# Bitcoin Mining - PowerPoint PPT Presentation

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## Bitcoin Mining

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### In some ways, bitcoin mining is similar to gold mining – there is a limit on how much one can mine. – PowerPoint PPT presentation

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Title: Bitcoin Mining

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BITCOIN
MINING
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What Is Bitcoin Mining?
In some ways, bitcoin mining is similar to gold
mining there is a limit on how much one can
mine. Also, the more you extract, the more
difficult it is to resource more. The cap on the
total number of bitcoins is 21 million. But
mining does not necessarily generate bitcoins.
Bitcoins are given as rewards to miners for
validating transactions.
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How Does It Work?
Mining requires two things a computer and a
special program. Miners use this program along
with computer resources to compete with others to
solve complex mathematical problems. They will
try to solve a block that has the latest
transaction using cryptographic hash functions.
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What Are Hash Functions?
A hash function is an encrypted code which takes
an input and returns a random output with fixed
hash length. If one letter of the original input
is changed, a completely random hash value will
be returned.
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How Is Applied In Bitcoin Mining?
Since it is impossible to predict the outcome of
an input, hash functions are used for proof of
work. What bitcoin miners have to do is to find
an input that returns a specific hash value.
There is no way to cheat on this since the
process entails blind guessing. What actually
happens in mining, it that you use your computer
to guess the code which has a hash value which is
less than the target.
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How Does One Become A Bitcoin Miner?
Initially, enthusiasts of cryptocurrency were the
chief miners. But since bitcoin has grown in
popularity over the years, many others have seen
the potential in becoming a miner. To become a
miner youll have to invest in bitcoin hardware
CGminer and BFGminer are the most popular one.
You will then have to join a bitcoin mining pool
and set up a bitcoin wallet.
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