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Author Topic: Bitcoin miners revenue  (Read 50 times)
Wisbrown (OP)
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February 12, 2021, 11:40:23 PM
 #1

If I may ask
What is the backbone of bitcoin industry?
How can bitcoin be created?
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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Jazzi Mahesh
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February 13, 2021, 06:26:03 AM
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Bitcoin mining is the process of earning bitcoin in exchange for running the verification process to validate bitcoin transactions. These transactions provide security for the Bitcoin network which in turn compensates miners by giving them bitcoins. Miners can profit if the price of bitcoins exceeds the cost to mine.
DannyHamilton
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February 13, 2021, 06:31:32 AM
 #3

If I may ask
What is the backbone of bitcoin industry?
Bitcoin is a currency, not an industry.

How can bitcoin be created?

The bitcoin protocol allows the miners (or mining pools) that create blockchain blocks and provide the necessary proof-of-work to assign some value to a special transaction in the block that they create and complete.

Bitcoin mining is the process of earning bitcoin in exchange for running the verification process to validate bitcoin transactions. These transactions provide security for the Bitcoin network which in turn compensates miners by giving them bitcoins. In exchange for this service, the rules of the Bitcoin protocol allow the miner (or mining pool) to award themselves, in a special transaction in the block, a number of bitcoins no larger than the sum of all the transaction fees for all the transactions in the block they've created PLUS the current block subsidy of "new bitcoins". Miners can profit if the price of bitcoins exceeds the cost to mine.

FTFY  Wink
Tytanowy Janusz
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February 13, 2021, 08:38:53 AM
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Bitcoin mining is the process of earning bitcoin in exchange for running the verification process to validate bitcoin transactions. These transactions provide security for the Bitcoin network which in turn compensates miners by giving them bitcoins. Miners can profit if the price of bitcoins exceeds the cost to mine.

When you copy paste something always remeber to add source:
https://www.investopedia.com/articles/forex/051115/bitcoin-mining-still-profitable.asp

Thats enough to nuke your account.

@OP Reading for you:

https://academy.binance.com/en/glossary/bitcoin
https://academy.binance.com/en/glossary/mining
https://www.investopedia.com/tech/how-does-bitcoin-mining-work/

Or google search "bitcoin mining" if above links did not satisfy your curiosity.

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