bitcoin mining - page 3. | Bitcointalksearch.org

SONG GEET

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Quote from: rikfredsy on July 08, 2017, 10:02:02 PM

So whats the point of the mining, I'm wondering if there is something dark your computer is used for while doing the mining, because otherwise, what is the benefit of your machine running all day long.?

You are senior member and you don't know about mining? Grin

There is Monetary benefit, miners will earn block reward plus transactions fee of all transactions included in the block which they will be able to mine.

dimastegar

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There is nothing dark thing in bitcoin mining.

Bitcoin mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function.

The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins.

This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system.

Bitcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground.

Yakamoto

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Quote from: rikfredsy on July 08, 2017, 10:02:02 PM

So whats the point of the mining, I'm wondering if there is something dark your computer is used for while doing the mining, because otherwise, what is the benefit of your machine running all day long.?

Sorry, what? What dark thing are you referring to?

You are mining to confirm transactions in the blockchain and make sure that the network is able to keep sending transactions back and forth. If people didn't mine, new blocks would not be created, and transactions would not be confirmed, and people could not send Bitcoin, or receive it. There would also be no new Bitcoins being created and sent into the network.

Your account says that you've been here for a relatively long time, I'm surprised that you don't know something like this.

rikfredsy

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So whats the point of the mining, I'm wondering if there is something dark your computer is used for while doing the mining, because otherwise, what is the benefit of your machine running all day long.?

Topic: bitcoin mining - page 3. (Read 1183 times)