How To Mine Bitcoin: How Bitcoin Mining Works πŸ’° ⛏ ⛏ πŸ’°


What’s up CryptoPeeps? It’s your girl Ysa here to deliver your daily dose off Bitcoin news! Today we’re going to be diving deeper into the world of Bitcoin mining and how it works. So get your pen and papers because this is going to be a little bit tricky. When we talk about mining do you imagine a person looking for Bitcoin in a cave or in the ground? If you do, then you are kind of wrong and kind of right at the same time. Similar to where people mine for gold, people who generate Bitcoins are called miners because while gold is hidden inside rocks, bitcoins are hidden inside datablocks. While people use pickaxes for gold, the tool of choice for Bitcoin is a special algorithm that its founder designed. But, before we go any further, we need to talk about what nodes are. Nodes are powerful processors that runs the Bitcoin software. They also help by relaying information. The Bitcoin software is free for everyone to download. But the drawback is it consumes an insane amount of energy and storage space. These nodes relay information of transactions throughout the whole network. One node will send information to the other nodes that it knows, who, in turn, will relay the information back to the nodes that they know as well Honestly, it’s a bit hard to get but just think of it as gossip, and how gossip spreads like a wildfire. The nodes relay information that way, only it’s a lot faster. Some nodes are mining codes. They group the transactions made into nodes by the blocks, and adds them to the blockchain. They do this by solving extremely complicated mathematical puzzles. Basically, the puzzle that needs to be solved is finding a number, and pass it through a hash function, produces a result which is within a certain range. And how they get the number in that range? They do it randomly. I know I know it’s a lot to digest, so let me put it in simpler terms. So basically, miners have to a guess a random number called a “nonce” and combine it with the data in the block, and then apply the hash function. The resulting hash starts with a set number of zeroes. There’s really no way of knowing which numbers would work because two consecutive integers will give wildly varying results. They’re maybe nonces that work and some of them may not even work at all. Since miners usually work in groups called mining pools, they all work on the same block at the same time to speed things up. The first miner to solve this wins first place and get rewarded bitcoins. And that’s all the time that we have for today once more if you guys have any comments or suggestions feel free to leave a comment down below. I’d love to hear your thoughts, anything in your mind basically! Don’t forget to hit that thumbs up button and subscribe if you want hear more bitcoin news. Once more this is Ysa from WeTheCryptos And I’ll see you guys next time! Bye!

44 thoughts on “How To Mine Bitcoin: How Bitcoin Mining Works πŸ’° ⛏ ⛏ πŸ’°”

  1. a very useful video with rich information on mining bitcoins and how exactly the cryptocurrencies system works

  2. My friend wants to get into into bitcoin mining but they aren't sure how to do it, so I'm definitely gonna send this to them. Thanks for the great explanation.

  3. I follow you from the first videos and every time I find that the quality increases, more information and more and more useful. thank you very much

  4. Thank you for information on How to Mine Bitcoin the detailed explanation and clear steps involved on how to mine bitcoins was quiet amazing anyways thank you for sharing the video

  5. Thank you for this info! I've been such a long time to know more about bitcoin mining, but I don't know where else to reach for until this video. Next, do the best website for bitcoin mining ,maybe?

  6. I've always heard about bitcoin mining but never knew how it actually worked, thanks for making this.

  7. Before this video I didn't know mutch about bitcoing . You very well explaine in this video . I want to start mining bitcoing . Thanks for sharing

  8. This was an interesting clip. We need more of such on youtube. Really perfect information. Tnx for sharing

  9. Cryptomonade mining is the process by which new digital currencies are generated on the market. This process lies at the heart of the blockchain technology.

  10. Excellent information about how to mine bitcoin and how bitcoin mining works. Especially the information about Nodes, the powerful processors which runs the bitcoin software. Thanks for sharing.

  11. Watching this video I learned more of the technical side of mining bitcoins and how mining bitcoins works.

  12. very useful information, a lot of people don't know about the whole mining process, because of the fact that bitcoin and cryptocurrency are still relatively new concepts, thanks for the info, and keep up the good work!!

  13. Thank you beautiful for this video, I'm new to this bitcoin mining business, I'm going to put into practice what I learned here and see how it goes.

  14. Thank you for this video! I've been trying to learn what bitcoin is for ever but it was always too difficult to understand, you video helped me for mining bitcoin.

  15. Woww… this video is really amazing about Bitcoin mining…This process lies at the heart of the blockchain technology… thank you for this great information about Bitcoin mining… continue your good work…Thanks…πŸ‘ŒπŸ‘

  16. When you hear about bitcoin "mining," you envisage coins being dug out of the ground. But bitcoin isn't physical, so why do we call it mining? Very useful video!

  17. Was totally unaware of Bitcoin mining. This video for sure gives some basic information. Thanks for the same. Waiting for future updates.

  18. My friend wants to get into into bitcoin mining but they aren't sure how to do it, so I'm definitely gonna send this to them. Thanks for the great explanation.thank you.

  19. Thank you very much.I am new at mining and this was really helpful video because it was explained simply what I need as a beginner.Good job πŸ˜€

  20. The better way for me to understand something not so easy is that a pretty girl explains it to me, I understood everything, I loved the edition of the video, the music, and more important the information. Thank u so much I'll be waiting for more of your videos

  21. Thank you for this information. I did not know how to mine Bitcoin before. It was difficult to know. with this simple explanation, it is now clear to me.

  22. Thanks for sharing excellent information about bitcoin mining. Comparing the mining process with gold gives better sense to this video. Awesome presentation by YSA!!

  23. great video to understand how bitcoin mining works. I recently approached this world and your video was really precious

  24. Female represent! I am not that technically knowledgeable in some areas so thank goodness for people like you who uncomplicate it. Seriously!

  25. We can also do these steps:
    Step 1: Pick your mining company. …

    Step 2: Choose a mining package. …

    Step 3: Pick a mining pool. …

    Beware of β€œpre-sale” …

    Step 1: Choose your hardware. …

    Step 2: Choose a mining pool. …

    Step 3: Download the right software. …

    Step 4: Check the numbers.
    Thank for sharing !

  26. Thank you very much.I am new at mining and this was really helpful video because it was explained simply what I need as a beginner.Good job πŸ˜€

  27. Thanks for an informative overview about the subject – it almost sounds like a gigantic neural network! I don't pretend to have grasped bitcoin mining but your video has been a great place to start. Look forward to the next video.

  28. The BitCoin Mining step by step as it explained in this video is really amazing. A big round of applause for providing such helpful info in a very very easy way.

  29. Thank you! This video is very insightful. I've been very curious with bitcoin for a long time now.

  30. Hey, now i understand more how to mine bitcoin, great job. Your videos are so useful, and good explanation. thanks.

  31. The video is very informative and applaudable…. I was always confused about this bitcoin mining stuff… Now I am able get things much better than earlier…. Great job… πŸ™‚

  32. Today we work a lot with cryptocurrencies and it is good to get up to date on this type of business and how to emerge in it, thanks for sharing such useful information!

  33. Honestly, this phrase hooked me up "…itΒ΄s a bit hard to get but just think of it as gossip and how gossip spreads like wildfire." ItΒ΄s the simplest way to explain this and get a little idea… Cool posting! Thumb up.

  34. Great Video. In regards to nodes, Anyone can run a bitcoin node, it is about 165gigs to download the blockchain but it does not use a lot of bandwidth or energy to run. While nodes do not recieve any financial rewards they do provide the operator with pseudo anonymity in regard to their personal bitcoin wallet and also secure the blockchain as a whole. If one is really a supporter of the philosophy of bitcoin operating a node is a great way to support the system and be a part of the future that is bitcoin. Bitcoin.org is the website for more info.

  35. I started following WeTheCryptos channel recently and found out great information and knowledge about cryptos. I got good knowledge about bitcoin mining in simple words in this video.

  36. I was searching about the information about bitcoin mining in website but this video is the best, thanks for making this video.

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