Linked Questions

4 votes
4 answers
74k views

How does solving math problems create bitcoins? [duplicate]

If I understand correctly, Bitcoin mining software "creates" bitcoins by solving complex mathematical equations. Is there a need for these problems to be solved, is there a value to solving these ...
user7012's user avatar
2 votes
2 answers
2k views

Economics of Bitcoin Mining [duplicate]

I thought I understood the gist of what "bitcoins" are: electronic currency tokens representing $X USD that could be used to trade, buy or sell online items. But recently I heard the term "mining for ...
TicketMonster's user avatar
0 votes
2 answers
2k views

Is BitCoin Mining Basically a Game? Do the Solved Math Equations do Anything? [duplicate]

So I've been trying to learn about bitcoin, I'm a kid. It is really confusing. Is BitCoin basically a game since you solve math equations for money? And also, do the math equations do anything or are ...
Ansh 's user avatar
-1 votes
1 answer
888 views

What computations does Btcoin perform during mining? [duplicate]

Possible Duplicate: What exactly is Mining? What are the exact computations dies Bitcoin is performing during the mining? I understood that it has to do something with hashes and proof-of-work. ...
Salvador Dali's user avatar
0 votes
1 answer
828 views

What means discovering a block? [duplicate]

I'm reading about the miners and it always says that the miners are rewarded when a block is discovered. What is that? What they discover are new bitcoin pieces, isn't it? When they find a new ...
Victor Ferreira's user avatar
0 votes
1 answer
398 views

How is mining of bitcoins done [duplicate]

What makes this mining process so computationally intensive and can this mining activity be substituted by other hard labors in physical world? Does this mining effort alone adds intrinsic value to ...
Ali's user avatar
  • 265
-2 votes
2 answers
462 views

Who provides the computers and infrastructure for bitcoin transactions to happen? [duplicate]

I am new to bitcoin. I have some fundamental questions. If bitcoin does not have any centralized entity controlling it, who provides the infrastructure for the trades to happen? Does this has ...
Punit Soni's user avatar
1 vote
3 answers
555 views

How nodes solve cryptographic hash by random guesses in bitcoin network [duplicate]

I searched for a lot. Previous answers on the bitcoin stack exchange did not answer my question. Well, According to my research, Any node can collect a set up unconfirmed transactions into a block and ...
Haider Yaqoob's user avatar
0 votes
2 answers
686 views

What is the role of miners in Blockchain? [duplicate]

What is the need of validating and authorizing a BTC transaction. Say, for eg, A have 5 BTC in its wallet and he wants to send 3 BTC to B. What is the need to validate such a transaction? And in case ...
Sumeet Ahuja's user avatar
1 vote
2 answers
463 views

how bitcoin mining works [duplicate]

The way I understand mining is that you hash the previous block hash with the new transaction files and a variable to get certain amount of zero in the hash. So the stronger your hash power is the ...
user64980's user avatar
-2 votes
1 answer
268 views

In layman's terms, can anyone explain to me how miners generate Bitcoins and process transactions at the same time? [duplicate]

I don't grasp how to the activities are tied together.
Capitalism Prevails's user avatar
0 votes
2 answers
178 views

How does Bitcoin choose to which miner the reward will go? [duplicate]

Let's say 100 miners with similar hashrate all try at the same time to mine the same block and finish at the same time, how will Bitcoin choose to which miner the reward will go? Is there some prority ...
Strob's user avatar
  • 21
0 votes
1 answer
276 views

Does the miner first validate transaction before doing POW or he does not validate at all ? [duplicate]

Does the miner validate the transaction before putting it on the block for proof of work? my understanding is if the miner does not validate the transaction and published the block and the block gets ...
Dheeraj Ramchandani's user avatar
0 votes
1 answer
151 views

What exactly is a block? [duplicate]

I am trying to understand the Blockchain algorithm used in Bitcoin. I do not get the part how blocks are created. Let’s say transactions occur at some time. Then, if some nodes get these ...
Rubertos's user avatar
  • 227
0 votes
1 answer
178 views

After mining a block and getting a hash. What do i do next? [duplicate]

I am pretty new to bitcoin.Suppose I mined it with a mining software. Now what do i do to earn a reward? How do i see the transactions? How do know what the block is? Most importantly, where do i ...
Shreyas Fegade's user avatar

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