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Understanding Bitcoin Mining and Corporations | CoinGeek

Understanding Bitcoin Mining and Corporations | CoinGeek submitted by llll22 to btc [link] [comments]

Key Steps to Understanding Bitcoin Mining: From Software to Consensus

Key Steps to Understanding Bitcoin Mining: From Software to Consensus submitted by MellzorLovely to CryptoStock [link] [comments]

Understanding Bitcoin Mining for complete noobs

Understanding Bitcoin Mining for complete noobs submitted by JoshuaB90 to CryptoCurrency [link] [comments]

Crypto Tips - Bitcoin 101: Understanding Bitcoin Mining (Proof of Work)

Crypto Tips - Bitcoin 101: Understanding Bitcoin Mining (Proof of Work) submitted by Yanlii to cryptovideos [link] [comments]

Understanding Bitcoin mining and corporations | CoinGeek

Understanding Bitcoin mining and corporations | CoinGeek submitted by btcnewsupdates to CryptoCurrency [link] [comments]

Understanding Bitcoin Mining and Corporations | CoinGeek

Understanding Bitcoin Mining and Corporations | CoinGeek submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Understanding Bitcoin Mining Difficulty - Article Feedback, Please

Understanding Bitcoin Mining Difficulty - Article Feedback, Please submitted by furuknap to BitcoinMining [link] [comments]

Understanding Bitcoin Mining Hashrates with Dave Hudson (Peernova)

Understanding Bitcoin Mining Hashrates with Dave Hudson (Peernova) submitted by taariqlewis to Bitcoin [link] [comments]

Bitcoin SF Devs Seminar: A deep dive into understanding Bitcoin mining hashrates

Bitcoin SF Devs Seminar: A deep dive into understanding Bitcoin mining hashrates submitted by GibbsSamplePlatter to Bitcoin [link] [comments]

Understanding Bitcoin Mining Difficulty - Article Feedback, Please : Crosspost from /r/BitcoinMining

Understanding Bitcoin Mining Difficulty - Article Feedback, Please : Crosspost from /BitcoinMining submitted by furuknap to litecoinmining [link] [comments]

I don't understand Bitcoins mining craze

I don't think you can make a living off mining and as more people use it... you earn less
I also don't understand the gpu overprice thing. 1080ti didnt not add huge overpricing when looking at pcpartpicker
submitted by DeddoShin to pcmasterrace [link] [comments]

Easy way to understand Bitcoin Mining | Cryptocurrency | Beginners Guide

Easy way to understand Bitcoin Mining | Cryptocurrency | Beginners Guide submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Easy way to understand Bitcoin Mining | Cryptocurrency | Beginners Guide

submitted by BitcoinAllBot to BitcoinAllTV [link] [comments]

12-30 15:12 - 'Easy way to understand Bitcoin Mining | Cryptocurrency | Beginners Guide' ( by /u/digitalbabaa removed from /r/Bitcoin within 136-146min

Easy way to understand Bitcoin Mining | Cryptocurrency | Beginners Guide
Go1dfish undelete link
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Author: digitalbabaa
submitted by removalbot to removalbot [link] [comments]

Help Me Understand Bitcoin Mining

The way I understand bitcoin miners is that essentially process bitcoin transactions and add it to the public ledger and in return get compensated for it in the form of new bitcoin issued. But what happens when all the bitcoins has been mined? What incentive is there for miners to continue to mine?
submitted by JadeDoo to Bitcoin [link] [comments]

I want to understand bitcoin mining

As I read up more and more on btc, I get interested in the mining aspect of it. I was wondering if using gpus to mine still work in a profitable way, also could anyone link an up to date btc mining guides for beginners?
submitted by vagtales to Bitcoin [link] [comments]

Help Me Understand Bitcoin Mining /r/Bitcoin

Help Me Understand Bitcoin Mining /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Can someone help me understand bitcoin mining

I am interested in Bitcoin mining and am really curious about the algorithms that are used for this purpose. I "googled" a bit and realised that you can perform mining either in a pool (collaborative) or as an individually; and to perform this you can use the programs that already exists (or ever ASICs which will soon hit the market). But I have hard time finding "the" algorithm and what is this difficult "math problem/puzzle" to be solved. i.e., if I need to implement this algorithm on a custom hardware where do I find the required documentation!
submitted by ayyala to Bitcoin [link] [comments]

Don’t really understand Bitcoin mining? Watch this video

Don’t really understand Bitcoin mining? Watch this video submitted by BTCNews to BTCNews [link] [comments]

What is really happening in the bitcoin mining process?

What is really happening in the bitcoin mining process?
April 30, 2020 | There’s more than just the sound of thousands of vacuums
It is very easy to just silo the arcane bitcoin mining process as just a bunch of machines computing mathematical algorithms. Although for the most part this is true, and the veracity of this is not far off from the real truth, but what we see on the surface is not identical to what we see below the surface. Understanding bitcoin mining goes beyond the USB enabled ASIC miners we are accustomed to see on every thumbnail article we come across related to this industry.

It’s easy to understand why newbies halt their understanding of bitcoin mining to just state-of-the-art supercomputers with cool flickering neon green lights.
The following below is taken from the masterpiece of a novel, “Mastering Bitcoin”, by the great Andreas Antonopolous. As elegant as it sounds, its best to restate Andreas’ explanation of emergent consensus.
“Satoshi Nakamoto’s main invention is the decentralized mechanism for emergent consensus. Emergent, because consensus is not achieved explicitly — there is no election or fixed moment when consensus occurs. Instead, consensus is an emergent artifact of the asynchronous interaction of thousands of independent nodes, all following simple rules. All the properties of bitcoin, including currency, transactions, payments, and the security model that does not depend on central authority or trust, derive from this invention.
Bitcoin’s decentralized consensus emerges from the interplay of four processes that occur independently on nodes across the network:
  • Independent verification of each transaction, by every full node, based on a comprehensive list of criteria
  • Independent aggregation of those transactions into new blocks by mining nodes, coupled with demonstrated computation through a proof-of-work algorithm
  • Independent verification of the new blocks by every node and assembly into a chain
  • Independent selection, by every node, of the chain with the most cumulative computation demonstrated through proof of work”
The following is a scenario taken from the book as well which excellently demonstrates what is going on with a mining node and its corresponding connected miner machine:
“A mining node is listening for transactions, trying to mine a new block and also listening for blocks discovered by other nodes. The arrival of this block signifies the end of the competition for block 277,315 and the beginning of the competition to create block 277,316. During the previous 10 minutes, while Jing’s node was searching for a solution to block 277,315, it was also collecting transactions in preparation for the next block. By now it has collected a few hundred transactions in the memory pool. Upon receiving block 277,315 and validating it, Jing’s node will also check all the transactions in the memory pool and remove any that were included in block 277,315. Whatever transactions remain in the memory pool are unconfirmed and are waiting to be recorded in a new block. Jing’s node immediately constructs a new empty block, a candidate for block 277,316. This block is called a candidate block because it is not yet a valid block, as it does not contain a valid proof of work. The block becomes valid only if the miner succeeds in finding a solution to the proof-of-work algorithm.
These specialized machines are connected to his mining node over USB. Next, the mining node running on Jing’s desktop transmits the block header to his mining hardware, which starts testing trillions of nonces per second.”
That is essentially the process of what a miner machine and a mining node is going through each every second it is hooked up to the network. Of course this is just a high level overview with a bland taste but one could go more in depth by reading the book mentioned.
1.Mastering Bitcoin: Unlocking Digital Cryptocurrencies 1st Edition, by Andreas M. Antonopoulos, O’Reilly Media; 1 edition (December 20, 2014)
submitted by 1TMine to u/1TMine [link] [comments]

Bitcoin Cash to Be Valued at $12,000,000 Each

Enjoy =)
Larry Page = $41 billion
Bill Gates = $86 billion
All Cryptocurrency's = $200 billion
Amazon = $402 billion
Apple = $730 billion
USD in circulation = $1,500 billion
Gold Market Cap = $8,200 billion
Physical Money (notes/coins) = $31,200 billion
Stock Markets = $66,800 billion
All U.S. Money (bank deposits/loans) = $83,000 billion
But why doesn't EVERYBODY just convert ALL of the world's money of the ENTIRE PLANET to paying each other in gold? Gold is a great 'store of value', isn't it? Yes, it sure has value, but because it is inconvenient, hard to transport, slow, not divisible (without a third party), and difficult to keep from being robbed (without a third party), that is why the entire planet does not transact in gold, and hence why Gold's market capitalization is only $8,200 billion.
The only way this is possible, is if gold was more convenient to transact with than everything else, especially VISA. Which is impossible. You can't pay for a $100.37 item on, through the internet, without a third party, in a split second, by using gold.
Bitcoin (whitepaper version), can do 1,000,000 transactions per second CHEAPER than VISA. (It can probably do even more in the future), it's also at the same time a tangible currency (that takes trillions of video cards to create one single uncounterfeitable coin) aka "store of value".
So, for example's sake, let's add up all of the money (listed above), and "flood" the entire planet into using a currency ("store of value"), that is ALSO a payment system in itself BY DESIGN, able to send money to the other side of the planet, instantly, without needing to use ANY kind of outside third party, because the coin ITSELF is the third party IF it is the Whitepaper Version of Bitcoin. But if the witness data (aka transaction signatures) are segregated from the chain, then the coin (economy itself) is no longer ITS' OWN "third party" anymore, but prone to whoever wants to take advantage of the segregated witness data (whether its blockstream, bitcoin core, AXA, miners, or banks, doesn't matter). Because when the chain of digital signatures is no longer part of the blockchain, the incentive to take advantage of the system and introduce a traditional (bankegovernment) "third party" is now profitable/possible to do so. Whereas, originally, without SegWit, anybody who tried to do this would infinitely lose money in trying to do so---aka mining coins was more profitable than trying to do a 51% attack. Hence, with SegWit, we introduce a loop-hole into Bitcoin, allowing double spending of anyone's transactions, reversing anyone's transactions, halting anyone's transactions, freezing anyone's transactions, charge-backs, etc.
Now introduce $191,659 billion (see above) of the world's money to a ONE WORLD CURRENCY, that DOES NOT REQUIRE A THIRD PARTY.
17,912 x $650 current value of Bitcoin (whitepaper version) = $11,642,800 , for one coin.
90% of people who buy Bitcoin don't even know what is "Segwit" or "Blockstream" or "Satoshi" or "Whitepaper". They think it's the 'norm' that it takes hours upon hours (or even days) to get their Bitcoin. They assume that because it's "hard to get", then that is why it is valuable. Upon all of the other reasons. It's all media. It is exactly what BitConnect is doing. The only reason people are buying it, is because everyone is gambling, but are fully convinced that it is "investing". This is why Bitcoin is not going to lose its' value instantly. Nor is it going to skyrocket to an astronomical value like $100,000 instantly. But it will most definitely NOT be used as replacement currency by Walmart, Amazon, Sams Club, Coca Cola, Target, etc, and so on, it goes on FOREVER. All of these companies use VISA.
But what about other coins that already exist with little to no fees, instant transactions and end up having little to no traction and don't look like anyone cares about them??
For example.
These are the top ones I felt like choosing. I can explain every coin on the list. But the entire point, is that for EVERY one of these coins, Bitcoin Cash does it better. Bitcoin Cash has 0-conf (Bitcoin used to have it until the system could not accept anymore transactions and started backlogging transactions---aka full blocks). Bitcoin Cash has scripting functions (aka smart contracts). Bitcoin used to have it when the transaction fees only cost 1-5 cents per block... But no one wants to use the scripting functions anymore when you have to pay $5-$100 for each block.
There is a reason why Satoshi did not design Bitcoin (whitepaper version) like any of the other coins. It is because he already thought about those other designs.
Bitcoin legacy forfeited it's security model (whitepaper version) as soon as it changed protocol to SegWit.
submitted by MartinGandhiKennedy to btc [link] [comments]

What Should I Understand From This Picture(Not Mine) (x-post from /r/Bitcoin)

What Should I Understand From This Picture(Not Mine) (x-post from /Bitcoin) submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Bitcoin Basics (Part 1) - Understanding Bitcoin in 5 Easy Steps! (Mining, Blockchain & More) But how does bitcoin actually work? - YouTube What is Bitcoin? Bitcoin Explained Simply for Dummies ... Bitcoin explained and made simple  Guardian Animations ...

Bitcoin Basics: What Is Cryptocurrency Mining? When someone sends Bitcoin anywhere, we call that a “transaction.” Transactions made in-store or online are documented by banks, point-of-sale ... Bitcoin are generated using a process called mining. Mining is the act of record keeping that verifies transactions in the blockchain. Miners collect newly broadcast transactions into a new group ... A Beginner’s Guide to Understanding Bitcoin. Don’t use or invest in bitcoin until you’ve read this first. A lot of guides have been written to describe the basics of bitcoin. They usually start with an analogy around gold and mining, and something called the blockchain. These guides are great, but they often get into the technical weeds ... Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. Understanding Bitcoin: Bitcoin is a new form of currency that seeks to change how online business is done. This instructable seeks to not only get you to understand what bitcoin is, but how you can get started mining your own bitcoins at home! Check out this quick video f…

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Bitcoin Basics (Part 1) - "Explained For Beginners" - YouTube

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