bitcoin

What is mining pool? n the context of  cryptocurrency mining , a  mining pool  is the pooling of resources by miners, who share their  processing power  over a network, to split the reward equally, according to the amount of work they contributed to the probability of finding a  block . A "share" is awarded to members of the mining pool who present a valid partial  proof-of-work . Mining in pools began when the difficulty for mining increased to the point where it could take years for slower miners to generate a block. The solution to this problem was for miners to pool their resources so they could generate blocks more quickly and therefore receive a portion of the block reward on a consistent basis, rather than randomly once every few years.  Contents     1 Mining pool methods 1.1 Pay-per-Share 1.2 Proportional 1.3 Bitcoin Pooled mining 1.4 Pay-per-last-N-shares 1.5 Geometric method 1.6 Double Geometric method 2 Mu...

5 ways to start bitcoin mining One of the biggest problems I ran into when I was looking to start mining Bitcoin for investment and profit was most of the sites were written for the advanced user. I am not a professional coder, I have no experience with Ubuntu, Linux and minimal experience with Mac. So, this is for the individual or group that wants to get started the easy way. 1.                     Get a Bitcoin mining rig Bitcoin mining is a very competitive niche to get into. As more and more miners come on board with the latest mining hardware the difficulty to mine increases each day. Before even starting out with Bitcoin mining you need to do your due diligence. This means you need to find out if Bitcoin mining is even profitable for you. The best way to do this is through the use of a Bitcoin mining calculator. Just enter the data of the Bitcoin miner you are planning on buying and see how long it will take y...

What is Bitcoin Mining? One of the fundamental questions many people have about Bitcoin revolves around the tokens themselves. Questions about its value, security and history, all eventually lead to one place: Where do bitcoins come from? While traditional money is created through (central) banks, bitcoins are “mined” by Bitcoin miners: network participants that perform extra tasks. Specifically, they chronologically order transactions by including them in the Bitcoin blocks they find. This prevents a user from spending the same bitcoin twice; it solves the “double spend” problem. Skipping over the technical details, finding a block most closely resembles a type of network lottery. For each attempt to try and find a new block, which is basically a random guess for a lucky number, a miner has to spend a tiny amount of energy. Most of the attempts fail and a miner will have wasted that energy. Only once about every ten minutes will ...

What is Bitcoin?                Bitcoin  is a  cryptocurrency  and worldwide  payment system . [10] :3  It is the first decentralized  digital currency , as the system works without a  central bank  or single administrator. [10] :1 [11]  The network is  peer-to-peer  and transactions take place between users directly, without an intermediary. [10] :4  These transactions are verified by network  nodes  through the use of  cryptography  and recorded in a public  distributed ledger  called a  blockchain . Bitcoin was invented by an unknown person or group of people under the name  Satoshi Nakamoto [12]  and released as  open-source software  in 2009. [13] Bitcoins are created as a reward for a process known as  mining . They can be exchanged for other currencies, [14]  products, and services. As of February...