Found 9 Articles for Mining

Ethereum Mining GuideEthereum Blockchain BasicsAs we all know, cryptocurrency mining is a process of solving complicated mathematical puzzles and miners play a crucial role in any cryptocurrency network as they spend their time and computing power to puzzle out those math problems, giving a ‘proof of work’ for the network, which verifies Ether transactions. Other than this, miners are responsible for making new Ether tokens through this process. This way, they get rewards in Ether for successfully completing a proof of work task.The more miners join the group, the puzzles automatically turn out more difficult to solve. This leads to ... Read More

Cryptocurrency like Bitcoin uses the Block chain as a decentralized, distributed, public digital ledger that records all the transactions of the Bitcoin. Block Chain has a unique feature of storing the value of previous block as a hash value in the current block, which makes it impossible to alter any block without changing all the subsequent blocks.The miners create a block and verify it and will be rewarded for using their CPU power to do so. The block which gets more than 50% consensus will be added to the block chain. During the verification of Block, the miners will complete ... Read More

Bitcoins are created by Satoshi Nakamoto, in 2008 whose identity is still a mystery, whether it is one person or a group of persons. Satoshi Nakamoto proposed Bitcoin as a means of exchange, independent and secure and also a limited number.Now the question comes, Why limited supply?The most important feature of Bitcoin is that it is decentralized. No Central authority will keep a check on its demand or supply. Satoshi has created an open source code which is maintained by a group of volunteer programmers and runs as a distributed network with nodes spread across the world. We know that ... Read More

When digital or crypto currency gets a mention, bitcoin is the first thing that strikes the minds of the expert investor as well as the fanciers. Bitcoin can be referred as a virtual currency or a medium of conducting digital transactions just like any other digital currency. So, how is it better than any conventional currency?The global interest in bitcoin has gone up in the past a couple of years. However, those who still see its gloomy side, here are the reasons for going for this currency.Digital and Decentralized-Bitcoin comes with the liberty to exchange value with no intermediaries. This ... Read More

Bitcoin mining pools are nothing but a way for Bitcoin miners to pool their resources together. It also includes the sharing of their hashing power while distributing the payoff equally as per the amount of shares they contributed to puzzling out a block.Members of the Bitcoin mining pool gets a ‘share’ after presenting a valid proof of work that their Bitcoin miner solved. Bitcoin mining in pools commenced when the miners found mining extremely tough as solving them out could take years for slower miners to generate a block.The only solution miners could come up to solve this riddle was ... Read More

What is a Bitcoin?Bitcoin is an electronic payment system through a secure, verifiable and mathematical way. It is created by Satoshi Nakamoto in 2008 to produce a new means of exchange of money, independent of any centralization or central authority, which can be done electronically.Traditional currency is printed and distributed by the Government based on demand and supply in the market. Bitcoin is introduced as a peer-to-peer currency without any central authority or any government body to issue the Coins and track their transactions.What is MiningWhere do the Bitcoins come from when there is no central authority to create and ... Read More

Bitcoins or any other cryptocurrency for that matter, trade at different values. These values are based on supply and demand and most importantly on speculation. The Block chain is the chain of block that stores the information of the transactions of a Bitcoin. Satoshi Nakamoto created the first block in 2009, which is called the Genesis Block.Block Chain is a distributed ledger which stores the data in Hash values. Every digital currency has its own block chain that keeps a record of all transactions ever done using that currency.Peer to Peer Network or P2P Network allows everyone to have a ... Read More

We know about Bitcoin mining … and how you can earn reward of 12.5 Bitcoins for every mathematical algorithm solved. The more number of miners join the network, the faster the puzzles get solved, the tougher the algorithms become. Though there is a large potential in Cryptocurrency to earn money, there is also a lot of uncertainty and speculation.Mining Bitcoins at home is highly difficult and impractical thing to do, because of the highly expensive hardware and high electricity bills. One more risk factor is the graphic cards you use should be constantly updated so as to meet the rising ... Read More

The 51% attack refers to an attack on the block chain network, deceiving the miners with a duplicate block chain which has more than 50% acceptance and spending the same bitcoins again.To put it in simple words, a single miner or a pool of miners controlling more than 50 (say 51%) of the cryptocurrency network’s mining hash power, can attack the block chain network and reverse the transactions. Once they have more than 50% of hashing power they can take control of the cryptocurrency network and they could double spend the coins.However, by controlling the majority of computing power on ... Read More