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| Forceful_Dragon 02/10/21 4:40:38 PM #194: | Sunroof posted... What is mining Bitcoin anyway? Cryptocurrency transactions are "confirmed" by other computers solving complex equations. These equations are by intent made to be complex to require a LOT of computing power to be secure. (somehow? I don't know the specifics) And so "mining" bitcoin involves lending your computing power (form your CPU or GPU or dedicated mining hardware) to assist with this confirmation process. When a new block is "confirmed" a reward is given to the person who finished the block. So you could get very lucky and be the person who gets rewarded often or you could mine for a long time and not get the reward. For this reason people will join mining pools to spread this reward more evenly. Bitcoin in particular is an energy hog, but other coins require significantly less computer power and as a result sap significant less energy. --- ... Copied to Clipboard! |
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