash Value: 46550fef 26f87ddd 5e15407f 45a0b8d2 9513291c 4e0f0acc 24a974de 907a1569
If you change even one letter of the original input, a completely different hash value will be returned. This randomness makes it impossible to predict what the output will be.
Who Are Bitcoin Miners?
Initially, bitcoin miners were just cryptography enthusiasts. People who were interested in the project and used their spare computer power to validate the blockchain so that they could be rewarded with bitcoin. As the value of bitcoin has gone up, more people have seen mining as a potential business, investing in warehouses and hardware to mine as many bitcoin as possible.
These warehouses are generally set up in areas with low electricity prices, to further reduce their costs. With these economies of scale, it has made it more difficult for hobbyists to profit from Bitcoin mining, although there are still many who do it for fun.
|
|
|
|
|
|
zais
|
|
November 27, 2017, 01:20:57 PM |
|
Actually, one thing is not clear to me that what is Bitcoin mining?I have tried to know a lot by myself, to know it.But I can not understand.Can anyone explain to me please?
Bitcoin is heavily dependent on the mining process. Due to the mining carried out by miners Bitcoin (miner) it will validate every transaction, build and store the new block into the blockchain |
|
|
|
|
jerowacik
Legendary
Offline
Activity: 1162
Merit: 1000
|
|
November 27, 2017, 01:24:44 PM |
|
Actually, one thing is not clear to me that what is Bitcoin mining?I have tried to know a lot by myself, to know it.But I can not understand.Can anyone explain to me please?
Bitcoin Mining means you process and then generate computerization to generate a Bitcoin. The process is called Mining and you will get Bitcoin as a reward form. The mining process depends on the quality of hardware we have, the better the hardware quality we have then the more our chances to get Bitcoin. |
|
|
|
|
kotajikikox
Full Member
Offline
Activity: 2380
Merit: 207
★Bitvest.io★ Play Plinko or Invest!
|
|
November 27, 2017, 01:27:10 PM |
|
Actually, one thing is not clear to me that what is Bitcoin mining?I have tried to know a lot by myself, to know it.But I can not understand.Can anyone explain to me please?
bitcoin mining using high speed computer set up to process the bitcoin to be mine or any altcoin , ethereum etc. if you have an interest to invest in mining make sure you have an skilled about the mining rig set up with high quality computer set up get huge profits, and knowledgeable the blockchain process. |
|
|
|
poletando
Full Member
Offline
Activity: 364
Merit: 100
PlayGame.com
|
|
November 27, 2017, 01:42:25 PM |
|
bitcoin mining its like mining gold or something mineral, you can mining bitcoin freely, right now bitcoin in the world already mined 17 Million++ its mean that still 4 Million that can you mined. if the supply reached 21 Million i think you can mining bitcoin gain because there are not bitcoin in the world
|
|
|
|
|
ir.yance
|
|
November 27, 2017, 03:30:42 PM |
|
Actually, one thing is not clear to me that what is Bitcoin mining?I have tried to know a lot by myself, to know it.But I can not understand.Can anyone explain to me please?
bitcoin mining means you process and then generate computerization to produce Bitcoin. The process is called Mining and you will get Bitcoin as a reward or a result of your mining work |
|
|
|
|
|
Rj Manik (OP)
|
|
November 27, 2017, 05:09:42 PM |
|
What is Bitcoin mining?
Bitcoin mining requires a computer and a special program. Miners will use this program and a lot of computer resources to compete with other miners in solving complicated mathematical problems. About every ten minutes, they will try to solve a block that has the latest transaction data in it, using cryptographic hash functions.
What are Hash Functions?
A cryptographic hash function is an essentially one-way encryption without a key. It takes an input and returns a seemingly random, but fixed length hash value.
For example, if you use Movable Type’s SHA-256 Cryptographic Hash Algorithm:
Message: How does mining work?
Hash Value: 46550fef 26f87ddd 5e15407f 45a0b8d2 9513291c 4e0f0acc 24a974de 907a1569
If you change even one letter of the original input, a completely different hash value will be returned. This randomness makes it impossible to predict what the output will be.
Who Are Bitcoin Miners?
Initially, bitcoin miners were just cryptography enthusiasts. People who were interested in the project and used their spare computer power to validate the blockchain so that they could be rewarded with bitcoin. As the value of bitcoin has gone up, more people have seen mining as a potential business, investing in warehouses and hardware to mine as many bitcoin as possible.
These warehouses are generally set up in areas with low electricity prices, to further reduce their costs. With these economies of scale, it has made it more difficult for hobbyists to profit from Bitcoin mining, although there are still many who do it for fun.
Thanks, for this articles.Now I am really get some knowledge about bitcoin mining.Bitcoin mining means just solving complicated mathematical problems.This mathematical problems solving bitcoin miners.It,s really amazing of technology. |
|
|
|
|
wihrn
Newbie
Offline
Activity: 14
Merit: 0
|
|
November 27, 2017, 10:09:49 PM |
|
What is Bitcoin mining?
Bitcoin mining requires a computer and a special program. Miners will use this program and a lot of computer resources to compete with other miners in solving complicated mathematical problems. About every ten minutes, they will try to solve a block that has the latest transaction data in it, using cryptographic hash functions.
What are Hash Functions?
A cryptographic hash function is an essentially one-way encryption without a key. It takes an input and returns a seemingly random, but fixed length hash value.
For example, if you use Movable Type’s SHA-256 Cryptographic Hash Algorithm:
Message: How does mining work?
Hash Value: 46550fef 26f87ddd 5e15407f 45a0b8d2 9513291c 4e0f0acc 24a974de 907a1569
If you change even one letter of the original input, a completely different hash value will be returned. This randomness makes it impossible to predict what the output will be.
Who Are Bitcoin Miners?
Initially, bitcoin miners were just cryptography enthusiasts. People who were interested in the project and used their spare computer power to validate the blockchain so that they could be rewarded with bitcoin. As the value of bitcoin has gone up, more people have seen mining as a potential business, investing in warehouses and hardware to mine as many bitcoin as possible.
These warehouses are generally set up in areas with low electricity prices, to further reduce their costs. With these economies of scale, it has made it more difficult for hobbyists to profit from Bitcoin mining, although there are still many who do it for fun.
very broad answer, thank you, I did not understand mining completely before I read the article. |
|
|
|
|
MarkTrade19
Newbie
Offline
Activity: 28
Merit: 0
|
|
November 28, 2017, 11:06:21 AM |
|
Most of the people can not understand how bitcoin works. It is not that much difficult to understand. It is most common similarity that people use for Bitcoin like mining Gold.
|
|
|
|
|
|
shark69
|
|
November 28, 2017, 11:11:11 AM |
|
bitcoin mining is one way to get Bitcoin by mining. They get compensated through the newly mined Bitcoin. New mined bitcoin is a reward and an incentive for those who contribute to and dive with systems that support the transaction process.
|
|
|
|
|
|
BlasterS
|
|
November 28, 2017, 04:30:54 PM |
|
Bitcoin mining is a system or application in smartphones that are created to generate bitcoin/money for free. Some of the mining system needs investment to maximize the performance and generate more bitcoin; with the help of mining system you can earn without spending too much effort for it.
|
|
|
|
|
tientien1
Member
Offline
Activity: 322
Merit: 10
|
|
November 28, 2017, 04:40:51 PM |
|
Mining is digging bitcoin by computer with a very large computer system and encrypted people
|
|
|
|
|
bkris
Member
Offline
Activity: 67
Merit: 10
|
|
November 28, 2017, 04:41:20 PM |
|
What is Bitcoin mining?
Bitcoin mining requires a computer and a special program. Miners will use this program and a lot of computer resources to compete with other miners in solving complicated mathematical problems. About every ten minutes, they will try to solve a block that has the latest transaction data in it, using cryptographic hash functions.
What are Hash Functions?
A cryptographic hash function is an essentially one-way encryption without a key. It takes an input and returns a seemingly random, but fixed length hash value.
For example, if you use Movable Type’s SHA-256 Cryptographic Hash Algorithm:
Message: How does mining work?
Hash Value: 46550fef 26f87ddd 5e15407f 45a0b8d2 9513291c 4e0f0acc 24a974de 907a1569
If you change even one letter of the original input, a completely different hash value will be returned. This randomness makes it impossible to predict what the output will be.
Who Are Bitcoin Miners?
Initially, bitcoin miners were just cryptography enthusiasts. People who were interested in the project and used their spare computer power to validate the blockchain so that they could be rewarded with bitcoin. As the value of bitcoin has gone up, more people have seen mining as a potential business, investing in warehouses and hardware to mine as many bitcoin as possible.
These warehouses are generally set up in areas with low electricity prices, to further reduce their costs. With these economies of scale, it has made it more difficult for hobbyists to profit from Bitcoin mining, although there are still many who do it for fun.
Thank you very much for the detailed answer. Now I got some idea about Bitcoin Mining Thanks Buddy! |
|
|
|
|
AGD
Legendary
Offline
Activity: 2069
Merit: 1164
Keeper of the Private Key
|
|
November 28, 2017, 04:43:07 PM |
|
Bitcoin mining is a system or application in smartphones that are created to generate bitcoin/money for free. Some of the mining system needs investment to maximize the performance and generate more bitcoin; with the help of mining system you can earn without spending too much effort for it.
This answer is just WOW |
|
|
|
|
loof99
|
|
November 28, 2017, 06:40:00 PM |
|
Since bitcoin is very popular in electronic banking or cryptocurrency industry. Many Information Techonology expert creates a system or application in smartphone where in it can generate bitcoin which they called bitcoin mining. BItcoin mining system is develop is just like the concept of mining like finding resources. In this system it will help you to accumulate bitcoin in perio of time. Many mining system offers free services but it takes too long to withdraw it. So there are some developers offers a fast mining system wherein you are required to put some investment tobenefit with it.
|
|
|
|
|
|
