Bitcoin Mining | Beginner's Guide to Mining Bitcoins | Mining Pools for Bitcoin - PowerPoint PPT Presentation

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Bitcoin Mining | Beginner's Guide to Mining Bitcoins | Mining Pools for Bitcoin

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Title: Bitcoin Mining | Beginner's Guide to Mining Bitcoins | Mining Pools for Bitcoin


1
BITCOIN MINING EVERYTHING YOU NEED TO KNOW
  • PLATINUM CRYPTO ACADEMY

2
BITCOIN MINING
  • Bitcoin mining is a very popular concept.
  • The process of mining entails transaction
    validation, which takes place on every single
    Bitcoin block.
  • The main aim behind the best bitcoin mining is
    to make the Bitcoin nodes secure as well as
    capable of resisting any sort of misuse or
    tampering.
  • After broadcasting, Bitcoin transactions require
    verification that further establishes whether
    theyre valid or not.
  • Theyre further registered on a separate database
    of public transactions, which is further called
    the Bitcoin blockchain. Thus, miners are those
    individuals whore involved in the verification
    and processing of transactions over the
    blockchain. They get their transaction fee in
    terms of Bitcoins.

3
WHAT DOES THE MINING PROCEDURE INVOLVE?
  • Getting the users of Bitcoin, across the globe,
    to agree to just one sort of transaction is
    extremely challenging and this is where proof of
    work comes into picture.
  • According to the protocol, miners interested in
    including extra blocks on the blockchain must
    come up with proof that they expanded a limited
    resource.
  • As a result, miners keep competing with each
    other on the P2P network in order to gather
    Bitcoins.
  • In Bitcoin mining, the processing speed is called
    the hash rate whereas the power of processing is
    known as the hardwares hash power.

4
WHAT DOES THE MINING PROCEDURE INVOLVE?
  • During the mining process, the hardware operates
    hashing functionality on the header of a block.
    For every single hash, the software used for
    mining will utilize different figures or numbers
    known as nonce.
  • After a proof of work is created by calculating
    nonces till the time the right nonce has been
    discovered, a fresh block is discovered that is
    later verified as well as agreed to by the P2P
    network.
  • This is where a miner gets few Bitcoins, which at
    present has been fixed at 12.5 coins. Apart from
    the Bitcoins, the miner also gets transaction
    fee.

5
HOW TO START BITCOIN MINING?
  • In order to start Bitcoin mining, a miner needs a
    PC as well as access to the internet.
  • According to the experts at Platinum Crypto
    Academy, miners can easily download wallets as
    well as miner programs for free of cost. 
  • It is also important for Bitcoin miners to invest
    certain amount and set up a rig or join a Bitcoin
    mining pool or opt for Bitcoin cloud mining
    solution if theyre serious about mining. 
  • In case of a mining pool, the organization that
    runs the pool charges a specified amount of fee.

6
HOW TO START BITCOIN MINING?
  • In turn, the bitcoin mining pools solve several
    mining blocks every day, providing miners with a
    portion of the pool earnings instantly.
  • Miners are required to invest in a GPU and must
    also keep the hardware used for mining cool in
    order to make the most of Bitcoin mining.
  • Once, they have all the pre-requisites in place,
    miners need to find proof of work and also
    create blocks in order to make enough Bitcoins.
  • To sum up, individuals whore interested in
    Bitcoin mining must set up their own rigs and
    work towards learning more about the technology
    as well as processes to become a successful miner.

7
THANK YOU.
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