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Author Topic: How do I“mine” Bitcoins  (Read 213 times)

Offline allcoinsmoon

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How do I“mine” Bitcoins
« on: January 31, 2019, 12:15:12 PM »
People—or more accurately extremely powerful, energy-intense computers—“mine” Bitcoins to make more of them. There are currently about 16 million Bitcoins in existence, and that leaves only 5 more million available to mine because Bitcoins developers capped the quantity to 21 million. Ultimately, each Bitcoin can be divided into smaller parts with the smallest fraction being one hundred millionth of a Bitcoin called a “Satoshi,” after the founder Nakamoto. The mining process involves computers solving an extremely challenging mathematical problem that progressively gets harder over time. Every time a problem is solved, one block of the Bitcoin is processed and the miner gets a new Bitcoin. A user establishes a Bitcoin address to receive the Bitcoins they mine; sort of like a virtual mailbox with a string of 27-34 numbers and letters. Unlike a mailbox, the user’s identity isn’t attached to it.


Source; https://www.forbes.com

 

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