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 How Do I Get Started With Bitcoin Mining? - TechHuBit.Com

How Do I Get Started With Bitcoin Mining? - TechHuBit.Com

Mining Bitcoin

Bitcoin mining is analogous to the mining of gold, but its digital form. The process involves specialized computers solving algorithmic equations or hash functions. These problems help miners to confirm blocks of transactions held within the network. Bitcoin mining provides a reward for miners by paying out in Bitcoin in turn the miners confirm transactions on the blockchain. Miners introduce new Bitcoin into the network and also secure the system with transaction confirmation.
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AI Coin

A.I. Coin is a re-engineering of the Bitcoin network to incorporate intelligent agents in lieu of expensive mining calculations. A.I. Coin is a transaction-centric digital currency. It allows users to immediately complete payment transactions, with no wait for confirmation. A paid network of participants cooperates to efficiently process transactions without the need for expensive proof-of-work effort.
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VeriCoin

The home for the most innovative cryptocurrency, VeriCoin and Verium VeriCoin: Proof-of-Stake-Time Protocol. PoST Verified. Verium: Proof-of-Work-Time Protocol. PoWT Verified. CPU Mine-able (GPU and ASIC Resistant)
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For newbies: What is really happening in the bitcoin mining process?

Hi guys,for anyone who do not know the whole process of bitcoin mining, kindly refer to my post. And questions are always welcomed.
https://www.reddit.com/use1TMine/comments/itqn6s/what_is_really_happening_in_the_bitcoin_mining/?utm_source=share&utm_medium=web2x&context=3
submitted by 1TMine to BitcoinMining [link] [comments]

What is really happening in the bitcoin mining process?

What is really happening in the bitcoin mining process?
April 30, 2020 | There’s more than just the sound of thousands of vacuums
It is very easy to just silo the arcane bitcoin mining process as just a bunch of machines computing mathematical algorithms. Although for the most part this is true, and the veracity of this is not far off from the real truth, but what we see on the surface is not identical to what we see below the surface. Understanding bitcoin mining goes beyond the USB enabled ASIC miners we are accustomed to see on every thumbnail article we come across related to this industry.

It’s easy to understand why newbies halt their understanding of bitcoin mining to just state-of-the-art supercomputers with cool flickering neon green lights.
The following below is taken from the masterpiece of a novel, “Mastering Bitcoin”, by the great Andreas Antonopolous. As elegant as it sounds, its best to restate Andreas’ explanation of emergent consensus.
“Satoshi Nakamoto’s main invention is the decentralized mechanism for emergent consensus. Emergent, because consensus is not achieved explicitly — there is no election or fixed moment when consensus occurs. Instead, consensus is an emergent artifact of the asynchronous interaction of thousands of independent nodes, all following simple rules. All the properties of bitcoin, including currency, transactions, payments, and the security model that does not depend on central authority or trust, derive from this invention.
Bitcoin’s decentralized consensus emerges from the interplay of four processes that occur independently on nodes across the network:
  • Independent verification of each transaction, by every full node, based on a comprehensive list of criteria
  • Independent aggregation of those transactions into new blocks by mining nodes, coupled with demonstrated computation through a proof-of-work algorithm
  • Independent verification of the new blocks by every node and assembly into a chain
  • Independent selection, by every node, of the chain with the most cumulative computation demonstrated through proof of work”
The following is a scenario taken from the book as well which excellently demonstrates what is going on with a mining node and its corresponding connected miner machine:
“A mining node is listening for transactions, trying to mine a new block and also listening for blocks discovered by other nodes. The arrival of this block signifies the end of the competition for block 277,315 and the beginning of the competition to create block 277,316. During the previous 10 minutes, while Jing’s node was searching for a solution to block 277,315, it was also collecting transactions in preparation for the next block. By now it has collected a few hundred transactions in the memory pool. Upon receiving block 277,315 and validating it, Jing’s node will also check all the transactions in the memory pool and remove any that were included in block 277,315. Whatever transactions remain in the memory pool are unconfirmed and are waiting to be recorded in a new block. Jing’s node immediately constructs a new empty block, a candidate for block 277,316. This block is called a candidate block because it is not yet a valid block, as it does not contain a valid proof of work. The block becomes valid only if the miner succeeds in finding a solution to the proof-of-work algorithm.
These specialized machines are connected to his mining node over USB. Next, the mining node running on Jing’s desktop transmits the block header to his mining hardware, which starts testing trillions of nonces per second.”
That is essentially the process of what a miner machine and a mining node is going through each every second it is hooked up to the network. Of course this is just a high level overview with a bland taste but one could go more in depth by reading the book mentioned.
Source:
1.Mastering Bitcoin: Unlocking Digital Cryptocurrencies 1st Edition, by Andreas M. Antonopoulos, O’Reilly Media; 1 edition (December 20, 2014)
submitted by 1TMine to u/1TMine [link] [comments]

✅Renewable Sources as The Propeller of Bitcoin Mining Process✅

✅Renewable Sources as The Propeller of Bitcoin Mining Process✅ submitted by cryptoknowmics to ckm_official [link] [comments]

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process submitted by KnowbellaTech to technology [link] [comments]

Intel Patents New Bitcoin Mining Process

Intel Patents New Bitcoin Mining Process submitted by mrsotkogaming to CryptoCurrency [link] [comments]

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process submitted by 2bStealthy to CryptoCurrencies [link] [comments]

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process submitted by JonyRotten to btc [link] [comments]

How To Limit Bitcoin's Energy Consumption Problem: A Greener Bitcoin Mining Process

How To Limit Bitcoin's Energy Consumption Problem: A Greener Bitcoin Mining Process submitted by energyuseofaustria to btcgreen [link] [comments]

Our Bitcoin mining Process | GSP Crypto

GSP Crypto adopt the privacy provided by the bitcoin network and add more layers to it by combining its decade-old financial system with the most-effective technology available today.
submitted by cryptogsp to u/cryptogsp [link] [comments]

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process submitted by ulros to fbitcoin [link] [comments]

Intel Patents New Bitcoin Mining Process

Intel Patents New Bitcoin Mining Process submitted by mrsotkogaming to CryptoMarkets [link] [comments]

@CointractCom @MZietzke - The feedback loop of Bitcoin's mining process simplifies and automates with similar but m… https://t.co/kZLNSVs9OW - Crypto Dynamic Info - Whales's

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Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process submitted by cryptoallbot1 to cryptoall [link] [comments]

Intel Patents New Bitcoin Mining Process

Intel Patents New Bitcoin Mining Process submitted by scgco to GGCrypto [link] [comments]

Intel Patents New Bitcoin Mining Process

Intel Patents New Bitcoin Mining Process submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process submitted by cryptoallbot to cryptoall [link] [comments]

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process submitted by n4bb to CoinPath [link] [comments]

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process submitted by Ranzware to BitNewsLive [link] [comments]

Intel Patents New Bitcoin Mining Process

Intel Patents New Bitcoin Mining Process submitted by mrsotkogaming to btc [link] [comments]

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process

This is the best tl;dr I could make, original reduced by 62%. (I'm a bot)
On Nov. 27, the world's second-largest semiconductor chip maker, Intel, was granted a patent for a processing system that mines Bitcoin but utilizes more "Energy-efficient hardware accelerators." According to the patent called the "Optimized SHA256 Datapath," the newly invented "High-performance" Bitcoin mining process could reduce overall power consumption by 15 percent.
Last Tuesday the company was granted a patent by the United States Patent and Trademark Office which describes a specialized processing system for mining the SHA256 algorithm.
The Intel patent explains that Bitcoin's technology "Resolves the 'double spending' problem," but further emphasizes that processors today that are mining cryptocurrencies consume enormous amounts of power.
Intel stepping into the Bitcoin mining arena is interesting but it's not the corporation's first taste of cryptocurrency solutions.
The Bitcoin mining process developed by Intel shows the corporation definitely wants in on this innovative and growing industry of "SHA engines."
What do you think about Intel's Bitcoin mining patent? Do you think Intel plans on being more involved within the cryptocurrency industry? Let us know what you think about this subject in the comments section below.
Summary Source | FAQ | Feedback | Top keywords: Intel#1 mines#2 patent#3 Bitcoin#4 process#5
Post found in /technology, /CryptoCurrencies, /CryptoTrading24, /cryptocurrencytopnews, /AllThingsCrypto, /fbitcoin, /BitcoinAll and /btc.
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submitted by autotldr to autotldr [link] [comments]

Bitcoin mining process questions

Hello guys. So i've read some arcticles about it, but havent found an answer. When someone do mine bitcoins, what the computer actually do? I mean why is that good, that the computer does "that"? Who benefits from it? Who is on the top of the system? I've read that it solves math problems and something about transactions? But what math problems? Why is that good that a person's PC is solving math problems? Why those math problems have to be solved? And what about those transations? What kind os transactions? A company's? A webshop's? Or what? Who do we help with this "mining" or with our PC working? I just dont get it... If my emloyer tell me that my job is to write a 2017 year statistics of something, then i write it because i got it as a job, i hand it over to my employer and he uses it. But how can i take this example to the bitcoin mining system? Who is the employer? And what does that employer gain if i do the "work"? Who benefits with my "hardware power" and my electricity bill? This whole thing just makes total chaos in my head, so if you have the time and can explain very simply to me that i can understand, please do so. Thank you in advance!
submitted by Draak00 to Bitcoin [link] [comments]

Bitcoin Q&A: The mining process How To Mine 1 Bitcoin in 10 Minutes - Blockchain BTC Miner ... How does Bitcoin mining work? - BBC Newsnight - YouTube How to Mine Bitcoins Using Your Own Computer - YouTube Bitcoin Mining Explained - YouTube

Knowing the basics of how to get started with mining bitcoins is important to have a clear understanding of the process. You don’t have to be a computer wizard, but you do need to be able to understand the basics of the mining process and be able to protect yourself from harmful outcomes that can occur. Bitcoin miners can earn Bitcoins through verifying the Bitcoin transaction. Miners are confirming the transaction by how much data is stored during the transaction as well as they have solved a complex math problem to verify the transaction. The mining process of Bitcoin is a very critical and complicated task. 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 ... Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. Bitcoin mining is the process by which new bitcoins are entered into circulation, but it is also a critical component of the maintenance and development of the blockchain ledger.

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Bitcoin Q&A: The mining process

David Grossman enters a cryptocurrency maze to find out how powerful computers mine digital currencies such as Bitcoin. Newsnight is the BBC's flagship news ... Start trading Bitcoin and cryptocurrency here: http://bit.ly/2Vptr2X IMPORTANT!! This method only illustrates how mining works. You will not make any money f... This animated video was created to explain how Bitcoins are generated through the mining process in an easy to learn way. Please share this short video with others who are interested in learning ... We are miners from 2013 looking to create community and help train and learn together as blockchain tech changes so quickly. Leave your thoughts in the comme... This video will show you how to start bitcoin mining from home. It's very easy and "free" to do if you have a gaming PC. *****...

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