Taggy Posted February 12, 2013 Posted February 12, 2013 Just been reading into the world of bitcoins and how you can make money mining them, anyone done this before. It looks quite interesting!! Quote
_shaun_ Posted February 12, 2013 Posted February 12, 2013 used to get lots of people doing it when i was into online gaming. i had mates telling me i should try it but the money an our is pitiful realy Quote
Pobbette Posted February 12, 2013 Posted February 12, 2013 Bitcoin mining To implement a distributed timestamp server on a peer-to-peer basis, bitcoin uses a proof-of-work system similar to Adam Back's Hashcash, rather than newspaper or Usenet posts. This often called bitcoin mining. The mining process or proof-of-work process involves scanning for a value that when hashed, such as with SHA-256, the hash begins with a number of zero bits. The average work required is exponential in the number of zero bits required and can be verified by executing a single hash. For the bitcoin timestamp network, it implements the mining process or "proof-of-work" by incrementing a nonce in the record or "block" until a value is found that gives the block's hash the required zero bits. Once the hashing effort has been expended to make it satisfy the proof-of-work, the block cannot be changed without redoing the work. As later records or "blocks" are chained after it, the work to change the block would include redoing all the blocks after it. The main chain (black) consists of the longest series of transaction records from the genesis block (green) to the current block or record. Orphaned records (purple) exist outside of the main chain. The mining process solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Mining is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If a majority of computing power is controlled by honest nodes, the honest chain will grow the fastest and outpace any competing chains. To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the work of the honest nodes. The probability of a slower attacker catching up diminishes exponentially as subsequent blocks are added. To compensate for increasing hardware speed and varying interest in running nodes over time, the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour. If they're generated too fast, the difficulty increases. This is what Wikipedia says (as I had to look it up).......still beyond me though Quote
little dave Posted February 12, 2013 Posted February 12, 2013 What the fuck are you talking about lol Quote
Malcolm GT Posted February 12, 2013 Posted February 12, 2013 Had no idea and after that post I think I'm more confused Quote
Pobbette Posted February 12, 2013 Posted February 12, 2013 I don't understand it, I thought someone might make more sense of it than I did! I just copied the explanation off Wikipedia Quote
daniel_g Posted February 12, 2013 Posted February 12, 2013 Bet the dude who invented bit coins is probably rolling in it, virtually anyway, rolling in bit coins. Quote
Taggy Posted February 12, 2013 Author Posted February 12, 2013 (edited) basically it uses computer processing power to solve a complex maths problem, this bit is called mining as it takes time to do it. Once you have mined enough you are rewarded a bit coin, a bit coin has real value and currently 1 bit coin is worth £17!! You can join groups who join together to use their processing power of their computers to mine the coins. Get me? Edited February 12, 2013 by Taggy Quote
Taggy Posted February 12, 2013 Author Posted February 12, 2013 here is a noob guide it will explain how you do it in more detail http://startbitcoin.com/ Quote
Amjad Posted February 12, 2013 Posted February 12, 2013 (edited) LOL Edited February 12, 2013 by Amjad Quote
morgey Posted February 12, 2013 Posted February 12, 2013 So who or what is using this mining and for what purpose, an where is this bit coin coming from? Whos giving it too you?I remember my ps3 had a random thing on it that was something to do with some university using the processing power of the console for something, but i have no idea what the hell that was on about either lol Quote
Asad Posted February 12, 2013 Posted February 12, 2013 Sounds interesting, in the real world how much can one expect to make say in 6 months? Quote
PaulStarletSR Posted February 14, 2013 Posted February 14, 2013 thanx to this i spent hours last nyt doin surveys lolearned 20quid payable in 30 days apparently.....wel see! il update when ragin that i never got anythin lol Quote
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