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Author Topic: 2013-07-17 Botcoin: Bitcoin Mining by Botnet  (Read 1017 times)
lewisg (OP)
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July 18, 2013, 12:38:22 PM
 #1

http://krebsonsecurity.com/2013/07/botcoin-bitcoin-mining-by-botnet/

Bitcoin is a decentralized, virtual currency, and bitcoins are created by large numbers of CPU-intensive cryptographic calculations. As Wikipedia explains, the processing of Bitcoin transactions is secured by servers called bitcoin miners. These servers communicate over an internet-based network and confirm transactions by adding them to a ledger which is updated and archived periodically using peer-to-peerfilesharing technology. In addition to archiving transactions, each new ledger update creates some newly minted bitcoins.

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Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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July 18, 2013, 01:23:39 PM
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I imagine botnets will be pointed towards Primecoin until some sort of more efficient GPU / FPGA / ASIC miner is built for them, yes? 

Or am I wrong on my profitability calcs (no calculations actually done, just speculating from the hip, haha).

Coinbase for selling BTCs
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PM me with any questions on these sites/apps!  http://www.montybitcoin.com


or Vircurex for trading alt cryptocurrencies like DOGEs
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