2021.10.28 07:45 mrfooxx My cats are offically too big to fit together in their basket...
2021.10.28 07:45 Marsecosystem A look at what it means to mine your bitcoins!
Mining Your Bitcoin
A look at what it means to mine your bitcoins!
Bitcoins! The cryptocurrency everyone knows about, talks about, owns or wants to own. A recent surge in the interest towards traditional money alternatives and cryptocurrency has led everyone to be aware of the premier cryptocurrency - Bitcoin.
There are two ways to obtain Bitcoin. The simpler method is to invest in cryptocurrency exchanges. One can open a wallet based account with these exchanges and buy the cryptocurrency of their choice. An investor may then decide to hold, sell or buy in order to trade cryptocurrency. The second and more complex method is mining.
Mining is the process of creating new cryptocurrency coins by solving extremely complicated mathematical problems. Mining is also an integral component of maintaining a blockchain ledger that legitimizes new transactions. This is important in the absence of a central authority in play that could verify and act upon invalid transactions or stop the counterfeiting. The mining process thus achieves a decentralized consensus through proof of work.
When a miner obtains Bitcoins by mining, there is no conversion of fiat currency to cryptocurrency. Miners, however, incur operating costs.
The process of mining
When someone invests or trades in cryptocurrency, the details of these transactions are lodged on a public ledger, called the blockchain. The transaction however is only complete after a miner verifies it as legitimate and makes an entry on the blockchain.
Miners are in a race against each other to solve a problem. Rewards are paid to miners who discover a solution to a complex hashing puzzle. The first to do so gets to add a block to the blockchain. The miner gets 6.25 bitcoins as a reward for their efforts. With each successful transaction, new coins enter into circulation, thus completing the mining process.
The verification of these newly minted coins as legitimate is achieved by repeating the entire process again.
The mining maths
Miners try to come up with a 64-digit hexadecimal number otherwise known as a hash that is less than or equal to the target hash. While the mathematical efficiency required to achieve the same is subjective, coming up with a hash involves a lot of guesswork. Mining difficulty is raised as the number of miners trying to guess this hash increases.
The Bitcoin network aims to have one block added to its blockchain around every 10 minutes, to ensure a smooth operation. The more miners that join in to solve the problem the sooner a solution is found. This is why to stabilize the block production rate Bitcoin evaluates the difficulty of mining after every 2016 block, which is roughly two weeks.
Making money from mining
To earn Bitcoins a miner needs to be the first to offer the solution. To add to their efficiency miners require specialized computer hardware that offers a high hash rate. This hardware, also known as application-specific integrated circuits (ASIC) or a graphics processing unit (GPU) , became a part of a mining rig.
With increasing competition, it has become almost impossible to engage in mining using a home-based computer setup. The hardware essential for mining rigs is highly specialized and expensive. It consumes high amounts of electricity, in a way limiting the profitability of miners.
The reward amount is revised and cut in half every 210,000 blocks or around 4 years. Due to the volatility of Bitcoin’s market price, it is impossible for a miner to estimate his profits.
Mining is an extremely time and energy-consuming task. Sure, the rewards are worth the efforts but the probability to win these makes mining a difficult choice for investors. Regardless of the way one decides to obtain Bitcoins, owning a stake in the first cryptocurrency is definitely exhilarating.
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2021.10.28 07:45 TheLesbianBoy Doing makeup for the first time and it took me 2 hours, I lost my wig so I had to put on a hair filter. Tell me how I look
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2021.10.28 07:45 LysyXIII << Looking for Axie Scholars >>
2021.10.28 07:45 Baida4ka Need monitor for design (<$450)
Hi, I start working as a ui/ux designer and need monitor for work. So I did a research and find some suitable variant l, but I've no clue which one would be better. (It will be cool if you can advise me other variants) So I need most IPS, 2K, >HDR400 and so I need a consultation about sRGB and Adobe sRGB: which will more useful for ui/ux? ( no photo editing)
So my variants are:
2021.10.28 07:45 dr_dotey Can someone do a describtion of what the discord pigeon bot does?.
2021.10.28 07:45 shinney Top 5 Ways To Present Yourself To Women
2021.10.28 07:45 Knife_Box7 The ShibArmy has grown exponentially this pass month I've seen it almost double!!!. So how big was the group when you first joined? For me it just hit 200k
2021.10.28 07:45 dustisgod So i was fighting Delirium when suddenly the end chest appeared? couldn't capture video but what happened??
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2021.10.28 07:45 Averagehamdad Caught a unicorn...MOF 230 220mhz portable.
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2021.10.28 07:45 shinney Top 5 Ways To Present Yourself To Women
2021.10.28 07:45 Zestyclose_Escape_39 I need pokéballs please :) I’ll send gift back 5963 1259 7133
2021.10.28 07:45 Raideus_LF Maybe some can appreciate that... Thing I did
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2021.10.28 07:45 MaiaDesbois La personne en pain de genre v2.3
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2021.10.28 07:45 betam4x Here are 8 imperative bills filed by Speaker Cameron Sexton for special session
2021.10.28 07:45 Graebercrat Why oh why!!!!
|submitted by Graebercrat to The_Leftorium [link] [comments]|
2021.10.28 07:45 occasionaldrinker Kroeger deli chicken more salt than a pallet of Morton’s at Costco and the potato wedges and mac and cheese are even worse than KFC. Worst waste of $5 ever.
2021.10.28 07:45 OtherwiseAd2577 Yellow
2021.10.28 07:45 za_snake_guy DaVinci Gallery - a fan-run sub for a fast & inexpensive NFT marketplace based on the Harmony ONE blockchain
2021.10.28 07:45 tllrrrrr Anyone else getting griefed by endermen in 1.18 snapshots?
|submitted by tllrrrrr to Minecraft [link] [comments]|
2021.10.28 07:45 shinney https://youtube.com/channel/UCsAp0uSXiJLvSC6nRxpeXhQ
2021.10.28 07:45 Temporary-Humor3538 Earn crypto while using your navigation app
These guys are creating an app where you can earn cryptos and NFTs while navigating.
Looks like an amazing project, they make advertisers buy their coin and give it back to the community to increase the value. Very lovely Whitepaper as well, worth checking out.
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2021.10.28 07:45 GhastyGamer33 Courtesy from Star Rail Beta
2021.10.28 07:45 gurufabbes123 Recommended mods: Immersion and Life Simulation, money sinks
I cannot believe this game remains as alive in 2021 as it was in 2002. I have been enjoying it lately in VR. I am wondering what mods people use to add small immersion and life simulation features.
For instance, I use:
-the Indybank mod to add banks and accounts
-Welcome Home: real estate mod to buy houses
-abots mods: river strider, silt striders, gondoliers, boats
-abots sealife mod (which adds fish and fishing)
-Holidays across Tamriel
Any other recommended quirky mods that turn Morrowind more into a life simulator to do even mundane every day things?
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2021.10.28 07:45 Environmental-End437 Make Trevor giants size comparison