Bitcoin | How Does It Work | Who Do I Make Money Mining It?
How Does Bitcoin Mining Work?
The answer is mining. Every ten minutes or so mining computers collect a few hundred pending bitcoin transactions (a “block”) and turn them into a mathematical puzzle. ... The miner who found the solution gets 25 bitcoins as a reward, but only after another 99 blocks have been added to the ledger.
What is the block chain?
A blockchain is the structure of data that represents a financial ledger entry, or a record of a transaction. Each transaction is digitally signed to ensure its authenticity and that no one tampers with it, so the ledger itself and the existing transactions within it are assumed to be of high integrity.
What is a bit coin?
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren't printed, like dollars or euros – they're produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
What is a Bitcoin miner?
With Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine.
What is a CPU miner?
CPU Miner is a potentially unwanted program that is created to mine digital currency (BitCoins) when your computer's CPU is idle. CPU Miner is commonly bundled with other free programs that you download off of the Internet.
Every time someone successfully creates a hash, they get a reward of 25 bitcoins, the blockchain is updated, and everyone on the network hears about it. That's the incentive to keep mining, and keep the transactions working. ... The bitcoin protocol won't just accept any old hash.
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