Topic: What is mining (Read 181 times)

 Mining is a risky process though. It not only takes heavy lifting from the mining chips themselves, but boatloads of electricity, powerful cooling, and a strong network connection. i refer to do trading rather. this is only my suggestions but it will be somehow be applicable. good luck.

Anyone can run the software on dedicated hardware and become a bitcoin miner. The mining software monitors the broadcast of the transaction through the P2P network and performs appropriate tasks to process and confirm these transactions. Bitcoin miners accomplish these tasks to earn the user-paid transaction fees for expediting transaction processing and bitcoins issued in a fixed formula.
New transactions need to be included in a block with a mathematical workload proof to be confirmed. This proof is hard to generate because it can only be generated by trying billions of calculations per second. Miners need to run these calculations before their blocks are accepted and rewarded. As more people begin to mine, the difficulty of finding effective blocks will be automatically increased by the network to ensure that the average time to find blocks remains at 10 minutes. Therefore, the competition for mining is very fierce. No individual miner can control what is contained in the blockchain.
Workload proofs are also designed to rely on past blocks, which enforces the chronological order of blockchains. This design makes it extremely difficult to undo past transactions because of the need to recalculate the proof of work for all subsequent blocks. When two blocks are found at the same time, the miner processes the first block received and moves it to the longest block chain as soon as the next block is found. This ensures that the mining process maintains a global consistency based on processing capabilities.
Bitcoin miners can neither increase their rewards through cheating, nor deal with fraudulent transactions that damage the Bitcoin network, because all Bitcoin nodes will reject blocks that contain invalid data that violate the Bitcoin protocol rules. So even if not all bitcoin miners can trust, the Bitcoin network is still safe.

I may say that you're wrong (Just according to my opinion and perspective) First of all I may say that the mining is not a good way to earn crypto, why? Well in some point it's a good way to earn crypto but it depends on the people itself, where he/she do lives. Let me explain:

1. The Mining is not for all since you really need a lot of Capital and investment in equipments, You need to have high specs equipments in order to mine cryptos and after that you're going to do maintenance and recover first your overall investments before earning profit. (It takes time)

2. It depends on the people where he/she lives, well in my country the electric bill is a little bit high and it would be hard for the miners.

But there's an alternative and yet profitable also like mining which also a good way to earn crypto.
1. Bounty Campaigns (It pays crypto and you don't need to invest)
2. Trading (In just a second you can earn profit)
3. If you do have a skill or you have knowledge you can offer service here in the forum.

what my point is that I think you're not aware the risk and things you're going to face in mining. Well all of this are according to my own perspective and opinion.

this post doesn't make any sense. Looks like posted just to increase activity.

Bitcoin Mining is actually a mine activity using a particular device. The process through solving a series of mathematical problems (puzzles) based on certain difficulty levels. Well this activity is called "Mining" or cool term is "Bitcoin Mining". Bitcoin Mining is actually a mine activity using a particular device. The process through solving a series of mathematical problems (puzzles) based on certain difficulty levels. Well this activity is called "Mining" or cool term is "Bitcoin Mining".

Please, go to newbie section for that kind of discussions, its Altcoins section and here we do discuss altcoins only. What a weird bounty hunters trying to earn some attention

Many people in the world are already into mining. The early miners have earned a lot in this money making scheme. Now that there are so many miners now they still earn but the amount is lower than when there a only a few miners. It takes a huge amount of capital to go into mining. Many are using other people's money to finance their mining operation.

Mining, in the context of blockchain technology, is the process of adding transactions to the large distributed public ledger of existing transactions, known as the blockchain. The term is best known for its association with bitcoin, though other technologies using the blockcahin employ mining. Bitcoin mining rewards people who run mining operations with more bitcoins.

in the crypto world people are the last thing i learned mining i think. because people do not prefer to make production. minig is the production of crypto algorithm with computer parts at specific capacity.

You can try SIBcoin's mine even if you do not have special equipment. With the help of these sites it can be done:  http://polza.cc/ and https://sib.suprnova.cc/

There is a learning curve to mining and a high entry point of investment (min. ~$2000) for it to be profitable. Even then it is a gamble if you have high electricity costs.

Musicoin is a great thing in a bull market. That's why I always keep it in my portfolio. It usually does x2-4. This time I decided to experiment with the Sibcoin. I'm waiting for the HYIP, a well-known Russian rapper "Basta" will do ICO on Blockchain SIB.

Mining is quite complicated as you need to have facilities to do it. You will also have to learn a lot and research information to get a knowledge how to do it right.

I do not consider mining a profitable and promising activity. I prefer to invest, take part in bounty programs it is more profitable and more profitable.

It seems to me that MUSICcoin to purchase it has been already risky. Some is he not reliable, in my opinion. And here SIBcoin I purchased a little to myself. I wait for growth, when the market is deployed.

I have seen the difficulty of mining Monero has decreased and what most of the newbies must avoid are those cloud mining websites. I know that profit in mining is good but I would also prefer trading as mining equipment are too expensive for me.

Mining is not profitable again if you are not using large scale mining rigs to mine worth POW coin right now. The majority of coins are increasing a lot on the difficulty compared with the last year.
It's difficult to choose the coin which really profitable to mine if you are not coming with large scale mining rigs to battle to earn more and more hash power.

I would prefer trading. But if there is a great desire to mine, I would draw attention to interesting projects that have not yet grown in price. For example, MUSICcoin, Sibcoin etc.

Mining is a good way to earn on crypto, it lets you earn even if the currency price doesn’t go up significantly. It pays off relatively quickly and then you can just have a good profit off it. Be careful with what you mine - some coins’ mining difficulty can spike wildly