Bitcoin Mining

How Bitcoin Mining Works


Where do bitcoins come from? With paper money, a government decides when to print and distribute money. Bitcoin doesn't have a central government.
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.

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.

Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.


Bitcoin Mining Hardware Comparison

Currently, based on (1) price per hash and (2) electrical efficiency the best Bitcoin miner options are:

AntMiner S7

AntMiner S7 Bitcoin Miner
  • Advertised Capacity:- 4.73 Th/s
  • 0.25 W/Gh
  • Weight:-8.8 pounds
  • Suggestion:-yes
  • price:-$479.95

  • Approx Bitcoin earned per month:-0.1645

AntMiner S9

AntMiner S9 Bitcoin Miner
  • Advertised Capacity:- 13.5 Th/s
  • 0.098 W/Gh
  • Weight:-8.1 pounds
  • Suggestion:- yes
  • price:-$1,987.95

  • Approx Bitcoin earned per month:-0.3603

Avalon6

Avalon6 Bitcoin Miner
  • Advertised Capacity:- 3.5Th/s
  • Weight:-0.29 W/Gh
  • 9.5 pounds
  • Suggestion:- No
  • price:-$499.95
  • Approx bitcoin earned per month:-0.1232

Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.




If you want you can get the basics by watching this video in 4 minutes:-






Comments

Post a Comment

Popular posts from this blog

Samsung s8 plus

Image
Samsung s8.... is it worth the price? please leave the comment below... Samsung Galaxy S8. Bixby, Samsung’s own voice-based virtual assistant makes its debut on this device and will be integrated with several Samsung apps and features. The bexel less phone has an infinity display which is curved on both sides and comes with 12MP rear camera that supports Dual Pixel technology, optical image stablisation and f/1.7 aperture. The phone also supports fast and wireless charging and is IP68 water and dust resistant. In terms of biometric authentication, it boasts of Iris recognition, Facial recognition along with a Fingerprint scanner. It also supports upgraded Samsung Pass, that allows the user to enter different apps and services via biometrics. It also features, Samsung DeX, through which, the user can transform his smartphone into a desktop by docking it to monitor, keyboard, and mouse. The device comes bundled with new high-performance earphones tuned by AKG by Harman. Sa
Read more
Image
How does  Bitcoin  work? This is a question that often causes confusion. Here's a quick explanation! The basics for a new user As a new user, you can get started with Bitcoin without understanding the technical details. Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should only be used once. Balances - block chain The block chain is a  shared public ledger  on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the chronological order of the block c
Read more

New NBA 2k18 for Android

Image
                                                                          NBA 2K18                                                                          NBA 2K18 is this year's official NBA game release. It features basically the same stuff as last year's game. This one has updated rosters, tweaked controls and mechanics, and an expanded MyCAREER mode. It looks good and it plays fine. The freemium strategy is a little worse than we'd like. That's the kind of thing you expect out of EA, though. Otherwise, it's not a bad mobile game for basketball fans. It should remain entertaining until the freemium stuff catches up to you.
Read more