How To Make Money With Bitcoin

08-04-2017, 02:41 PM

VickyMaxton Wrote: im new this forum..... what is bitcoin mining and how its working. im totally confusing

You find a blockchain (or your pool, if you're in a pool of miners) find a blockchain, and you get a reward for it.

Finding a blockchain is simple, but very time consuming, it requires a lot of processing power (often on the GPU). You just need to take a list of recent transactions, add some random string to it and hash it to see if you get a hash with at least a certain number of zeroes at the beginning of the hash. The number of zeroes required increases over time.

Finding a blockchain confirms the transactions, and miners are rewarded a certain number of bitcoin plus the transaction fees from those transactions it confirmed.