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What is Bitcoin Mining?

 

What is Bitcoin Mining? Have you ever wondered how Bitcoin is generated? This short video is an animated introduction to Bitcoin Mining.

Bitcoin Mining is a shared PC process used to secure and confirm bitcoin exchanges—installments starting with one client then onto the next on a decentralized system. Mining includes adding bitcoin exchange information to Bitcoin’s worldwide open record of past exchanges. Each gathering of exchanges is known as a piece. Squares are secured by Bitcoin diggers and expand over each other framing a chain. This record of past exchanges is known as the blockchain. The blockchain serves to affirm exchanges to whatever remains of the system as having occurred. Bitcoin hubs utilize the blockchain to recognize real Bitcoin exchanges from endeavors to re-spend coins that have just been spent somewhere else.

What is Proof-of-Work?

Bitcoin Mining is deliberately intended to be asset escalated and troublesome with the goal that the quantity of pieces found every day by diggers stays consistent after some time, delivering a controlled limited money related supply. Singular pieces must contain a proof-of-work to be viewed as legitimate. This confirmation of-work (PoW) is checked by other Bitcoin hubs each time they get a square. Bitcoin utilizes a PoW capacity to ensure against twofold spending, which likewise makes Bitcoin’s record permanent.

How Does Mining Create New Bitcoins?

The basic role of mining is to enable Bitcoin hubs to achieve a safe, alter safe accord. Mining is likewise the instrument used to bring bitcoins into the framework. Excavators are paid exchange charges and in addition an appropriation of recently made coins, called piece rewards. This the two effectively disseminates new coins in a decentralized way and also propelling individuals to give security to the framework through mining.

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Comments

  1. TheDeadlyAvenger says:

    I still don’t get it.

    1. Chase Mclaughlin says:

      It’s basically scum and causes people who are trying to make a gaming pc have to spend 2 times more cash because miners are causing manufacturers to bump up prices

  2. nymetswinws says:

    What the **** does any of this mean? I can chop at a rock with a computer and get a virtual coin out of it after I answer a few math questions from a text book?

    1. Anthony Foust says:

      the best explanation, thanks.

  3. MoonShadeOsu says:

    It’s kind of funny to see all these people frightened because they “can’t see the money”. Ok, so can you see the money on your bank account? If you make an online transaction, have you really seen the transaction taking place? We have trust in these systems not because we can see the money, but because we can expect something in exchange for the currency. I believe that if I earn 10€ I can buy stuff worth 10€. And if you have 1BTC you can expect something in exchange for it too.

  4. zomgdrhax says:

    Anyone educate me on what these “math problems” are? And like, why people get paid to get computers to solve them?

    Not a hate post. I just… don’t understand…

    1. James Avery says:

      So basically its giving incentive for people to connect their PC’s together and create in essence a super computer for company’s wanting to solve complex algorithm’s that dont want to spend the money for a super computer of their own ? ….lolz

    2. Tree says:

      “Hey at this minute one bitcoin worth 473,37$” and next guy says “Basically I figured out i’m too late to get into the game.” classic; BTC is almost at $10K each (ofc he might’ve meant too late to get into mining, but still BTC investing would’ve been huge even 2 years ago. What do we expect in the future 2 years?

  5. Bernardo Salles says:

    I…i…what? didnt get at all!.

    1. Bill Smith says:

      +Bernardo Salles here is an in depth explanationof the bitcoin: https://bitcoin.org/bitcoin.pdf

  6. John auz says:

    sounds like a fucking video game.. let’s go mine some addy ore in runescape!

  7. The Pleds says:

    shitty video… explained absolutly nothing about what is bitcoin mining

  8. Ed Purcell says:

    O.K. So I have watched a few videos on this now (this one being the least helpful tbh) and I think I have a good idea of how this whole Bitcoin thing works. The question I am still left with though, is why this currency has value? Like I get that the value is representative of “work done” in the form of mining code or whatever, but why does mining this code create currency that actually carries value? People say things like “it’s representative of the investment made in time, hardware and electricity by an individual” but that still doesn’t explain where the value of the currency came from. If nobody is paying people to do these math problems then why are they being paid for doing these math problems?

    Also on a side note, hypothetically, if everyone were to accept Bitcoin as the first global currency and do away with banks, wouldn’t it be overwhelmingly unfair to those who can’t make the investment to buy super computers to mine these coins? Wouldn’t we end up in a situation where anyone who jumps on the mining band wagon early, ends up rich, and those who don’t, end up poor? Even though these “miners” have done literally nothing to benefit society as a whole, and have just burnt out some pricey GPUs, and wasted a tonne of electricity. Food for thought…

    1. Ky says:

      A Writer Knows I guess that answers my question to what exactly we are mining. We are essentially solving problems to verify purchases/exchanges made with bitcoin?

    2. elijahthesamurai says:

      DragonFyZex get a job

    3. elijahthesamurai says:

      ReggaeGandalf value is not imaginary. If you have a certain supply in relation to demand however much you have of what’s in demand has its value determined by the demand. If you have been without water for 3 days and have only a small glass of water you are going to tell me that the value of it is imaginary? Is your thirst imaginary? Is it imaginary between 2 people is Death Valley? Supply and Demand set value, it’s not imaginary but sometimes can be blown out of proportion

    4. UR3ANFISH says:

      I’m well aware there is gold in phones and a lot of electrical devices. Hence why you have places like mazuma mobile, they buy old phones and take the gold. I agree my comparison to hold was a bit off. The point I was trying to make is gold doesn’t actually have any more value than copper. You can have an iPhone n laptop if ye want but I’d prefer to live in a house with heating and plumbing lol. The reason why gold had the value it has had is merely because its “rare”. How rare is gold?
      I can’t remember the exact time but I believe it’s 600hrs per oz? My issue with that is the same issue I have with diamonds. People have faith in this materials because it’s been currencies for millennia. I don’t know much about Bitcoin n canny be bothered to research. I invest in silver n own sum small stocks only. I was just trying to point out the fact that in a war you can have as much gold as you want, in fact have whatever currencies… Fiat, metals, paper…whatever. The only thing you need is water, food n air. Seeds are free..you buy fruit once, u plant the seed and you have fruit for free. To obtain gold I have to actually go and buy land where gold is mined.. Then put in the labour to find it, yes we use gold in technology now but for thousands of years it wasn’t so it’s barely irrelevant. And tbh the amount of gold within these items are so minuscule. Like how many iPhones you need to make an oz of gold? But people still value material things higher. Gold being one of them. That’s the only point I was tryna make tbh. I don’t care bout Bitcoin. If we all had 1million pounds worth of gold would it still be valuable ? 😁 hmmm food, water and air is valuable no matter how much other people have around me

  9. Shane J. McEntee says:

    who is providing the bit coins for solving these math problems and why do they want them solved. this explains nothing.

    1. 12B says:

      I read part of Dante’s Inferno once, is this similar?

  10. Shaving Pvt. Ryan says:

    Great…now I know which processor to use…but I still don’t know wtf is bitcoing mining

    1. Doctor says:

      DogeSec Memes/Beats Wow thanks

  11. قناة ماهر - maher channel says:

    all of the figures used were men. I find that sexist. women can be miners too

  12. jallar4 says:

    I watched this video and yet I have learned nothing.

  13. kay sarah says:

    I see so much wack posts here, learning from experience should be a priority to as many people that do not want to lose their funds. I traded bitcoin for over 7 months with just so many losses. But i got introduced to Forex trading and today i make well over $7,000 every. People say Forex trading is difficult, yes it is but with the right Mentor and strategy the sky will certainly be your starting point. Thanks to Mr. Wayne who taught me the secrets Here is his contact for all that need it waynefrank688@gmail . com

    1. Oun phors phors says:

      I had my fears contacting him but guy’s this is for real Wayne is the real deal. Just two weeks of following his instructions and my $400 FXCM account has gone up to $4,343.

  14. Sheila Bailey says:

    OMG i just got my mind blown!! Have you heard of trading BTC or any crypto currencies? Trading crypto currencies can be extremely profitable for professionals or beginners. The market is new, highly fragmented with huge spreads.

    1. Saamir Lance says:

      Sheila bailey Great solid info. Very helpful in these crazy times. Thank you

    2. Kent Gorman says:

      You need read and understand how btc works and knowing the right time to invest will be of help to you,so you make proper gains on your investment,i was properly guided though,and i get proper advice from the company who help me make my transfers,i wish you good luck

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  15. marilynsantarmarta gmail com says:

    all these videos are pointless when you are not earning from Cryptocurrencies … stop mining bitcoins there are other cryptocurrencies that are fast blooming.. Mr Toni taught me a lot .. he does all my mining for me, i make about $5,000 every month by investing $1,000… email him at tonihamiltonprofit@ gmail .com

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    3. Cowculus says:

      stop with your dumb fucking scams no one will believe them like this go back to scamming on the phone you fucking goat fucker

  16. Brandon Cahill says:

    1:40 why does the brown guy get the least bitcoins

    1. Kappa Cappa says:

      Hidden racism… Smh.

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  18. Branneo H says:

    i remember reading about John’s mining farm but thought it was bullshit LOL how stupid i was.. i eventually got in touch with John and i have to say it’s the greatest event and turnover of my life, very easy process, he connects his software and the job is done, i earn not less than $8000 monthly on a $3500 investment and to think BTC price is ever rising damn, ya’ll gotta try it, contact him, verifiedbinarytrading@gmail. com

    1. Emtien Pulse says:

      does he mine ethereum also ?

    2. Ricky Gutierrez says:

      Thanks for this information

    3. Nadeen says:

      can i invest $1500 ??

    4. D'niel says:

      i read about John’s mining farm else where, but he has not replied me yet, can anyone help to contact him on my behalf, i want to invest $5000

    5. Trish Trish says:

      a great personality he’s got

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