Solo mining for profit is not possible. There are a fixed number of bitcoins released. This means the more people that mine Bitcoin are fighting over the same amount so each miner gets less and less as more people do it. This is called the “difficulty” increase. As a result miners form groups called pools […]
It is not known how many people are Bitcoin mining. It is estimated to be in the thousands.
The number has probably been going down as cpu mining is probably a money-losing proposition, even with the increase in Bitcoin price. The same is becoming true with graphics cards. This is because newer, fast mining hardware […]
Bitcoin Mining solves a math problem by searching for a solution by testing many possible solution to a problem. It does this operation billions of times per send until the correct answer is found. Some have suggested that this computer power be used to solve some sort of problem.
Bitcoin could not work if an […]
Bitcoin mining uses electricity because computers are running solving math problems as fast as possible. In the early days of Bitcoin computers and then graphic cards are used for Bitcoin mining. These are being replaced with specialized chips made specifically for Bitcoin mining (ASICs – Application-Specific Integrated Circuits). These use significantly less electricity but there […]
Bitcoin mining is probably the most misunderstood parts of Bitcoin. Mining does 2 things, it records the transactions in a database and it protects the network from counterfeiters.
The database of Bitcoin transactions is called the “Blockchain.” It is the database of all Bitcoin transactions and all account balances. Since there are is no central […]