for all my friends in the steemit community, I have come to talk a little about something that is being promoted a lot and it is the cryptocurrency and mining bitcoin. It is a very extensive and very popular topic right now in all the countries of the world, since new bitcoin are being discovered.
Bitcoin is not created, it is discovered, it is something like the foreign exchange market we know, and when governments create money when they need it, in order to create more money in the bitcoin system, we have to mine it, that is, produce.
For this, there are many computers that from any part of the world constantly carry out mining activities to discover new bitcoins. In this way, all of them compete to bring to light new Bitcoins and get the rewards that are offered to achieve it.
what does it consist of????
To understand how a Bitcoin is mined it is necessary to know how the Blockchain or Block Chain works, which is the structure through which this cryptocurrency is sustained. In this way, the computers of people who are dedicated to mining Bitcoins carry out large amounts of economic transactions in Bitcoins with which they move these currencies from one place to another. This creates a multitude of records of each transaction in the block chain, which is the database where all operations in Bitcoin are pointed.
The Bitcoins are generated when the miners discover a new block. For this, there are mathematical challenges that miners must solve. This challenge is always the same but the variables used are different, so they can only be solved by randomly testing new combinations that allow you to find the result of this challenge. This is a function of the miners, to try mathematical combinations to get the reward.
Good intro to crypto currency mining.
One of the misconceptions I generally get when explaining that I am mining crypto, is that it is Bitcoin. Generally, that is dominated but huge mining operations with CPU-based ASIC miners. My operation, and that of many smaller players or people getting into it, is made up of GPU miners mining GPU friendly coins like Ethereum, Zcash, Monero and others.
Same premise on the mining though. Good post!
thanks