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Author Topic: How Bitcoin Mining Works? (Part -1)  (Read 1579 times)

Offline Gmail007

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How Bitcoin Mining Works? (Part -1)
« on: July 31, 2018, 05:41:10 AM »
Where do bitcoins come from? With paper money, a government decides when to print and distribute money. Bitcoin doesn't have a central government.

When you hear about bitcoin "mining," you envisage coins being dug out of the ground. But bitcoin isn't physical, so why do we call it mining?

Because it's similar to gold mining in that the bitcoins exist in the protocol's design (just as the gold exists underground), but they haven't been brought out into the light yet (just as the gold hasn't yet been dug up). The bitcoin protocol stipulates that 21 million bitcoins will exist at some point. What "miners" do is bring them out into the light, a few at a time.

They get to do this as a reward for creating blocks of validated transactions and including them in the blockchain.
With Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine.


To know more visit : https://www.coindesk.com/information/how-bitcoin-mining-works/

Or: https://www.bitcoinmining.com

Offline EJslers

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How Bitcoin Mining Works Part 1
« Reply #1 on: January 13, 2019, 09:39:15 AM »
I sincerely hope this helps you get started with Bitcoin mining in Nigeria and I look forward to hearing your success story.

Meanwhile, enjoy

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Offline Ikkelins

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Re: How Bitcoin Mining Works Part 1
« Reply #2 on: January 14, 2019, 04:20:12 PM »
I sincerely hope this helps you get started with Bitcoin mining in Nigeria and I look forward to hearing your success story.

Meanwhile, enjoy

________________________________________________
Elton John is my favourite jazz-singer of all time. Im encouraged to present for you this setlist. Check Elton John Farewell Yellow brick Road tour concert tickets link to get your tickets for the last Elton John tour in 2019.
I don't think Nigeria or any other African Country is the best place to get into the mining of  cryptocurrencies due to the power shortage and also the poor network connectivity in those parts of the world. So sad
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Offline OvsjanikovVX

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How Bitcoin Mining Works Part 1
« Reply #3 on: October 11, 2019, 10:13:01 AM »
Wow if it took me that long to design and fabricate a bracket with a couple mandrel bent pipes at work I wouldnt have a job.


Good luck going forward.
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