Mining is the process of securing transactions and committing them into the Bitcoin public chain

learn more… | top users | synonyms

47
votes
9answers
115k views

How much Bitcoin will I mine right now with hardware X?

Say I have a given piece of hardware (CPU/GPU). Where can I find out how much Bitcoin will I mine per day?
56
votes
11answers
27k views

How do you obtain bitcoins?

This is a question many people ask when they're introduced to Bitcoin. Bitcoin sounds interesting, but if I want to use this system I will need to get some coins, otherwise there's no way I can spend ...
86
votes
7answers
33k views

What exactly is Mining?

I have heard that mining is for people with ready hardware and blah blah blah... But what exactly is it? Does it operate like real mining? I mean, people talk about it like you are physically mining.
57
votes
5answers
23k views

What can an attacker with 51% of hash power do?

Suppose organization X has 51% of the hash power for a period of 1 week. In this week, what exactly can and can't X do?
13
votes
3answers
9k views

How can I start mining Bitcoin?

Ok. I don't care if I make only a small amount of bitcoins mining. I want to mine. How do I setup my machine (amd x64 4.6Ghz 6GB/RAM with GeForce Nvidia 7300, LinuxMint 10) to start mining? Is it ...
32
votes
7answers
20k views

Where do bitcoins come from and what gives them their value?

Where do bitcoins come from? From the WeUseCoins.com video it appears they are just being produced by "miners" and sold to people. So who backs Bitcoin or gives it its value?
2
votes
4answers
405 views

I am new to Bitcoin, how can I get started? [closed]

I am new to both here and to the new online currency called Bitcoin. I understand what Bitcoin is and how it works, but I was wondering how do you actually get started with Bitcoin? I have read some ...
48
votes
4answers
33k views

What are bitcoin miners really solving?

As with mining, what are the bitcoin miners really solving? I read they are solving hashes, but what does that really mean. Can we see what they are solving? Can someone give an example of what a ...
66
votes
9answers
20k views

How much will transaction fees eventually be?

Some people keep evangelizing that Bitcoin transaction fees are much lower than in PayPal or with credit cards. However, once nearly all 21 million bitcoins have been mined, the network will still ...
36
votes
10answers
6k views

Will Bitcoin suffer from a mining Tragedy of the Commons when mining fees drop to zero?

One issue that I haven't seen clearly addressed is the possible Tragedy of the Commons in Bitcoin's future (see this answer). 40 years into the future, the only significant direct benefit for honest ...
17
votes
3answers
4k views

How can I compute mining profitability? [duplicate]

It was asked elsewhere, but I'm re-asking the question in a less time sensitive way. Can you please list some of the techniques, charts, spreadsheets, calculators or other tools that help someone to ...
33
votes
8answers
17k views

Is CPU mining even worth it?

I would like to start mining, but my GPU isn't the greatest and I don't really want to spend the money on a dedicated rig. Is mining from my CPU (in a Linux environment) still worth it? Or will I not ...
45
votes
2answers
24k views

How does merged mining work?

How does the implementation of merged mining affect the global hash rate of alt chains? Does one solution fit all? Does one solution fit some? Does the rate of "solutions that will fit" decrease ...
27
votes
1answer
13k views

What are the bandwidth requirements of a mining rig?

How much bandwidth consumption can I expect per 900 Mhash/s rig (for instance) for both pooled and solo scenarios? I'm looking for a ballpark number for the on going requirements, after the initial ...
10
votes
2answers
4k views

What is proof-of-work?

Please explain the proof-of-work concept. And how does it relate to Bitcoin mining in general, and to the proofs of work (aka shares) of mining pools?
7
votes
3answers
1k views

How does the mining process support the currency?

Why is mining Bitcoins necessary? Is it essentially a distribution mechanism to ensure Bitcoins are not held by a few (wealthy) individuals from the get-go who might just hoard Bitcoins rather than be ...
20
votes
3answers
1k views

How much would it cost to execute a 51% attack?

I know that it's commonly said they're not really in the realm of possibility right now, but how much would it really cost to execute a 51% attack on the network? And are there any organizations out ...
8
votes
4answers
1k views

Why does mining profitability tend towards zero?

Why does mining profitability tend towards zero? Is it different for short term miners than it is for long term miners? Example: if I mine now and sell them next year, they may be worth more as ...
15
votes
2answers
2k views

Can a 51% attack be detected and dealt with?

If someone got 51% hash power and started rewriting the blockchain from scratch (building a longer chain with a completely different history), could this be detected? Could "the honest users" revert ...
9
votes
5answers
3k views

What is the rationale behind Bitcoin mining?

I don't understand the logic of "mining", if bitcoins are a digital currency, why do we need a GPU to "make 'em"?
5
votes
2answers
3k views

The End of Mining

According to Wikipedia, here's a projection of expected future Bitcoin supply: Is there any effect to the dynamics of the system beyond the valuation of Bitcoins? For example, is mining required ...
64
votes
5answers
8k views

Why is 6 the number of confirms that is considered secure?

Why is 6 is the number of confirms that is considered secure? I haven't found any mathematical explanation or otherwise that explains with it is 6 and not 5 or 7. Is there a historical reason for 6? ...
20
votes
4answers
3k views

What keeps the average block time at 10 minutes?

I've been told "the network" sets the difficulty level such that there will be one new block mined every ten minutes. I imagine the rich would instead prefer to keep difficulty as high as possible to ...
25
votes
2answers
3k views

What is the longest blockchain fork that has been orphaned to date?

The orphaned blocks view from BlockChain.info shows a recent fork of the blockchain (starting with block 173,928) that went four blocks long before being orphaned. Other than the controlled rewind ...
21
votes
4answers
3k views

How is block-solution-withholding a threat to mining pools?

If I understand the technical process (for most mining pools) correctly, a participant in a mining pool is given block data to combine with a nonce to try to solve the block. If they get close (but ...
12
votes
4answers
5k views

What will happen to mining after the 20 999 999th Bitcoin?

After the 21 millionth bitcoin or 20 999 999th bitcoin is mined, what will happen to bitcoin mining? - will it just stop, or will we make a further division of the satoshi thanks to Bitcoin's infinite ...
6
votes
4answers
3k views

Is mining still profitable? [closed]

We all know that mining is supposed to keep the Bitcoin system secure. However, difficulty has risen so much that costs for power currently outstrip possible revenue for mining for a large portion of ...
11
votes
1answer
1k views

What is a Mining Pool, what is it good for?

What advantages / disadvantages does it offer over solo mining?
12
votes
5answers
21k views

Solo mining just for luck, realistic?

Just turned my attention to mining and the concepts are quite new to me. First of let me clear: I realize that my hardware setup is far from ideal for mining. This is also the reason why I do not want ...
19
votes
1answer
5k views

What is a share? Can I find it while mining solo, or only when pool mining?

In mining, what is "a share"? When mining solo, do I "find shares"?
17
votes
4answers
20k views

What is a good mining pool/payout model for infrequent mining?

I usually mine only, when I do stuff using my PC so it is on anyway. So far I used Slushs Pool but they have a score based reward system, which seem to punish casual mining. If a long round ends >15 ...
9
votes
4answers
66k views

What is the difference between kH/s, MH/s, and GH/s?

I started mining on a friend's computer and it shows 300 kH/s. But when I research other peoples' hash rates I usually see MH/s. Are these speeds the same as kilobytes and megabytes? Also, when I say ...
10
votes
1answer
8k views

Why do AMD's GPUs mine faster than Nvidia's?

I have been searching Google all day and cannot find any real information. I'm looking for information in detail, such as specifications or the qualities of the GPUs that make the differences.
3
votes
2answers
991 views

Full example data for scrypt Stratum-client

I'm trying to write a Mining client for Scrypt-based mining using Stratum Communication. As of now, I have some trouble verifying all my bit orders and sequences. Hashes I'm generating get always ...
9
votes
3answers
1k views

What can be done about the no-transaction block relayer (currently 71.123.170.150)?

An unknown major solo miner (currently IP 71.123.170.150), most likely a botnet, is relaying blocks with zero transactions. Two weeks ago this miner constituted ~15% of the network, now it constitutes ...
14
votes
4answers
2k views

What is the status on webminers?

Are there any ongoing projects trying to develop a widely accessible WebCL-powered mining software? I've heard of two in the past, but their websites don't seem to be working any more.
3
votes
2answers
7k views

Can I do mining with a normal PC?

Can I do mining with a normal PC in my house? I will setup Linux (Ubuntu) for mining. It will be open 24/7. I don't have too many expectations. Maybe 0.1 in one week?
19
votes
1answer
21k views

How can I start my own mining pool?

Is there some relatively simple (and preferably free/open-source) solution for starting my own mining pool? How close to "turnkey" would such a solution be and with pool operators mostly running at 0% ...
19
votes
4answers
2k views

Has there ever been a successful double spend attack on the Bitcoin network? If not, is it really necessary to wait for confirmations?

There is a lot of concern about waiting for confirmations to avoid a double spend attack, but has there ever actually been a double spend attack? It seems to be that there are two types of double ...
15
votes
2answers
10k views

What's the difference between an ASIC and an FPGA? Which is better for mining?

I'm a software guy with only the most basic of hardware training/knowledge so while I understand the basic concepts of ASICs and FPGAs the details are beyond me. What are the primary differences and, ...
23
votes
4answers
7k views

Bitcoin Mining ASICs used for cryptographic application? Rainbow tables?

What is the potential that the ASICs being developed for mining could be used for other cryptographic applications such as building rainbow tables? I know that for instance those that crack GSM with ...
17
votes
4answers
4k views

How can one embed custom data in block headers?

Some mining pool admins put custom data in block headers, like prayers. How do they do that? Where can I see that data for myself?
10
votes
3answers
89k views

Is it worth mining Litecoins?

Is it worth mining Litecoins and then exchange them for Bitcoins (because I am not sure if there will be space for more crypto currencies in the future)? I can get about 25k hash/sec by CPU mining on ...
16
votes
4answers
934 views

Why was the target block time chosen to be 10 minutes?

According to the wiki, 10 minutes was chosen as a 'tradeoff'. Why ten minutes specifically? It is a tradeoff chosen by Satoshi between propagation time of new blocks in large networks and the ...
12
votes
3answers
28k views

What are stale shares and what can I do to avoid them?

When I mine at a pool, only a part of my shares are accepted. There is a small percentage which is marked as stale. As far as I know I only get paid for accepted shares, so what are these stale ...
6
votes
2answers
9k views

Are there any attempts at creating ASIC for bitcoin mining?

I take reference to the Question here which compares ASIC with FPGA. In this question someone quotes a company called Largecoin that is said to be at the development of such an ASIC. However their web ...
16
votes
4answers
8k views

Solo Mining vs Pool Mining for users with high computing power

Let's say that a user has a decent amount of computing power. At the current difficulty of 1777774.4820015, he could have for example 10Gh/s (he would earn around 5 BTC per day according to a ...
6
votes
2answers
2k views

Could there be hyperinflation in Bitcoin?

Currently the creation of new coins is fixed at a certain rate which halves every few years and will at some point in the future drop to zero. As I understand it, this is by consensus, i.e. all the ...
5
votes
2answers
7k views

How does a difficulty increase affect a miner's income?

At the time I write this there are a lot of people getting into Bitcoin mining for the first time. Many buy ASIC hardware and are later surprised that their mining income suddenly drops due to a ...
16
votes
2answers
2k views

Will all 21 million units be completely mined one day?

It is written that the supply of Bitcoin units is limited to 21 million and that this limit will approximately have been reached around the year 2030. But is there an actual "last Bitcoin" (or "last ...