What is Bitcoin Mining? (In Plain English)
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Bitcoin mining is the process of updating the ledger of Bitcoin transactions known as the blockchain. Mining is done by running extremely powerful computers (known as ASICs) that race against other miners in an attempt to guess a specific number.
The first miner to guess the number gets to update the ledger of transactions and also receives a reward of newly minted Bitcoins (currently the reward is 12.5 Bitcoins).
Today, in order to be profitable with Bitcoin mining you need to invest heavily in equipment, cooling and storage. It’s not possible to mine profitably with a PC or a GPU at home. You can calculate your profitability using a Bitcoin mining calculator.
0:20 – Bitcoin mining in a nutshell
3:13 – Mining difficulty and block time
4:22 – Evolution of Bitcoin mining hardware
6:30 – Bitcoin mining pools
7:24 – Is Bitcoin mining profitable?
10:41 – Other types of mining
13:14 – Frequently asked Questions
15:20 – Conclusion
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Fantastic video. Thank you.
So what is the purpose of finding the answer to those math questions? Do they cure diseases or anything at all?
Who needs a computer to do math. They are so much slower than my brain. Humans must be slower.
How to detect Web mining activity?
Okay, but I still don't understand where the money is coming from? How does it produce money, or if someone is paying up money to the miners, why are they paying money? Why did they agree to pay money to people who use a program developed by some random ass dude? This and NFT's, I don't think I'll ever understand where the value comes from? Is it just because there are enough people that are in agreement that this intangible thing has value?
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This reminds me of the savings and loan crisis back in 2008, banks sold property buyers mortgages to other banks called derivatives and those banks split the loans up into several loans selling them to other banks and so on , then when property buyers began defaulting on the loans because the interest rates increased , the whole scheme became unraveled very quickly, and nobody could figure out who had the original loan or what bank financed it and was responsible for the mess, or where the deeds to the properties were , who owed what amount or had their loan paid off, The Obama administration had to have the crooks that started the concept sort out the disaster, because it was too complex for anybody with a normal understanding of how finance works to unravel the mess , if something doesn't sound like it makes sense to you
and can't afford to lose your money , I would stay away from this, it could come crashing down as quickly as it increased in value,
Bitcoin is a credit for mathematical energy consumption. Say if I had a dynamo on the wheels of my car that produced electrical power to run a Bitcoin analytical computer. I could then print money as I drive around the country .Out of Governmental control.
This crypto will be the death of civilization…. This new generation F's up everything – you have been warned!
It's a scam ! Ask yourself this question ; when the money is stolen – who you gonna grab to toss in jail? Where you gonna bring the. Bench warrant ? , Zip it's gone – faster than an electron. Invest in t bills.
I remember having 6 bitcoins and spending them on a stupid computer game. I was 8 years old at the time and no one knew what bitcoin was
So big company will fucc people up
If the mining is less and less profitable, will it cause no mining at all down the road? If so, how the bitcoin transaction being processed and validated?
This video was wonderful…
Two minutes into it, I realized this stream was not for me.
Hodl your crypto and get a miner like spcminer and that's all you'll need