Bitcoin Mining?

Apollo Refugio · October 3, 2016

Can someone explain what bitcoin mining is? Like as simple as possible because I tried reading an article on google but I couldn't understand it.

TopWargamer · October 3, 2016

2 minutes ago, Apollo Refugio said:

Can someone explain what bitcoin mining is? Like as simple as possible because I tried reading an article on google but I couldn't understand it.

1) This belongs in Coin Mining, not in Tech News: https://linustechtips.com/main/forum/37-foldinghome-boinc-and-coin-mining/

2) Here's Bitcoin mining, in a gist. A mining program uses the power of your computer (mainly video card, some use CPU) to mine (create) new Bitcoins and to process transactions done over the Bitcoin network.

Curious Pineapple · October 3, 2016

It's magic, or more precisely the process of taking a list of transactions, adding a nonce, and hashing it. The hash must have a certain number of leading zero's, and that number is determined by the network. Once you find the correct nonce, you broadcast it to the network and other miners will try it out, and if the majority of the network agrees, you are rewarded with bitcoin.

Apollo Refugio · October 4, 2016

3 hours ago, Curious Pineapple said:

It's magic, or more precisely the process of taking a list of transactions, adding a nonce, and hashing it. The hash must have a certain number of leading zero's, and that number is determined by the network. Once you find the correct nonce, you broadcast it to the network and other miners will try it out, and if the majority of the network agrees, you are rewarded with bitcoin.

3 hours ago, TopWargamer said:

1) This belongs in Coin Mining, not in Tech News: https://linustechtips.com/main/forum/37-foldinghome-boinc-and-coin-mining/

2) Here's Bitcoin mining, in a gist. A mining program uses the power of your computer (mainly video card, some use CPU) to mine (create) new Bitcoins and to process transactions done over the Bitcoin network.

3 hours ago, wrathoftheturkey said:

Basically you lend your GPU over to them to perform complicated transaction math and get virtual money for solving the problems. It's terribly inefficient though, now, since it's intensely competitive and you have no hope of matching the massive Chinese mining farms

so just like an XP Farm..?