Bitcoin mining

Old Mar 13th 2018, 5:49 am
  #1  
BE Forum Addict
Thread Starter
 
Joined: Jan 2015
Posts: 3,520
DXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond repute
Default Bitcoin mining

Can someone explain succinctly (in one short paragraph at the most) what exactly is bitcoin mining and how this translates into currency?

I could google the answer but that's no fun.
DXBtoDOH is offline  
Old Mar 13th 2018, 6:30 am
  #2  
Account Closed
 
Joined: Feb 2011
Posts: 0
scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141
Default Re: Bitcoin mining

Plug in a powerful computer, make it do stuff, like sums and transactional stuff or something and then for every so often (long time) you get a bitcoin or part of a bitcoin.

Something like that anyway.
scrubbedexpat141 is offline  
Old Mar 13th 2018, 6:47 am
  #3  
BE Forum Addict
Thread Starter
 
Joined: Jan 2015
Posts: 3,520
DXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond repute
Default Re: Bitcoin mining

Originally Posted by Scamp
Plug in a powerful computer, make it do stuff, like sums and transactional stuff or something and then for every so often (long time) you get a bitcoin or part of a bitcoin.

Something like that anyway.
I understood that much already. But and this is a big but, what converts the sums into bitcoin?

As far as I can tell it's no different from me doing a bunch of sums on a paper and declaring it to be fiat currency?
DXBtoDOH is offline  
Old Mar 13th 2018, 6:47 am
  #4  
Account Closed
 
Joined: Feb 2011
Posts: 0
scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141
Default Re: Bitcoin mining

Originally Posted by DXBtoDOH
I understood that much already. But and this is a big but, what converts the sums into bitcoin?

As far as I can tell it's no different from me doing a bunch of sums on a paper and declaring it to be fiat currency?
You do it for Bitcoin I believe. Must have to log in to some sort of destination to complete the sums / work.
scrubbedexpat141 is offline  
Old Mar 13th 2018, 6:49 am
  #5  
BE Forum Addict
Thread Starter
 
Joined: Jan 2015
Posts: 3,520
DXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond repute
Default Re: Bitcoin mining

Originally Posted by Scamp
You do it for Bitcoin I believe. Must have to log in to some sort of destination to complete the sums / work.
I think I understand now....
DXBtoDOH is offline  
Old Mar 13th 2018, 6:57 am
  #6  
Excess Baggage
 
littlejimmy's Avatar
 
Joined: Jul 2006
Location: UK
Posts: 5,479
littlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond reputelittlejimmy has a reputation beyond repute
Default Re: Bitcoin mining

Is it a bit like SETI @ home where they used people's computers to go through the masses of data they were getting from radio telescopes in the hope of finding ET?
littlejimmy is offline  
Old Mar 13th 2018, 6:58 am
  #7  
Account Closed
 
Joined: Feb 2011
Posts: 0
scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141
Default Re: Bitcoin mining

Originally Posted by DXBtoDOH
I think I understand now....
I think what I suggest is at least nearly there anyway...
scrubbedexpat141 is offline  
Old Mar 13th 2018, 7:10 am
  #8  
BE Forum Addict
Thread Starter
 
Joined: Jan 2015
Posts: 3,520
DXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond repute
Default Re: Bitcoin mining

I just had a fun few minutes researching the net.

At its core the bitcoin is the following:

By solving a complex mathematical puzzle that is part of the bitcoin program, and including the answer in the block. The puzzle that needs solving is to find a number that, when combined with the data in the block and passed through a hash function, produces a result that is within a certain range. This is much harder than it sounds.

(For trivia lovers, this number is called a "nonce", which is a concatenation of "number used once." In the case of bitcoin, the nonce is an integer between 0 and 4,294,967,296.)


If your program finds the answer and solves the puzzle, you are rewarded with a bitcoin. And that has transaction value solely because it's accepted by others as having transaction value.

It's all very intriguing. I think I'm going to be thinking about the implications of this all day.
DXBtoDOH is offline  
Old Mar 13th 2018, 7:19 am
  #9  
Account Closed
 
Joined: Feb 2011
Posts: 0
scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141
Default Re: Bitcoin mining

Originally Posted by DXBtoDOH
I just had a fun few minutes researching the net.

At its core the bitcoin is the following:

By solving a complex mathematical puzzle that is part of the bitcoin program, and including the answer in the block. The puzzle that needs solving is to find a number that, when combined with the data in the block and passed through a hash function, produces a result that is within a certain range. This is much harder than it sounds.

(For trivia lovers, this number is called a "nonce", which is a concatenation of "number used once." In the case of bitcoin, the nonce is an integer between 0 and 4,294,967,296.)


If your program finds the answer and solves the puzzle, you are rewarded with a bitcoin. And that has transaction value solely because it's accepted by others as having transaction value.

It's all very intriguing. I think I'm going to be thinking about the implications of this all day.
Nonce. Snigger.
scrubbedexpat141 is offline  
Old Mar 13th 2018, 7:26 am
  #10  
BE Forum Addict
Thread Starter
 
Joined: Jan 2015
Posts: 3,520
DXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond reputeDXBtoDOH has a reputation beyond repute
Default Re: Bitcoin mining

Originally Posted by Scamp
Nonce. Snigger.
Yeah. Ironic, isn't it?
DXBtoDOH is offline  
Old Mar 13th 2018, 7:38 am
  #11  
Account Closed
 
Joined: Feb 2011
Posts: 0
scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141 scrubbedexpat141
Default Re: Bitcoin mining

Originally Posted by DXBtoDOH
Yeah. Ironic, isn't it?
Just ****ing stupid for whoever coined it for this. Nevermind.

I'm going to spend my time reading about the Cheltenham festival today, seems just as educated as investing my time in Bitcoin...?
scrubbedexpat141 is offline  
Old Mar 13th 2018, 2:27 pm
  #12  
"Insert witty title here"
 
Irishbeekeeper's Avatar
 
Joined: Nov 2012
Location: dxb
Posts: 2,251
Irishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond reputeIrishbeekeeper has a reputation beyond repute
Default Re: Bitcoin mining

broken down in very simple terms
besides some other very very interesting facts pointed out as well
Ethereum below $700 and Bitcoin down to $9k
#hodlgang is SO rekt!
Irishbeekeeper is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.