Expert Panel Discussion - Bitcoin Mining Explained
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How Does A Mining Pool Work?
If you are not familiar with bitcoin mining, here is a very basic overview... Every 10 minutes a new block of 12.5 Bitcoin is found by someone in the network who is hashing. In order to find a block you must attempt to solve a math problem using a cryptographic hashing function.
The more hashing power you have the higher the probability is to guess the correct answer and solve the problem.
Because of how mining actually works it is always getting harder for smaller mines to make profits. This is actually why mining pools were created in the first place. In the early days anyone could mine with their home computer and hit a block. Now, even if you have millions worth of equipment you still might be too small to solo mine and be profitable, so the entire industry has quickly turned to mining in pools and sharing profits. In order to be profitable today you need to have massive purchasing power and this is where you come in!
Visit my website to review
http://keepingitsupersimple.com/bitco...
US Citizens please get a VPN before enrolling, use this guide to help:
https://keepingitsupersimple.com/anon...
Need a bitcoin wallet and a place to purchase bitcoin?
Visit Coinbase here and get 10$ in free bitcoin
https://www.coinbase.com/join/5839b4a...
https://www.facebook.com/renee.sulliv...
How Does A Mining Pool Work?
If you are not familiar with bitcoin mining, here is a very basic overview... Every 10 minutes a new block of 12.5 Bitcoin is found by someone in the network who is hashing. In order to find a block you must attempt to solve a math problem using a cryptographic hashing function.
The more hashing power you have the higher the probability is to guess the correct answer and solve the problem.
Because of how mining actually works it is always getting harder for smaller mines to make profits. This is actually why mining pools were created in the first place. In the early days anyone could mine with their home computer and hit a block. Now, even if you have millions worth of equipment you still might be too small to solo mine and be profitable, so the entire industry has quickly turned to mining in pools and sharing profits. In order to be profitable today you need to have massive purchasing power and this is where you come in!
Visit my website to review
http://keepingitsupersimple.com/bitco...
US Citizens please get a VPN before enrolling, use this guide to help:
https://keepingitsupersimple.com/anon...
Need a bitcoin wallet and a place to purchase bitcoin?
Visit Coinbase here and get 10$ in free bitcoin
https://www.coinbase.com/join/5839b4a...
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