ELI5: What is my computer doing when I am mining for bitcoins/dogecoins
Started mining dogecoins and I did a little bit of mining of bitcoins in the past. Always have wondered what my computer is actually doing when its mining, but everything I find is super technical and I cant understand it :/
ELI5: if bitcoin miners are incentivized to mine because they are compensated in bitcoin, and if the supply of bitcoin is finite, what is the incentive for miners to keep the network up once bitcoin has been fully issued and there is no incremental bitcoin available to offer to miners?
ELI5: What is a bitcoin block and how does mining generate bitcoins?
I find the whole idea of bitcoins nonsensical. As far as I understand you use your computing power and your machine solves algorithms and if you hit a block ta da you get 50 bitcoins. (You do this in a group) What kind of algorithms does your computer solve? Can't you actually write code to optimize it and make it run faster? What is a block? And why does letting your computer on all the time mining bitcoins generate money? Isn't this different than the world in which we live in where money is exchange of labor or value. Enlighten me redditors.
ELI5 Bitcoin Mining. Mining Bitcoin is basically computers with the Bitcoin protocol downloaded, all processing the mathematical puzzle the Bitcoin algorithm asks of them. With the processing power, mining increases the security of Bitcoin’s network and fights fraud by calculating every transaction that is proposed by any user. A person who contributes their processing power (a miner) to the ... Mining increases the bitcoin network's security and fights fraud by calculating what's effectively a checksum for transactions. By contributing their computing power to the bitcoin network for mining, individuals are rewarded with newly minted bitcoins by the community. This also provides a way to distribute new bitcoins in a fair manner. What Is Bitcoin Mining Eli5. Reite auf der Bitcoin Welle und verdiene indem Du dem Bitcoins Code beitrittst. Mitglieder des Bitcoin Code genieen das Reisen um die ganze Welt whrend sie mit. Handeln Sie CFDs auf Bitcoin. CFD Service, Ihr Kapital ist in Gefahr. Hier ist Ihre z Zweite Chance. Fang Jetzt An. The top comment current explains mining pretty well, but doesnt really explain the merits ... I have heard a ton about this from a friend, but I don't quite understand it. Could someone give me a basic explanation of how the Bitcoin are generated. I would love to invest in them, but I want to understand it better. Thanks friends! Probably the best Bitcoin ELI5 out there. Wow, that's pretty awesome actually. xD Bitcoin is Secure. Bitcoin miners help keep the Bitcoin network secure by approving transactions. Mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure. Links. We Use Coins - Learn all about crypto-currency. Bitcoin News - Where the Bitcoin community gets news.
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