How to become a Bitcoin miner – The Merkle News

Aeon

Aeon (AEON) is a private, secure, untraceable currency. You are your bank, you control your funds, and nobody can trace your transfers.
[link]

Who remembers the Bitcoin's price surge in 2017 that saw it reach record highs? According to a new study by Independent it was caused by a single cryptocurrency trader. There is speculation that it was caused by a coal miner who decided to become a bitcoin miner. Here is the song about him:

Who remembers the Bitcoin's price surge in 2017 that saw it reach record highs? According to a new study by Independent it was caused by a single cryptocurrency trader. There is speculation that it was caused by a coal miner who decided to become a bitcoin miner. Here is the song about him: submitted by vdeineko to country [link] [comments]

Star Trek Legend William Shatner Becomes A Bitcoin Miner

Star Trek Legend William Shatner Becomes A Bitcoin Miner submitted by Trueways to CryptoCurrency [link] [comments]

DOWNLOAD PDF The Bitcoin Capital: of the World: How to become a Bitcoin miner, invest in Bitcoin, maximize retirement, and achieve maximal health, wealth, and wellness. By John Van Leyden

Download Here
submitted by bestebook to u/bestebook [link] [comments]

Star Trek Legend William Shatner Becomes A Bitcoin Miner

Star Trek Legend William Shatner Becomes A Bitcoin Miner submitted by scgco to GGCrypto [link] [comments]

Do you want to become a Bitcoin miner? Not sure what to do or how to proceed? Here to help out on your mining related questions AMA

little back ground - learned about Bitcoin about 1 year ago, instantly ordered an ASIC miner to learn more about the creation of Bitcoin first hand. 2 weeks later we scaled up to a rented warehouse with a decent amount of power. It was gruelling and I learned the world of experience from this. When I was trying to learn more about some of the intricacies of mining I quickly realised everyone had their own take. Back then it was a lot murkier This thread is designed to help anyone who is excited about mining or is seriously considering stepping into this space. ask away!
submitted by AnalyzerX7 to Bitcoin [link] [comments]

How to mine bitcoin: A guide to bitcoin mining at home - Could YOU become a bitcoin miner?

How to mine bitcoin: A guide to bitcoin mining at home - Could YOU become a bitcoin miner? submitted by feedimo to Feedimo [link] [comments]

become a bitcoin miner

submitted by uhreedz to u/uhreedz [link] [comments]

How can i become a bitcoin miner?

I understand that these guys check if everything is ok with the block chain, but HOW do i get to be one of these guys?
Plz help
Edit 1: Thank you for all the responses! They are certainly very helpful, i will start this as a hobby, since i work at home. This may sound ridiculous but i started watching ads and getting some satoshi's. In one day i made like 40,000. and i keep working as always. It's fun... to say something. And i'm not ready to invest in a ASIC until the cost lowers a little bit (but of course that would lower the value of the BTC).
submitted by MurlocSoup to BitcoinBeginners [link] [comments]

Is it safe to drop out of education and become a bitcoin miner? /r/Bitcoin

Is it safe to drop out of education and become a bitcoin miner? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

@binance: #Binance Pool has broken into the Top 10 #Bitcoin mining pools by 24hr hashrate! 📩 Become a VIP by emailing us at [email protected] #BTC miners pay zero-fees for our first month: 🟧 https://t.co/aBlBWRNnPj https://t.co/Ahv62qncU7

@binance: #Binance Pool has broken into the Top 10 #Bitcoin mining pools by 24hr hashrate! 📩 Become a VIP by emailing us at poolvip@binance.com #BTC miners pay zero-fees for our first month: 🟧 https://t.co/aBlBWRNnPj https://t.co/Ahv62qncU7 submitted by rulesforrebels to BinanceTrading [link] [comments]

Texas is becoming a new hot spot for bitcoin miners, but not because it has cheap electricity

Texas is becoming a new hot spot for bitcoin miners, but not because it has cheap electricity submitted by a36 to AllThingsCrypto [link] [comments]

Texas is becoming a new hot spot for bitcoin miners, but not because it has cheap electricity

Texas is becoming a new hot spot for bitcoin miners, but not because it has cheap electricity submitted by ThrillerPodcast to thrillerpodcast [link] [comments]

What do you guys think, full POW protocols completely useless?

These days every second person is becoming a Bitcoin miner. I have my opinion, what is yours?
Because the difficulty of mining goes up exponentially as the number of transactions increase, miners of the bitcoin block chain form a unbreakable bottleneck to slow down transactions, it’s own achilles heel. 80% of the hash power of the bitcoin block chain is controlled by 4 mining pools based and working the Chinese Government to control and regulate the Core protocol – a problem a 1000 forks can’t change. All this while projects like IOTA, with infinite scalability, quantum resistant protocols, free and super-fast transactions, are focused and building up the strongest development team and technology. The Bitcoin community is blinded by the joy of their own greed. Divided in mind and without leadership or cause they wonder around, deceiving themselves to waste $2b on electricity, every year and growing, spend 10 times that on unnecessary mining equipment all while running inefficient and slow, 10 year old protocols. Bitcoin won’t go anywhere, but it will form the base and be left behind as real production ready technology changes the real world. Miners will move to cloud computing projects like Golem or SONM once they understand how unnecessary and wasteful full proof of work protocols are.
submitted by marcelhattingh to Iota [link] [comments]

NO internet, which games?

I am looking to make a new computer build, but I always maintain my "Main PC" as offline only. I have an Ipad and a cheap laptop I set up with good security policy running Linux which I use to get online. Basically I am not interested in my new system becoming a bitcoin miner, or my sensitive CAD work being compromised. Please, no responses "Dude, just get over it and get online." That's not an option for my main PC build. It's going to be permanently air-gapped. End of story.
However, I'm about to put together a wet-dream of a computer for gaming. My main task is engineering and architectural CAD, so I'm going i7 and great video card, big 4k monitor on this build. I would really like to be able to fire up a few games on it when I want to knock off work and have a couple of beers.
So, what awesome games should I look at? My favorite games I ever played were Mechwarrior (all of them), Final Fantasy X-II, Zelda Majora's Mask, and Planescape: Torment. So, Simulators and RPGS with either extremely good story or loads of cinema and easy gameplay. I know there are neato Indie games, not on steam and such, but I haven't seen any which take advantage of top-class computing.
OR.... is there just an easy way to work around "No-internet" with popular games which want Steam and such?
submitted by phdinfunk to pcgamingtechsupport [link] [comments]

MimbleWimble: Why Silly Sounding Tech Could Seriously Reform Bitcoin

This is an automatic summary, original reduced by 93%.
My disappointment in bitcoin caused me to look at the blossoming landscape of alternate blockchains: eg litecoin, zcash, monero, ethereum and dash have all grown in market size and popularity.
As a brief background, the original MimbleWimble white paper was placed by someone called Tom Elvis Jedusor on a bitcoin research channel in July 2016.
That's a fundamental flaw in bitcoin: every transaction and address balance is available for the world to watch and track.
Still don't think this is a big deal? MimbleWimble offers other extensive benefits that indicate it could form the foundation of the kind of network bitcoin was meant to be.
The requirement of a highly specialized and expensive chip for bitcoin mining - the ASIC - has almost eliminated anyone from becoming a bitcoin miner, whose primary responsibility is validating transactions and placing them into blocks.
The bitcoin blockchain keeps every single input and output forever and so each coin carries a legacy.
Summary Source | FAQ | Theory | Feedback | Top five keywords: transaction#1 bitcoin#2 MimbleWimble#3 privacy#4 blockchain#5
Post found in /Bitcoin, /Mimblewimble, /BitcoinAll, /ethereum, /BTCNews, /ethernews and /CryptoCurrency.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

PSA: Miners are gaming Bitcoin Cash's Emergency Difficulty Adjustement. This is going to become a serious issue and an action has to be taken soon. Discuss.

Please actually read my post before up/downvoting. I am not a Core troll. Thank you for your patience.
I have noticed something problematic about Bitcoin Cash.
With EDA now in place, it is possible for the miners to game the Bitcoin Cash's difficulty system so they can speed up their rewards payout to the point where natural automatic halving will happen in late 2017 - early 2018 instead of normal 2020.
This is a serious issue and is not compatibile with Satoshi's original whitepaper. He apparently knew what he was doing when he didn't originally include any other difficulty decrease mechanism than the fixed, standard one.
Perhaps a date (a block height) should be set after which EDA will be removed automatically, like
if (block_height > XXXYYY) { EDA_ACTIVE = FALSE; } 
I am bringing this up now, because this is going to become a critical issue (and an argument for trolls) in the next weeks/months.
Also, removal of EDA will (obviously) require a hard-fork.
Discuss.
submitted by ShadowOfHarbringer to btc [link] [comments]

Breaking news! In Roger Ver’s latest dream his fleet of ASICS miners were singing a song to him about Bitcoin. They also said they were from the future and that the 2019 BSV chain has become so powerful it can capture full songs from dreams.

https://youtu.be/BmcZIU8U8Nc
https://open.spotify.com/track/7an471EYI6ZyQpSP3nWpzU?si=GM6FvErsTUiKfTVouHrkug
submitted by JimboWin to bitcoincashSV [link] [comments]

[Partners] Thinking of becoming a $BTG miner? Start mining with coinfoundry mining pool. -server locations across the globe -PPLNS payment system -Mining guides -Fee: 0,6% => coinfoundry.org #BitcoinGold #coinfoundry #Bitcoin #GPUmining

[Partners] Thinking of becoming a $BTG miner? Start mining with coinfoundry mining pool. -server locations across the globe -PPLNS payment system -Mining guides -Fee: 0,6% => coinfoundry.org #BitcoinGold #coinfoundry #Bitcoin #GPUmining submitted by Asabmoni to BitcoinGoldHQ [link] [comments]

Do i buy a Bitcoin or become a miner?

Hello all, I am very unfamiliar with Bitcoin, minefarm and crypto currency all together and today my friends tried to convince me to buy a mining machine.
I dont really understand how it works let alone how it could possibly be profitable in the way they describe. They tell me that with their 3 miners they make about $40/day. Is that true? They tell.me they have made back what they've invested and doubled it by the 2nd month. If thats true shouldnt everyone mine?
Is it worth it to do that or am i better off investing in an actual Bitcoin ? If so, how do i cash out on any profit my Bitcoin would make??? By selling it??? As you can see, I really dont know much about Bitcoin. Help!
submitted by meeeepleaseme to BitcoinBeginners [link] [comments]

FAQ about Bitcoin(3)

Transactions FMZ
Why do I have to wait for confirmation?
Receiving notification of a payment is almost instant with Bitcoin. However, there is a delay before the network begins to confirm your transaction by including it in a block. A confirmation means that there is a consensus on the network that the bitcoins you received haven't been sent to anyone else and are considered your property. Once your transaction has been included in one block, it will continue to be buried under every block after it, which will exponentially consolidate this consensus and decrease the risk of a reversed transaction. Each confirmation takes between a few seconds and 90 minutes, with 10 minutes being the average. If the transaction pays too low a fee or is otherwise atypical, getting the first confirmation can take much longer. Every user is free to determine at what point they consider a transaction sufficiently confirmed, but 6 confirmations is often considered to be as safe as waiting 6 months on a credit card transaction.
How much will the transaction fee be?
Transactions can be processed without fees, but trying to send free transactions can require waiting days or weeks. Although fees may increase over time, normal fees currently only cost a tiny amount. By default, all Bitcoin wallets listed on http://Bitcoin.org add what they think is an appropriate fee to your transactions; most of those wallets will also give you chance to review the fee before sending the transaction.
Transaction fees are used as a protection against users sending transactions to overload the network and as a way to pay miners for their work helping to secure the network. The precise manner in which fees work is still being developed and will change over time. Because the fee is not related to the amount of bitcoins being sent, it may seem extremely low or unfairly high. Instead, the fee is relative to the number of bytes in the transaction, so using multisig or spending multiple previously-received amounts may cost more than simpler transactions. If your activity follows the pattern of conventional transactions, you won't have to pay unusually high fees.
What if I receive a bitcoin when my computer is powered off?
This works fine. The bitcoins will appear next time you start your wallet application. Bitcoins are not actually received by the software on your computer, they are appended to a public ledger that is shared between all the devices on the network. If you are sent bitcoins when your wallet client program is not running and you later launch it, it will download blocks and catch up with any transactions it did not already know about, and the bitcoins will eventually appear as if they were just received in real time. Your wallet is only needed when you wish to spend bitcoins.
What does "synchronizing" mean and why does it take so long?
Long synchronization time is only required with full node clients like Bitcoin Core. Technically speaking, synchronizing is the process of downloading and verifying all previous Bitcoin transactions on the network. For some Bitcoin clients to calculate the spendable balance of your Bitcoin wallet and make new transactions, it needs to be aware of all previous transactions. This step can be resource intensive and requires sufficient bandwidth and storage to accommodate the full size of the block chain. For Bitcoin to remain secure, enough people should keep using full node clients because they perform the task of validating and relaying transactions.
Mining FMZ
What is Bitcoin mining?
Mining is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together. It can be perceived like the Bitcoin data center except that it has been designed to be fully decentralized with miners operating in all countries and no individual having control over the network. This process is referred to as "mining" as an analogy to gold mining because it is also a temporary mechanism used to issue new bitcoins. Unlike gold mining, however, Bitcoin mining provides a reward in exchange for useful services required to operate a secure payment network. Mining will still be required after the last bitcoin is issued.
How does Bitcoin mining work?
Anybody can become a Bitcoin miner by running software with specialized hardware. Mining software listens for transactions broadcast through the peer-to-peer network and performs appropriate tasks to process and confirm these transactions. Bitcoin miners perform this work because they can earn transaction fees paid by users for faster transaction processing, and newly created bitcoins issued into existence according to a fixed formula.
For new transactions to be confirmed, they need to be included in a block along with a mathematical proof of work. Such proofs are very hard to generate because there is no way to create them other than by trying billions of calculations per second. This requires miners to perform these calculations before their blocks are accepted by the network and before they are rewarded. As more people start to mine, the difficulty of finding valid blocks is automatically increased by the network to ensure that the average time to find a block remains equal to 10 minutes. As a result, mining is a very competitive business where no individual miner can control what is included in the block chain.
The proof of work is also designed to depend on the previous block to force a chronological order in the block chain. This makes it exponentially difficult to reverse previous transactions because this requires the recalculation of the proofs of work of all the subsequent blocks. When two blocks are found at the same time, miners work on the first block they receive and switch to the longest chain of blocks as soon as the next block is found. This allows mining to secure and maintain a global consensus based on processing power.
Bitcoin miners are neither able to cheat by increasing their own reward nor process fraudulent transactions that could corrupt the Bitcoin network because all Bitcoin nodes would reject any block that contains invalid data as per the rules of the Bitcoin protocol. Consequently, the network remains secure even if not all Bitcoin miners can be trusted.
Isn't Bitcoin mining a waste of energy?
Spending energy to secure and operate a payment system is hardly a waste. Like any other payment service, the use of Bitcoin entails processing costs. Services necessary for the operation of currently widespread monetary systems, such as banks, credit cards, and armored vehicles, also use a lot of energy. Although unlike Bitcoin, their total energy consumption is not transparent and cannot be as easily measured.
Bitcoin mining has been designed to become more optimized over time with specialized hardware consuming less energy, and the operating costs of mining should continue to be proportional to demand. When Bitcoin mining becomes too competitive and less profitable, some miners choose to stop their activities. Furthermore, all energy expended mining is eventually transformed into heat, and the most profitable miners will be those who have put this heat to good use. An optimally efficient mining network is one that isn't actually consuming any extra energy. While this is an ideal, the economics of mining are such that miners individually strive toward it.
How does mining help secure Bitcoin? FMZ
Mining creates the equivalent of a competitive lottery that makes it very difficult for anyone to consecutively add new blocks of transactions into the block chain. This protects the neutrality of the network by preventing any individual from gaining the power to block certain transactions. This also prevents any individual from replacing parts of the block chain to roll back their own spends, which could be used to defraud other users. Mining makes it exponentially more difficult to reverse a past transaction by requiring the rewriting of all blocks following this transaction.
What do I need to start mining?
In the early days of Bitcoin, anyone could find a new block using their computer's CPU. As more and more people started mining, the difficulty of finding new blocks increased greatly to the point where the only cost-effective method of mining today is using specialized hardware. You can visit BitcoinMining.com for more information.
Security FMZ
Is Bitcoin secure?
The Bitcoin technology - the protocol and the cryptography - has a strong security track record, and the Bitcoin network is probably the biggest distributed computing project in the world. Bitcoin's most common vulnerability is in user error. Bitcoin wallet files that store the necessary private keys can be accidentally deleted, lost or stolen. This is pretty similar to physical cash stored in a digital form. Fortunately, users can employ sound security practices to protect their money or use service providers that offer good levels of security and insurance against theft or loss.
Hasn't Bitcoin been hacked in the past?
The rules of the protocol and the cryptography used for Bitcoin are still working years after its inception, which is a good indication that the concept is well designed. However, security flaws have been found and fixed over time in various software implementations. Like any other form of software, the security of Bitcoin software depends on the speed with which problems are found and fixed. The more such issues are discovered, the more Bitcoin is gaining maturity.
There are often misconceptions about thefts and security breaches that happened on diverse exchanges and businesses. Although these events are unfortunate, none of them involve Bitcoin itself being hacked, nor imply inherent flaws in Bitcoin; just like a bank robbery doesn't mean that the dollar is compromised. However, it is accurate to say that a complete set of good practices and intuitive security solutions is needed to give users better protection of their money, and to reduce the general risk of theft and loss. Over the course of the last few years, such security features have quickly developed, such as wallet encryption, offline wallets, hardware wallets, and multi-signature transactions.
Could users collude against Bitcoin? FMZ
It is not possible to change the Bitcoin protocol that easily. Any Bitcoin client that doesn't comply with the same rules cannot enforce their own rules on other users. As per the current specification, double spending is not possible on the same block chain, and neither is spending bitcoins without a valid signature. Therefore, it is not possible to generate uncontrolled amounts of bitcoins out of thin air, spend other users' funds, corrupt the network, or anything similar.
However, powerful miners could arbitrarily choose to block or reverse recent transactions. A majority of users can also put pressure for some changes to be adopted. Because Bitcoin only works correctly with a complete consensus between all users, changing the protocol can be very difficult and requires an overwhelming majority of users to adopt the changes in such a way that remaining users have nearly no choice but to follow. As a general rule, it is hard to imagine why any Bitcoin user would choose to adopt any change that could compromise their own money.
Is Bitcoin vulnerable to quantum computing?
Yes, most systems relying on cryptography in general are, including traditional banking systems. However, quantum computers don't yet exist and probably won't for a while. In the event that quantum computing could be an imminent threat to Bitcoin, the protocol could be upgraded to use post-quantum algorithms. Given the importance that this update would have, it can be safely expected that it would be highly reviewed by developers and adopted by all Bitcoin users.
FMZ
submitted by FmzQuant to u/FmzQuant [link] [comments]

FAQ about Bitcoin(3)

Transactions FMZ
Why do I have to wait for confirmation?
Receiving notification of a payment is almost instant with Bitcoin. However, there is a delay before the network begins to confirm your transaction by including it in a block. A confirmation means that there is a consensus on the network that the bitcoins you received haven't been sent to anyone else and are considered your property. Once your transaction has been included in one block, it will continue to be buried under every block after it, which will exponentially consolidate this consensus and decrease the risk of a reversed transaction. Each confirmation takes between a few seconds and 90 minutes, with 10 minutes being the average. If the transaction pays too low a fee or is otherwise atypical, getting the first confirmation can take much longer. Every user is free to determine at what point they consider a transaction sufficiently confirmed, but 6 confirmations is often considered to be as safe as waiting 6 months on a credit card transaction.
How much will the transaction fee be?
Transactions can be processed without fees, but trying to send free transactions can require waiting days or weeks. Although fees may increase over time, normal fees currently only cost a tiny amount. By default, all Bitcoin wallets listed on http://Bitcoin.org add what they think is an appropriate fee to your transactions; most of those wallets will also give you chance to review the fee before sending the transaction.
Transaction fees are used as a protection against users sending transactions to overload the network and as a way to pay miners for their work helping to secure the network. The precise manner in which fees work is still being developed and will change over time. Because the fee is not related to the amount of bitcoins being sent, it may seem extremely low or unfairly high. Instead, the fee is relative to the number of bytes in the transaction, so using multisig or spending multiple previously-received amounts may cost more than simpler transactions. If your activity follows the pattern of conventional transactions, you won't have to pay unusually high fees.
What if I receive a bitcoin when my computer is powered off?
This works fine. The bitcoins will appear next time you start your wallet application. Bitcoins are not actually received by the software on your computer, they are appended to a public ledger that is shared between all the devices on the network. If you are sent bitcoins when your wallet client program is not running and you later launch it, it will download blocks and catch up with any transactions it did not already know about, and the bitcoins will eventually appear as if they were just received in real time. Your wallet is only needed when you wish to spend bitcoins.
What does "synchronizing" mean and why does it take so long?
Long synchronization time is only required with full node clients like Bitcoin Core. Technically speaking, synchronizing is the process of downloading and verifying all previous Bitcoin transactions on the network. For some Bitcoin clients to calculate the spendable balance of your Bitcoin wallet and make new transactions, it needs to be aware of all previous transactions. This step can be resource intensive and requires sufficient bandwidth and storage to accommodate the full size of the block chain. For Bitcoin to remain secure, enough people should keep using full node clients because they perform the task of validating and relaying transactions.
Mining FMZ
What is Bitcoin mining?
Mining is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together. It can be perceived like the Bitcoin data center except that it has been designed to be fully decentralized with miners operating in all countries and no individual having control over the network. This process is referred to as "mining" as an analogy to gold mining because it is also a temporary mechanism used to issue new bitcoins. Unlike gold mining, however, Bitcoin mining provides a reward in exchange for useful services required to operate a secure payment network. Mining will still be required after the last bitcoin is issued.
How does Bitcoin mining work?
Anybody can become a Bitcoin miner by running software with specialized hardware. Mining software listens for transactions broadcast through the peer-to-peer network and performs appropriate tasks to process and confirm these transactions. Bitcoin miners perform this work because they can earn transaction fees paid by users for faster transaction processing, and newly created bitcoins issued into existence according to a fixed formula.
For new transactions to be confirmed, they need to be included in a block along with a mathematical proof of work. Such proofs are very hard to generate because there is no way to create them other than by trying billions of calculations per second. This requires miners to perform these calculations before their blocks are accepted by the network and before they are rewarded. As more people start to mine, the difficulty of finding valid blocks is automatically increased by the network to ensure that the average time to find a block remains equal to 10 minutes. As a result, mining is a very competitive business where no individual miner can control what is included in the block chain.
The proof of work is also designed to depend on the previous block to force a chronological order in the block chain. This makes it exponentially difficult to reverse previous transactions because this requires the recalculation of the proofs of work of all the subsequent blocks. When two blocks are found at the same time, miners work on the first block they receive and switch to the longest chain of blocks as soon as the next block is found. This allows mining to secure and maintain a global consensus based on processing power.
Bitcoin miners are neither able to cheat by increasing their own reward nor process fraudulent transactions that could corrupt the Bitcoin network because all Bitcoin nodes would reject any block that contains invalid data as per the rules of the Bitcoin protocol. Consequently, the network remains secure even if not all Bitcoin miners can be trusted.
Isn't Bitcoin mining a waste of energy?
Spending energy to secure and operate a payment system is hardly a waste. Like any other payment service, the use of Bitcoin entails processing costs. Services necessary for the operation of currently widespread monetary systems, such as banks, credit cards, and armored vehicles, also use a lot of energy. Although unlike Bitcoin, their total energy consumption is not transparent and cannot be as easily measured.
Bitcoin mining has been designed to become more optimized over time with specialized hardware consuming less energy, and the operating costs of mining should continue to be proportional to demand. When Bitcoin mining becomes too competitive and less profitable, some miners choose to stop their activities. Furthermore, all energy expended mining is eventually transformed into heat, and the most profitable miners will be those who have put this heat to good use. An optimally efficient mining network is one that isn't actually consuming any extra energy. While this is an ideal, the economics of mining are such that miners individually strive toward it.
How does mining help secure Bitcoin? FMZ
Mining creates the equivalent of a competitive lottery that makes it very difficult for anyone to consecutively add new blocks of transactions into the block chain. This protects the neutrality of the network by preventing any individual from gaining the power to block certain transactions. This also prevents any individual from replacing parts of the block chain to roll back their own spends, which could be used to defraud other users. Mining makes it exponentially more difficult to reverse a past transaction by requiring the rewriting of all blocks following this transaction.
What do I need to start mining?
In the early days of Bitcoin, anyone could find a new block using their computer's CPU. As more and more people started mining, the difficulty of finding new blocks increased greatly to the point where the only cost-effective method of mining today is using specialized hardware. You can visit BitcoinMining.com for more information.
Security FMZ
Is Bitcoin secure?
The Bitcoin technology - the protocol and the cryptography - has a strong security track record, and the Bitcoin network is probably the biggest distributed computing project in the world. Bitcoin's most common vulnerability is in user error. Bitcoin wallet files that store the necessary private keys can be accidentally deleted, lost or stolen. This is pretty similar to physical cash stored in a digital form. Fortunately, users can employ sound security practices to protect their money or use service providers that offer good levels of security and insurance against theft or loss.
Hasn't Bitcoin been hacked in the past?
The rules of the protocol and the cryptography used for Bitcoin are still working years after its inception, which is a good indication that the concept is well designed. However, security flaws have been found and fixed over time in various software implementations. Like any other form of software, the security of Bitcoin software depends on the speed with which problems are found and fixed. The more such issues are discovered, the more Bitcoin is gaining maturity.
There are often misconceptions about thefts and security breaches that happened on diverse exchanges and businesses. Although these events are unfortunate, none of them involve Bitcoin itself being hacked, nor imply inherent flaws in Bitcoin; just like a bank robbery doesn't mean that the dollar is compromised. However, it is accurate to say that a complete set of good practices and intuitive security solutions is needed to give users better protection of their money, and to reduce the general risk of theft and loss. Over the course of the last few years, such security features have quickly developed, such as wallet encryption, offline wallets, hardware wallets, and multi-signature transactions.
Could users collude against Bitcoin? FMZ
It is not possible to change the Bitcoin protocol that easily. Any Bitcoin client that doesn't comply with the same rules cannot enforce their own rules on other users. As per the current specification, double spending is not possible on the same block chain, and neither is spending bitcoins without a valid signature. Therefore, it is not possible to generate uncontrolled amounts of bitcoins out of thin air, spend other users' funds, corrupt the network, or anything similar.
However, powerful miners could arbitrarily choose to block or reverse recent transactions. A majority of users can also put pressure for some changes to be adopted. Because Bitcoin only works correctly with a complete consensus between all users, changing the protocol can be very difficult and requires an overwhelming majority of users to adopt the changes in such a way that remaining users have nearly no choice but to follow. As a general rule, it is hard to imagine why any Bitcoin user would choose to adopt any change that could compromise their own money.
Is Bitcoin vulnerable to quantum computing?
Yes, most systems relying on cryptography in general are, including traditional banking systems. However, quantum computers don't yet exist and probably won't for a while. In the event that quantum computing could be an imminent threat to Bitcoin, the protocol could be upgraded to use post-quantum algorithms. Given the importance that this update would have, it can be safely expected that it would be highly reviewed by developers and adopted by all Bitcoin users.
FMZ
submitted by FmzQuant to u/FmzQuant [link] [comments]

My response to Gregory Maxwell's statement that "maintaining Bitcoin without a block size limit starts with an initial assumption that the system is changed to become endlessly inflationary and that miners will not centralize."

Greg says: "The limit itself is instrumental in the system's incentives to move the chain forward as the subsidy goes away. All arguments that I've seen formally tendered about maintaining Bitcoin without a block size limit start with an initial assumption that the system is changed to become endlessly inflationary and that miners will not centralize. Both are assumptions which must be false if we want Bitcoin to preserve its value long term." (link to original comment)
In laymens terms: Greg is claiming that by removing the block size cap, this means fees will approach zero (since there would be no artificially constrained supply of space to force fees to go higher in competition for the block space, as it is currently).
As you are aware, Bitcoin's rewards halve every 4 years. They approach zero eventually (in over 100 years). This is what Greg is trying to use as his argument.
He is saying the only way we could remove the blocksize limit is to continue to provide block rewards indefinitely. (This is the lie)
By continuing to issue a block reward for each newly mined block indefinintely, the total coin supply would never plateau at 21M as it was originally designed (because of the reward halvings). And instead, the total coin supply would keep climbing higher, forever. This is what he is referring to as "endlessly inflationary".
The reason it is a lie is because transactions fees themselves can replace the block reward in a market-driven fee model, where the market determines the equilibrium and balance between fee price, transaction time and block space. Greg conveniently "forgets this" solution because Blockstream (the company he is a part of) doesn't profit off of free market solutions.
Unlike most other businesses out there, Blockstream doesn't want to make a good product and simply have it stand on its own two legs. Instead, they want to create a problem so they can provide the solution. This is the real reason a fixed block supply is "required" (in their eyes).
Greg is using this pretense of "inflationary danger!" (FUD) as the reason to stifle block size, when really there are other reasons he wants to keep Bitcoin's block space insufficient. He is playing upon people's fears of inflation to force the small blocksize. But as we have discussed, Bitcoin can operate with no block rewards and on fees alone. He is lying about the reason why he wants the blocksize small.
TL/DR: Basically if you want to boil it down, Greg's simply pushing FUD of "inflation threat" as a reason to keep blocks small. But he lying because that isn't really the reason he wants blocks small, and because there is another solution he isn't even talking about (mentioned above).
By the way, I've seen this line of thought pushed by several Blockstream employees. Another example was Blockstream's Johnny during the debate with Roger Ver.
submitted by BitcoinIsTehFuture to btc [link] [comments]

Cloud Mining How To Become A Bitcoin Miner Free Bitcoin Mining site  Bitcoin earn up 2 daily bitcoin miner Live Payment Proof BITCOIN MINING ,METHOD OF MINING ,TECHNIQUES , EARN FREE ... How Bitcoin Is Becoming Both Resistance Money and a National Security How To Hack Bitcoin and Become a Millionaire With A Simple Trick of Blockchain W

Bitcoin mining is difficult to do profitably but if you try then this Bitcoin miner is probably a good shot. How Bitcoin Mining Works. Before you start mining Bitcoin, it's useful to understand what Bitcoin mining really means. Bitcoin mining is legal and is accomplished by running SHA256 double round hash verification processes in order to Analytical Guides Bitcoin Becoming a Bitcoin Miner – A Step by Step Guide This article takes you through the steps necessary to help you become a Bitcoin miner. Ivan Djordjevic 20/09/2019. 0 710 14 minutes read. Bitcoin Mining is the backbone of the Bitcoin network. Without it, there would be no coins and no transactions. Mining is a process of verifying other Bitcoin transactions and being rewarded for such action. This is the primary mechanism behind the Bitcoin economy, and it is used to maintain the operations secure. In this guide, we are going to explain to you how to become a professional miner, and potentially earn some fair amount of money. I'm using pool.bitcoin.com and this is my dashboard. In just one days, my one miner has mined approximately $3 usd worth of bitcoin at the current market price! When bitcoin is $10000 it will be worth more. I ended up purchasing these avalon6 miners off of eBay for $400 including the raspberry pi which controls the avalon6 miner. 1.Learn About Bitcoin. Bitcoin doen’st need merchants to process any transactions. Bitcoin is a bit different when you compare it on what you have been using everyday. Hence, using Bitcoin is very cool but you have also to understand the concept and even the worst thing to happen when you failed using it carefully. 2.Process Payment Transaction

[index] [5145] [9005] [8236] [26534] [18388] [852] [27206] [18175] [13958] [1238]

Cloud Mining How To Become A Bitcoin Miner

Free Bitcoin Cloud Mining 2020 for Beginners. ... one of best cloud mining site available as i have even shown in video proof as well and the best part is that you can become member for free and ... If you have it all, you can give it a chance and become a Bitcoin miner. Daily Free Bitcoin GPU Mining, Cloud Bitcoin Mining Earn, Online Litecoin Mining Win, Best Gpu Mining, Cpu Ethereum Mining ... The idea how to get Bitcoin is always that considering the fact that nobody can in fact forecast the rate of miners becoming a member of the community nobody might also predict how challenging It ... join our network pool and become a bitcoin miner and earn bitcoin +click any one link bleow and install the browser and earn bitcoin orange pie link -https://inorangepie.biz/14673814 The same is likely to happen with Bitcoin mining:“So I think five years from now, it would be very likely that 40% of Bitcoin mining, if not more, is on onshore in the United States.

Flag Counter