What Is Bitcoin Mining: Explanation for Beginners

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Bitcoin mining explaned : How bitcoins are generated?

submitted by menowyou4 to cryptomining [link] [comments]

Bitcoin mining explaned : How bitcoins are generated?

Bitcoin mining explaned : How bitcoins are generated? submitted by barbara10sanderson to BitcoinPrivate [link] [comments]

Bitcoin mining explaned : How bitcoins are generated?

Bitcoin mining explaned : How bitcoins are generated? submitted by barbara10sanderson to CryptoNews [link] [comments]

Bitcoin mining explaned : How bitcoins are generated?

Bitcoin mining explaned : How bitcoins are generated? submitted by itsblockchain to Bitcoin [link] [comments]

Bitcoin mining explaned : How bitcoins are generated?

Bitcoin mining explaned : How bitcoins are generated? submitted by BitcoinAllBot to BitcoinAll [link] [comments]

What is Bitcoin Mining? A Simplified Explanation with Cool Animations!

What is Bitcoin Mining? A Simplified Explanation with Cool Animations! submitted by natedogggggyyyy to Bitcoin [link] [comments]

Explanation article on Bitcoin mining

Explanation article on Bitcoin mining submitted by Stelerito to Bitcoin [link] [comments]

Cool explanation of the SHA-256 Algorithm and how it's used to mine Bitcoin

Cool explanation of the SHA-256 Algorithm and how it's used to mine Bitcoin submitted by Ditochi to videos [link] [comments]

An Honest Explanation of Price, Hashrate & Bitcoin Mining Network Dynamics

An Honest Explanation of Price, Hashrate & Bitcoin Mining Network Dynamics submitted by cokechan to cokechan [link] [comments]

Comparison of Bitcoin Cash (BCH) mining pools & explanation of recent fork

Comparison of Bitcoin Cash (BCH) mining pools & explanation of recent fork submitted by Dixnorkel to bitmining [link] [comments]

Does my explanation of bitcoin mining make sense?

There are 10 groups of 10 cars. You can choose to push the cars alone, or in a group, and whoever moves all 10 cars to the finish line gets a token worth money. The more people you have to push the cars, the faster you can get one token. Then it resets to the beginning, but another car is added, each time someone gets the token.
submitted by ethanbrecke to NoStupidQuestions [link] [comments]

Is this an accurate and basic explanation of what Bitcoin mining is?

As a simple explanation, mining is essentially the use of computer hardware to voluntarily verify transactions on the Bitcoin network. Computers are tasked with “solving blocks” through the use of a proof-of-work (PoW) algorithm, or more simply, computers guess the answer to a very complex computational equation using a trial-and-error strategy (you can learn more about Bitcoin mining here). The first computer(s) to solve the block are awarded a predetermined amount of Bitcoin for their services to the network. As more miners enter the network, these equations become more difficult, and the mining rewards decrease, in an attempt to curb inflation and keep the block creation rate at a static time interval (about 10 minutes).
submitted by Costoffreedom to CryptoCurrency [link] [comments]

For Moronic Monday - Fantastic explanation of Bitcoin Mining

For Moronic Monday - Fantastic explanation of Bitcoin Mining submitted by ryuthless to Bitcoin [link] [comments]

There are many 'types' of decentralization. But there is a most important type of decentralization. The one Satoshi talked about when he described Bitcoin as a decentralized monetary system. This is an Easy to Understand explanation of decentralization and how non mining nodes don't to increase it

Decentralization is one of Bitcoin's main selling points. But what does it actually mean? Skip to the end for the tl;dr
What is centralization As we all know from reading everything Satoshi wrote about his design for Bitcoin from satoshi.nakamotoinstitute.org, Bitcoin was finalized and born in the wake of the 2008 financial crisis. In this event many normal people lost money while banking executives made more and more.
Where does centralization come from These banks, much like the bank you probably use today, are centralized. That is, they alone control everything that happens. There is one database which has everyone's funds, if they decide you are a terrorist or something they can stop you from access your money. They can stop you from making transactions. Even if you have done nothing wrong they can stop payment on your transactions without your consent, lock you out of your funds, and monitor everything you do.
What is decentralization By splitting up the 'power' that a bank has we decentralize it. There is no longer any one single entity that can control txs and funds. This way no one is 'in charge' and no one can give themselves bonuses while other people lose money. This decentralization is a founding point of Bitcoin.
Where does decentralization come from Instead of one company controlling the database of funds like in the centralized model, in Bitcoin's decentralized model there are many people who can all contribute to the database and transaction processing without any one entity having full control. In Bitcoin and other POW based cryptocurrencies this decentralization is achieved by having a number of mining nodes who are not affiliated. As long as no group of miners controls more than 51% of the hashpower, bitcoin remains decentralized.
So only mining nodes contribute to decentralization, then what about non-mining nodes Non-mining nodes, full nodes, relay nodes, or storage nodes are often misunderstood to be part of decentralization. This can be easily cleared up by understanding the above information and then understanding that a non-mining node has no power if the majority of hashpower were to do something they didn't like.
I thought everyone was supposed to run a full node This is another common misunderstanding, in the very beginning Satoshi did intend for everyone to run a node with 4 functions. He is very clear when he explains how this is not the way for the system to function in the future. The plan of bitcoin is that everyone can make trustless peer-to-peer transactions on a decentralized system. Not that everyone would run a home server with the whole blockchain. The business and bitcoin companies that need to have personal and instant validation of their tx can run a full nodes. Random sampling is a tried and trusted method, those unable to host their own relay node would be easily able to verify their transactions with overwhelming mathematically certainty.
So who wants to run a full node then Anyone who wants to can, it's like the Olympics, 'anyone can compete but few feel the need to'. There is no reason the network should be ground to a halt and made useless so people who can't afford to make a transaction would be able to run a full node on a 20 year old computer over a dial up connection. Bitcoin was meant to scale with technology, not become left behind.
What are the 4 functions that all early nodes did When you read the design of Bitcoin which we all invested into, the design on which so much was built, the one at nakamotoinstitute.org, you see Satoshi mention the word 'node' many times. What we today call a full node or non-mining node usually fulfills one of those functions, that of storing the database. Finding other peers for connecting to is done by full nodes and pool operators. Sending and receiving bitcoin, aka a wallet, was also a function every node had. Finally generating coins by putting new transactions into the blockchain was the 4th thing all nodes used to do. Today these 4 actions are largely compartmentalized, as they should be in any good computer science project.
This is Bitcoin, some people are unhappy with the way Bitcoin was designed, well I suppose Bitcoin is simply not for those people and they should maybe find something else to do.
I hope you've all learned something today about how Bitcoin (now bitcoin cash) is decentralized, what is means, and how we got there.
tl;dr Banks control all txs and accounts with one database and are centralized, Bitcoin has many miners who perform this actions to make it decentralized. Non-mining nodes don't contribute to decentralization.
submitted by zcc0nonA to CryptoCurrency [link] [comments]

Hey guys, I've spend quite some time working on a Bitcoin mining guide that provides a broad overview and explanation of Bitcoin mining while still explaining it simply enough for the average person to understand what it is. I'd appreciate it if you check it out!

Hey guys, I've spend quite some time working on a Bitcoin mining guide that provides a broad overview and explanation of Bitcoin mining while still explaining it simply enough for the average person to understand what it is. I'd appreciate it if you check it out! submitted by busterroni to Bitcoin [link] [comments]

Nice explanation of Bitcoin mining

Nice explanation of Bitcoin mining submitted by draq100 to Bitcoin [link] [comments]

How Bitcoin mining REALLY works - an in-depth technical explanation of the proof-of-work algorithm that makes Bitcoin the most secure currency in the world

How Bitcoin mining REALLY works - an in-depth technical explanation of the proof-of-work algorithm that makes Bitcoin the most secure currency in the world submitted by SimilarAdvantage to BitcoinAll [link] [comments]

A simple video explanation of Bitcoin Mining.

https://www.youtube.com/watch?v=MJ0OzrkHvXA
I made this video to try and explain how Mining really works in as simple terms as possible. I did some quick coding at the end to show how a you could try mining your own blocks if you wanted to.
I hope it all makes sense, and that I didn't move too quickly.
submitted by in3rsha to BitcoinBeginners [link] [comments]

The Economist explains Bitcoin. An old article from 2011, but a VERY good non-technical explanation of how Bitcoin mining works

The Economist explains Bitcoin. An old article from 2011, but a VERY good non-technical explanation of how Bitcoin mining works submitted by alanX to Bitcoin [link] [comments]

Empirical explanation for Craig Wright's selfish mining Bitcoin bet

Empirical explanation for Craig Wright's selfish mining Bitcoin bet submitted by bprogramming to bprogramming [link] [comments]

A compelling explanation of how the ever-increasing and doubling electrical requirements to mine Bitcoin are an intentional feature of cryptocurrency, and how it won't last. Bitcoin already requires as much electricity per year as some countries.

submitted by hyperviolator to bestof [link] [comments]

Down-to-earth explanation of Bitcoin/Mining/Decentralization

Down-to-earth explanation of Bitcoin/Mining/Decentralization submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin mining full explanation and withdraw How Bitcoin Works in 5 Minutes (Technical) - YouTube crypto updates: Bitcoin mining explanation - YouTube What is Bitcoin Mining? - YouTube But how does bitcoin actually work? - YouTube

Bitcoin mining is done by specialized computers. The role of miners is to secure the network and to process every Bitcoin transaction. Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin’s famous “blockchain”).. For this service, miners are rewarded with newly-created Bitcoins and transaction fees. Introduction. 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 blockchain serves to confirm transactions to the rest of the ... This article has an aim to help you to understand what bitcoin mining is, where bitcoin comes from and how it comes into circulation. The answer to all these questions is provided in the guide that you see in front of you, where we go over different types of mining equipment, blockchain, pools and other relevant information regarding the coin’s supply. Bitcoin was first introduced in 2009, it was first of its kind and bitcoin mining was so easy that you could even mine it with your PC. But today the situation is total different if you want to make any profit you have to invest in costly hardware to do so. What Is Bitcoin Mining: Explanation for Beginners. July 8, 2018. What Can You Buy with Bitcoin. September 9, 2018. How to Trade Bitcoin. July 8, 2018. Earn Free Bitcoins Online. November 23, 2017. Pay with Bitcoin Online and Save. Previous article Review of Exodus Bitcoin Wallet. Next article Buying Bitcoins with Coincheck. QUICK TAKE. How to Buy BTC. Visit our Quick Guide to Buying Bitcoin ...

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Bitcoin mining full explanation and withdraw

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