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What is Bitcoin mining?

Discussion in 'Assets and Investment' started by xøx, May 6, 2013.

  1. xøx

    xøx at one

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    What is Bitcoin mining?

    So I've been researching Bitcoins and trying to get a full understanding of how they work. But what I can't understand Is what the term 'bitcoin mining' means. There's some information online but I really can't make much sense of it! I'd really appreciate it if someone could explain what it is, how it works etc! Thanks :)
     
  2. Fendle

    Fendle Grand Master
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    What is Bitcoin mining?

    Mining is where you help process transactions in the block chain and also you can mine new blocks which are worth 25 bit coin each, usually you mine within a pool.

    You need a ASIC mining system now, GPU mining is dead for Bitcoin.
     
  3. xøx

    xøx at one

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    What is Bitcoin mining?

    What is this ASIC mining system, what does it actually do, i understand it mines bitcoins, but what is mining bitcoins? I read somewhere it was something to do with cracking codes or something? I'm really lost :( Also, is it actually worth doing?
     
  4. Fendle

    Fendle Grand Master
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    What is Bitcoin mining?



    google avalon or butterflylabs they sell ASIC units.
     
  5. icotulookin

    icotulookin Member

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    What is Bitcoin mining?

< Hexbot | Question about making payment accounts (e.g. paypal) without a bank account >


 
 
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