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Thread: What is miming?
03-06-2014, 06:45 PM #1
What is miming?
So yeah title says it all.
03-06-2014, 06:48 PM #2
03-06-2014, 06:58 PM #3
03-07-2014, 03:35 AM #4
- Join Date
- Jul 2008
im its simplest terms, mining is the process of releasing new coins.
you can get as complicated as you want, even down to the 1's and 0's, but simply put, your computer performs equations to try and "solve" a block. a block contains the coins. most blocks have rewards for solving them.
btc has a 25 block reward atm. you solve a bitcoin block, youre fucking rich, $17,500 or so. dogecoin has a variable block reward, but the average payout atm is between 500,000 and 1 so thats 250,000 or $280 or so.
the blocks are on whats called a blockchain. all miners are connected to the blockchain. lets say a block was just solved, block 959. the network confirms that it's a valid solve and the miner is rewarded and the chain advances by one to block 960.
now the system will only accept an answer that has lets say 16 zeros in front of it, so .0000000000000000blahblahblahblah is the target. you can hash any number, but only the one that falls below the target will be accepted.
depending on the difficulty, the target may be easy or hard to get. the chances of you solo mining a bitcoin block are almost zero. you could run your computer from now until the year 2050 and never hit a block, you could also hit 100 blocks, its all luck, however you can increase your luck by increasing your hashrate, or the number or equations solved per second.
not back to our blockchain. block 960 has a nonce (not important to you but thats what its called) your miner will take that nonce and start hashing it to find an answer that meets the target. once someone comes up with the answer, it--along with the proof of your work, are submitted back to the blockchain, and if you're the first person to get your work confirmed by the chain then you get the block and subsequent coins.
technically many people can solve a block at the same time, and usually do, but you have to be the first to have yours CONFIRMED by the network.
you dont have to understand exactly how it works, but understand the basics like what i just outlined. its complicated and really unnecessary to know but if you want to know more check google.
03-07-2014, 04:34 AM #5
- Join Date
- Mar 2014