What is Bitcoin Mining and How Does it Work? (2020 Updated)
Bitcoin Mining Explained - Bitcoin Maximalist
Bitcoin Mining Explained
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Bitcoin is an internet based decentralised currency. Similarly to Bittorrent, but Bitcoin uses a public ledger called the blockchain to record who has sent and received money. It's very new, and for many very confusing. BitcoinHelp aims to rectify this. Whether it be explaining how it works, how to use it, how to buy Bitcoins, how to integrate Bitcoins into your business. Sharing your successes as well as failures in order to help others is also gladly received. Ask away!
Quark is a decentralized digital monetary system. It facilitates sending Quarks to Friends, Family Members Online Payments free of charges and charge-backs. Military Grade Encryption. No Bank or Government Control. Quark coins are based on the original idea of Bitcoin but improved, more secure, faster transaction times and zero fees. With improvements to design and security. There is also a greater coin supply with higher block rewards for miners. Quark is fully Open Source.
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Hey all. I'm putting together a very basic step-by-step high level overview of how bitcoin is mined. The audience for this overview would be grade school kids. In this overview I am purposely ignoring exposing any details around transactions in a block, timestamps, etc. Trying to keep it as simple and high level as possible while still being accurate. Would love your feedback on if anything wrong jumps out or if you have any other suggested changes:
The first block is known as the genesis block
Blocks are connected by a string of numbers and letters called a hash
Each block has its own unique hash
Each block also includes the prior blocks hash
Hash's link blocks together like puzzle pieces
Miners work to connect the blocks together
They do this by solving problems
Each solved problem results in a nonce
Each nonce helps create a new hash
A new block is added when a valid hash is found
The miner with the correct hash gets rewarded in bitcoin
In a nutshell, a mining difficulty is a variable that changes with time and adapts to the amount of people mining Bitcoin- the more people are mining, the higher the difficulty, meaning you need to solve more problems in order to get a reward. Mining Bitcoin is the process of adding transactions to Bitcoin’s public ledger. It is carried out by computers that are spread around the world and they all work together to add transactions to individual blocks on the Bitcoin blockchain, before competing against each other to find and add the new block to the blockchain. Bitcoin was first introduced in 2009, it was first of its kind and bitcoin mining was so easy that you could even mine it with your PC. But today the situation is total different if you want to make any profit you have to invest in costly hardware to do so. 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. Bitcoin mining is done by specialized computers. The role of miners is to secure the network and to process every Bitcoin transaction. Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin’s famous “blockchain”).. For this service, miners are rewarded with newly-created Bitcoins and transaction fees.
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