Bitcoin mining
#1
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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.
I could google the answer but that's no fun.
#2
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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.
Something like that anyway.
#3
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Re: Bitcoin mining
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?
#4
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Re: Bitcoin mining
You do it for Bitcoin I believe. Must have to log in to some sort of destination to complete the sums / work.
#6
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?
#8
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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.
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.
#9
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Joined: Feb 2011
Posts: 0
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.
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.
#12
Re: Bitcoin mining
besides some other very very interesting facts pointed out as well
Ethereum below $700 and Bitcoin down to $9k
#hodlgang is SO rekt!