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Learning Bitcoin

You're reading from   Learning Bitcoin Embrace the new world of fiance by leveraging the power of crypto-currencies using Bitcoin and the Blockchain

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Product type Paperback
Published in Oct 2015
Publisher
ISBN-13 9781785287305
Length 236 pages
Edition 1st Edition
Tools
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Toc

Table of Contents (10) Chapters Close

Chapter 6. Understanding the Mining Process

 

"We have elected to put our money and faith in a mathematical framework that is free of politics and human error."

 
 --Tyler Winklevoss, Entrepreneur

The Bitcoin network distributes newly-minted bitcoin through a novel approach called Mining. By voluntarily supplying raw computing power, miners serve the network by validating and confirming Bitcoin transactions. In return, the miners are awarded bitcoins from a limited supply. Along with each award, they collect fees included with the transactions they choose to validate.

Bitcoin mining, an important aspect of the network, is highly competitive and involves many technical factors. In this chapter, we will explore the mining process in more detail. With this base understanding of the process, we will be able to understand the feasibility of mining.

In this chapter, we will discuss the following topics:

  • Explanation of the mining ecosystem, mining pools, and available...
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