Bitcoin Forum
May 07, 2024, 10:53:28 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: How Bitcoin mining works?  (Read 103 times)
SanaUllah124 (OP)
Newbie
*
Offline Offline

Activity: 40
Merit: 0


View Profile
April 17, 2021, 07:03:55 AM
 #1

As anybody can become a Bitcoin miner by running softwares with a special hardware.
but how the Miners gets their money, who paid them?
1715079208
Hero Member
*
Offline Offline

Posts: 1715079208

View Profile Personal Message (Offline)

Ignore
1715079208
Reply with quote  #2

1715079208
Report to moderator
1715079208
Hero Member
*
Offline Offline

Posts: 1715079208

View Profile Personal Message (Offline)

Ignore
1715079208
Reply with quote  #2

1715079208
Report to moderator
1715079208
Hero Member
*
Offline Offline

Posts: 1715079208

View Profile Personal Message (Offline)

Ignore
1715079208
Reply with quote  #2

1715079208
Report to moderator
Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1715079208
Hero Member
*
Offline Offline

Posts: 1715079208

View Profile Personal Message (Offline)

Ignore
1715079208
Reply with quote  #2

1715079208
Report to moderator
1715079208
Hero Member
*
Offline Offline

Posts: 1715079208

View Profile Personal Message (Offline)

Ignore
1715079208
Reply with quote  #2

1715079208
Report to moderator
1715079208
Hero Member
*
Offline Offline

Posts: 1715079208

View Profile Personal Message (Offline)

Ignore
1715079208
Reply with quote  #2

1715079208
Report to moderator
AWMM24
Jr. Member
*
Offline Offline

Activity: 109
Merit: 2


View Profile
April 17, 2021, 10:34:02 PM
 #2

As anybody can become a Bitcoin miner by running softwares with a special hardware.
but how the Miners gets their money, who paid them?

Miners get their payment when a block is completed.The mining app or software goes out to the blockchain and grabs packets of transaction information, and runs the necessary process to confirm the transaction.

►           ►     enVoy       │        envoydefi.com     ◄           ◄
▐ █│     Sustainably Green Trust in Trade     │█ ▌
BitMaxz
Legendary
*
Offline Offline

Activity: 3248
Merit: 2965


Block halving is coming.


View Profile WWW
April 17, 2021, 11:18:20 PM
 #3

but how the Miners gets their money, who paid them?


Actually, it pools who can pay them through different ways of payment PPS,PPS+, PPLNS and FPPS.

Pools like an operator where you can mine BTC and get paid depends on your miner's hashrate shares.
List of mining pool here https://miningpoolstats.stream/bitcoin

You can also mine solo without any 3rd party pool but you only have less chance to mine a block if you only have one miner or small mining farm.

█▀▀▀











█▄▄▄
▀▀▀▀▀▀▀▀▀▀▀
e
▄▄▄▄▄▄▄▄▄▄▄
█████████████
████████████▄███
██▐███████▄█████▀
█████████▄████▀
███▐████▄███▀
████▐██████▀
█████▀█████
███████████▄
████████████▄
██▄█████▀█████▄
▄█████████▀█████▀
███████████▀██▀
████▀█████████
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
c.h.
▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
▀▀▀█











▄▄▄█
▄██████▄▄▄
█████████████▄▄
███████████████
███████████████
███████████████
███████████████
███░░█████████
███▌▐█████████
█████████████
███████████▀
██████████▀
████████▀
▀██▀▀
pooya87
Legendary
*
Offline Offline

Activity: 3444
Merit: 10555



View Profile
April 18, 2021, 04:28:04 AM
 #4

but how the Miners gets their money, who paid them?
There is no centralized authority to "pay" miners in a decentralized network. There is a reward that can be claimed for finding a new block that the miner has to claim themselves.
It basically works like this:
The miner builds a new block to start mining it, for that they include as many transactions as possible in that block while building a special transaction known as coinbase and in that transaction they pay themselves up to a certain amount that is determined based on the block height (for example block 679648 can have up to 6.25BTC reward) plus up to the sum of all transaction fees inside that block.

.
.BLACKJACK ♠ FUN.
█████████
██████████████
████████████
█████████████████
████████████████▄▄
░█████████████▀░▀▀
██████████████████
░██████████████
████████████████
░██████████████
████████████
███████████████░██
██████████
CRYPTO CASINO &
SPORTS BETTING
▄▄███████▄▄
▄███████████████▄
███████████████████
█████████████████████
███████████████████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████████████
█████████████████████
███████████████████
▀███████████████▀
█████████
.
Bitfort
Sr. Member
****
Offline Offline

Activity: 952
Merit: 339

invest trade and gamble wisely


View Profile
April 18, 2021, 09:42:42 PM
 #5

Miners don't get money directly.
They get BTC and have to sell them if they want money.

Those BTC come from 2 sources.
1 Transaction fees - the fee paid by transaction sender goes to miners.
2 Block reward - fixed amount of BTC for each block miner generates.

The 1st part are already existing bitcoins.
The 2nd part comes out of thin air. Its newly generated (created) coins. Call it supply.

Once all 21mil. BTC gets mined they will get only the 1st part.

MY HINTs
◄M► MINING
◄G► GAMBLING
◄E► EXCHANGE

◄E► (KCS) Kucoin-Staking, Auto-Lending, Trading-Bot
◄E► (BNB) Binance-Staking, Savings, 10% RefBack
◄E► (TRX) Poloniex-Staking, Lending, Fee Discount
◄E► (LEO) Bitfinex-Staking, Auto-Lending

◄G► Betfury-Faucet, Dividend Earnings (BFG holders, mine BFG by playing)
◄G► Bitvest -  Faucet, Bankroll Invest
◄G► CryptoGames-Faucet, Lotto
◄G► PrimeDice-Faucet

◄M► Prohashing (Multipool)-Payout in any coin, get 0.50% bonus for 30 days
◄M► MiningRigRentals (Marketplace)-buy hashrate or rent your miners
◄M► Viabtc  (Pool)-payout to Coinex (exchnage) without fees


Pmalek
Legendary
*
Offline Offline

Activity: 2758
Merit: 7135



View Profile
April 19, 2021, 11:03:06 AM
 #6

Why read about bitcoin mining if you can learn by watching and listening to the process being explained to you in simple terms?
What is Bitcoin Mining?

The video will teach you how new coins are generated, and what kind of hardware is required. The narrator talks about mining pools, the profitability of mining, mining difficulty, block times, block rewards, and more.

The video is a few years old and the mining rewards have been halved in the meantime, but you will get to gist of it. 

.
.BLACKJACK ♠ FUN.
█████████
██████████████
████████████
█████████████████
████████████████▄▄
░█████████████▀░▀▀
██████████████████
░██████████████
████████████████
░██████████████
████████████
███████████████░██
██████████
CRYPTO CASINO &
SPORTS BETTING
▄▄███████▄▄
▄███████████████▄
███████████████████
█████████████████████
███████████████████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████████████
█████████████████████
███████████████████
▀███████████████▀
█████████
.
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!