Understand Bitcoin Mining

Posted by Admin on 9:16 AM

Understand Bitcoin Mining. The terms like bitcoin and mining aren’t new, however, many people have no clue about what bitcoin mining is and anything related to it. You may not get detailed information about mining and bitcoin inhere, still you will obtain some big pictures that give you better understanding toward the two. So, what is mining? Where does it take place? How do you will get the coins? On the contrary of the money that is commonly used where the money should be printed by the authority before it is distributed, it doesn’t the same for bitcoin, since this one should be discovered through mining. The aforesaid is known as process of collecting the past data that is occurred within bitcoin networks.

Understand Bitcoin Mining

Bitcoin mining makes it possible for people who involve within the network to know the transactions which are called as block, and then record the list of transaction into public or general ledger. You can mention  general ledger as blockchain for the reason that the aforementioned consists of series of blocks. Without blockchain, it hard to keep on track for any transaction. Simply say, each bitcoin address can easily source transaction information that they need through blockchain. And you know what? Per information that is added, it will directly become part of the chain, and it will be like that over and over again. Probably, you are curious about the credibility of the transaction that is recorded into blockchain.

Obviously something like the data transaction like bitcoin transaction being tampered or changed is possible, but fortunately it won’t be happened, thanks to bitcoin mining that is done by the miners whose job making sure that the transaction data stay just like the first time it was created. Ensuring that everything stays intact miners grab the information from the block, and then apply certain mathematical formula to turn the information into hash that will record into the general ledger. Is that possible to manipulate the hash? In fact, it is possible, the only problem is that you can’t hide the fact that the hash is manipulated for the reason that each of them is unique.

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On another words, bitcoin mining is like a guarantee that the blockchain is trusted as no one can’t do anything to play around with the data or the blocks. In case that it happens, the blocks will be identified as fake and will be excluded immediately from the system. If you pay attention to what is stated above, bitcoins are something that you should discover by competing with other participants. To obtain the bitcoins, you have to create hash. If you are succeed with the hash, you will get the bitcoin as the rewards. Surely, your job will be noticed by other miners as the information is updated. The only problem about creating hash is that, this process is complex despite miners use special software to do it. Furthermore with the existence of bitcoin protocol which makes the creation of hash even harder.

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New Johny WussUpdated: 9:16 AM

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