Topic: Concept of bitcoin mining (Read 659 times)

Bitcoin mining is a risky business if you look at it literally, because of its fluctuating market value, but otherwise it's a good business with good income. Because of Bitcoin's longevity in this industry they have not seen Bitcoin's value decrease over time.

         But you should also know that Bitcoin mining need a strong computer, not a weak class. And the next thing is that the electricity consumption should be cheap because it reaches 24hrs operation. In addition to this you also need to participate in other mining pool groups to solve the math problem.

This is a link that can also help you in this matter,

https://www.simplilearn.com/bitcoin-mining-explained-article
https://www.investopedia.com/terms/b/bitcoin-mining.asp

Yeah, you will end up earning a few satoshis in a few months or something on your phone. Considering the network difficulty there is a high chance you will utilize more power, time etc on your device before you could even earn something out of it.

The only person/entity that benefits from this entire scam system is the one who built it. The referral programs are just another big loaded scam where you are actually helping the entity to bring collective hashing power and thus they end up earning some bucks in the background.

If you want to do a case study then learn more about Pi Coin mining. Though it's about alt-mining, it's the biggest scandal ever running and still exist. Peeps are still falling for the trap to date.

This isn't very accurate, most "powerful computers" are not suitable for BTC mining, mining needs DEDICATED chips that do NOTHING but hash sha256, which is why they are called (application-specific integrated circuit miners), in fact, you could argue that those ASIC miners are not powerful computers by any means given that you have not defined what "computing" actually is, your smartphone is likely more powerful in general computing than the most recent miner in the market.


The only reason why CPUs and GPUs can no longer mine Bitcoin is due to the increase in difficulty and not the increase of miners as people, the concept of miners competing against each other has been there from the get-go, however, the term "compete against each other" is somehow misleading, because they are not, miners compete against block target/difficulty, a hash with a nonce that's lucky enough to solve a block, even when there was only a Satoshi mining BTC he had to compete against difficulty to solve blocks if it's just competing against "others" then satoshi would have mined the 21m bitcoin's in no time.

Furthermore, if everyone stops mining today and they leave just one miner, it doesn't mean he will the blocks which were supposed to the rest of the miners, the single miner will only get the blocks that he would have gotten with nobody leaving the network, of course, since he will need a very long time to finish the epoch, the difficulty will start to slowly adjust until him alone can mine a block every 10 mins, but that will only be possible because difficulty dropped not because "competitors" left.



fast yes, exact, nop, ASICs produce fast-random-hashes and that's all about it.

Various promotions of Bitcoin mining software with smart phones, is it actually possible to do mining with smart phones? This question arises in lots of people. We know that modern day smart phones work like computers. Which we can take as a computer in any case. And we can easily set up any computer to do Bitcoin Hash Competing. Whose only task will be to calculate the computing hash. When requested by the Bitcoin software, miners usually have to do the job correctly and seamlessly.

Basically smartphones are not suitable for this task. We should use whatever we need. With smartphones you can do one of the many mining tasks that are not suitable or professional mining. Mining requires a powerful computer otherwise a suitable mining environment will not be created. We know that Bitcoin mining requires a lot of advanced technology with powerful computing power.

In the early days of Bitcoin mining, you could mine Bitcoin with a computer or laptop. At that time you were occasionally rewarded by creating a block. There was not much competition in that mining. Currently miners compete to beat each other and they also work together in mining pools.

The first ASICs emerged after 2013. which was prepared only for Bitcoin mining. It is designed for mining in single-use cases. As it is very powerful, it is able to provide fast exact solutions in Hash computations.

This is a good advise! Bitcoin mining is a specific process, that is described in the bitcoin protocol. If people claim that they offer mining in other ways, like through your phone, you can be sure that this way it is not working. Then you have to ask yourself, why they still offer this? Usually the answer is of a illegal nature.

In my early days when I first got to know about cryptocurrency and then developed interest in getting myself fully involved in the industry, it wasn't rossy for me at all as I had to learn and gain experience to many things through the hard way where I had to loss certain sum of money to these so-called apps scam that comes with mining machines of different prices and each price depends on the quota of crypto (either TRX or BTC) that the machine will be mining accumulatively on a daily and after few days after payment made the app will be inaccessible with message if "upgrading" popping up. Money gone!
To cut long story short, there's no true thing or theory as mining app or referral paying in BTC just like that. Save yourself from scammers by avoiding those! Talking from first hand experience!

First of all, those bitcoin mining apps that are downloaded to the mobile phone do not generate bitcoin profit there. I've been in this industry for a few years and I've tried it, I've seen and experienced it all, and in the end, you can't release the profit there either, because there's a condition that you must put money into the apps platform first, and that's obvious those are just scam apps.

    Because real bitcoin mining is in real-world mining because here in this industry you have to invest in energy to extract these Bitcoins. And these miners' computer needs to solve mathematical problems. Then, once it solves them, new Bitcoin is generated and awarded to him.

Almost every media article you read on the internet will have the term "complex mathematical equations", someone wrote that a few years ago and it seems to have stuck in most people's minds so this is what most of them think about mining, a supercomputer that solves mathematical problems.

This is probably why many people think an average quantum computer will beat a billion ASIC miners combined, given that QC uses quantum parallelism to solve "complex mathematical equations" in parallel. , which makes perfect sense if mining was all about solving complex math equations.

Although it is easy to know how to do Bitcoin mining, actually mining is not easy. Maybe many of us know that Bitcoin mining requires a lot of electricity which is not possible for everyone. But let's take a look at how much electricity is required? According to the Cambridge Bitcoin Electricity Consumption Index, generating bitcoins consumes 94.2 terawatt-hours of electricity per year. A few other countries use even more. According to a statistics 2021, one Bitcoin can be mined with the amount of electricity a household will consume approximately 9 years.

Here we get a general idea about electricity. Now let's see what kind of computer or hardware is needed for mining?

Bitcoin mining requires what we call powerful computers. But what about that computer? Specific integrated circuits, or ASICs for Bitcoin mining can cost more then $10,000. So if we say that Bitcoin mining is easy with an app? Of course not. Moreover, some scammers recommend using various software or apps for Bitcoin mining which should never be installed. Rather, they can be called a means of stealing your personal information and secret numbers.

I just thought of this, people can't give away Bitcoins for free, whether it's phishing purposely created to steal data from your device or a PONZI scheme to make profits by tempting BTC as a gift, I'm sure there you will be given options to increase speed and mining income, you are required to deposit a certain amount of BTC as a power-up.
First few days/weeks it will work, but after a few weeks/months you will no longer be able to access the account created in the app because it is a scam.

The mining process involves repeatedly using a simple hash algorithm to brute force a value.

It's not complex.

I guess person above copy pasted something and has no idea.

The mining process involves using specialized computers to solve complex mathematical equations, which are used to verify transactions on the bitcoin network. When a transaction is verified, it is added to the public ledger known as the blockchain, and the miner who verified the transaction is awarded a certain number of bitcoins as a reward. This is how new bitcoins are "minted" and introduced into the network.
So in order to mine BTC, there is no such thing as mining app. Cloud mining can be done by some source (I have not verified it yet), But they are most likely going to ask you to deposit certain amount of "X" token to withdraw that bonus or "mined" BTC from that app. So just stay away from that.

No bitcoin mining applications should be used since they are all fraudulent; a friend of mine lost his money and was unable to get it back. You can only mine Bitcoin with specialized computers called ASICs, therefore you should look up more information on the process and get more knowledgeable about it. Since you are a beginner, I recommend that you explore more about mining Bitcoin.

OK wow that would be a hell of work..i normally see different app advertising their logo that you can actually earn coins from them by performing some easy pisy task on their platform...

And I  would say to my self nothing comes this easy

Why not? It's possible, if I had an app that makes me money either by displaying ads, stealing user information, credit card, or any other valuable data, I would be more than happy to pay some BTC for people sending my app/virus/malware to others, in reality, some of these apps are actually legit in the aspect of paying you some value in the form of BTC, it's just that the amount you would get is pretty small and you would need to distribute it to hundreds of people to actually earn an amount that passes the withdrawal threshold, so you either make all your friends and family hate you for sending them all those invitation links, or use other means to "force" those apps to be installed on their phones, essentially "stealing", so ya, those apps do work, but they don't.

the theory is that the app you bumped into is probably a scam or malware. Don't download it. You can't mine bitcoin that way.

Do you think anyone would give out free BTC for just referring people to download their app? Absolutely not.

About your "topic one" you talking about a Bitcoin mining app where you can mine through mobile and mostly called cloud mining and 99.9% of them are scams like the above said.
Mining a Bitcoin doesn't need an app to mine Bitcoin what you need is an ASIC unit that supports sha256 algo to mine Bitcoin.

Since you are a newbie I suggest you search more about mining Bitcoin because you can only mine Bitcoin with ASIC machines and better learn more about this First time/Small miner reference for getting started.

First and foremost, I think it would be more appropriate if you read Bitcoin's White Paper first. After reading this, probably half or more of your possible future questions will be answered already.
BTC White Paper: https://bitcoin.org/bitcoin.pdf

Bitcoin mining is not that simple. I myself wanted to mine before but my place's electricity rate is too expensive for BTC mining. Mining or the Proof-of-Work is also in the White Paper. After reading it and you are interested in mining then you can find a lot of helpful threads including guides, tips, and hardware in this section. https://bitcointalk.org/index.php?board=14.0

There are a lot of scammers in this world either in fiat or in crypto. You must be vigilant. And put it into your mind that everything you find here in crypto is a scam unless proven legit. Upon reading the White Paper you will find out that there is no such thing as referrals in order to earn Bitcoin.

Those are all scams.

Firstly am very happy I found this amazing site and I hope that all my curiosities are settled in forum about things I feel I know but don't understand...
 topic one
Bitcoin mining
What is theory around this.. I mean how is it possible that you just download a bitcoin mining app and start earning btc without doing something elaborate enough
topic two
How real is the trending adverts about apps telling you  just refer people to their apps and you start earning btc