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.
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. 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 ELI5 Bitcoin Mining: Mining Bitcoin is one of the fastest growing industries and the processing power that comes from mining hardware devices verifies every transaction and secures the Bitcoin Network. There is literally billions of dollars being invested in the Bitcoin mining industry, and its for good reason: It’s a way of turning energy into value, and getting involved at the base layer ... ELI5 What is geomining? [Cryptocurrencies] Bitmain Antminer S7. What is the fastest Bitcoin miner? The Bitmain Antminer S9 is currently the best Bitcoin mining hardware available on the market. It features the highest hash rate of about 14 TH/sec and is by far the most efficient mining hardware available. Just pay or received via the portal of One Bitcoin A Day. This is the latest launched ... The top comment current explains mining pretty well, but doesn't really explain the merits of Bitcoin in an ELI5 way. I'm going all in, here. Initial concept. Imagine you're at a table with some friends. You come up with a set of rules to create a type of money that you can only use between each other. You decide that math is really hard, but doable, given enough time and energy. You decide ...
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