What is Bitcoin Mining? (In Plain English)
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- Опубликовано: 16 май 2024
- Start trading Bitcoin and cryptocurrency here: bit.ly/3s78w1u
Bitcoin mining is the process of updating the ledger of Bitcoin transactions known as the blockchain. Mining is done by running extremely powerful computers (known as ASICs) that race against other miners in an attempt to guess a specific number.
The first miner to guess the number gets to update the ledger of transactions and also receives a reward of newly minted Bitcoins (currently the reward is 12.5 Bitcoins).
Today, in order to be profitable with Bitcoin mining you need to invest heavily in equipment, cooling and storage. It’s not possible to mine profitably with a PC or a GPU at home. You can calculate your profitability using a Bitcoin mining calculator.
0:20 - Bitcoin mining in a nutshell
3:13 - Mining difficulty and block time
4:22 - Evolution of Bitcoin mining hardware
6:30 - Bitcoin mining pools
7:24 - Is Bitcoin mining profitable?
10:41 - Other types of mining
13:14 - Frequently asked Questions
15:20 - Conclusion
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Ok now I need to find a video that explains this video
@@bashxmlong6707 dont, please dont...
I'm new to this
😂😂
😂😂😂🤣🤣🤣👌🏻👌🏻👌🏻👌🏻👌🏻👌🏻👌🏻
😂😂😂
I'll never be sober enough to understand this.
😂 funny comment
Lol
Then I might be extra special to understand this video . My programming degree paid off
I feel ya I have no idea I still cannot understand why was this a thing
your dumbass wont understand this sober if your stupid enough to waste money on drugs xD
Quick questions: 1. Why do miners need to solve complex computational math problems? 2. Who create these puzzles? 3. For whom they are solving these maths problem? - it’s like I pay money to buy Pizza, here am solving the puzzle but why? Why puzzle? 4. Creator of puzzle will get what? 5. Is there any intrinsic value attached to crypto currency? or it’s all notional? - we still need fiat currency to buy bitcoins right? like to buy gold you need fiat money - same fiat money is used to buy bitcoins right? then what’s the difference here? it’s like buying a property or gold, now we have digital money, but I cannot buy bitcoins without fiat money.
Why
The difficulty adjustment is so freaking genius
The whole system is very clever, but the dificulty adjustment system is really a genius idea
I wish that some day I could talk so politely like him.
You can. Practice. Use polite words. Have a calming voice for your audience.
😂
Hello
Speak, not talk. Books are a good start.
How does this get 374 likes?
Now this is probably the best beginner-friendly explanation out there, kudos to your team
Buy a computer and software then letting it do its work.
Watching this in 2024. Bought 2 Bitcoins in 2015 for $250 USD each, paid for a lakers game with 1 bitcoin, couldn't be bothered to use the other.. glad I forgot I had it till 2023,
No way bro.😭😭😭🤝🏾
It is utterly amazing that this has monetary value
You have a serious knack for speaking and presentation
how are you?
😂
RIGHT?! I love the way he explains and speaks. I was kind of blown away by his professionalism.
I tried listening to what he's saying but it was so well spoken I ended up falling asleep
To which end there is a very simple method
So MINING basically makes these people guaranteed money & profits :
1. computer hardware manufacturers
2. the electricity companies
oh, and
3. whoever makes FANS to keep the computer cool
I think I'll just buy stocks in those companies .
Thank you for this video
I mined a coin yesterday 👍 good luck fellow miners
So basically your set for life
@@ZomboidMania you’re
Instead of counting sheep, I will just watch this to fall asleep.
lol
😂
😂🤣🤣
Literally what I did lol
hahaha
All I have to say is thank you 🙏 for the feedback
Me : watched the entire video carefully
Also me : wait what ?
It's why I will watch 10 times...
Or more.
To anyone reading this, remember Rome wasn't
built in a day. your hard work will pay off
Aw that’s cute
Is it common to have to pay 5000 in mining
Michael scott: explain it to me like I'm 8 years old:
Michael scott: ...... explain it to me like I'm 5 years old
That’s what she said
Do you wanna invest or generate
yes because Michael Scott is now farming Bitcoin!
explain to me like i 2 old lol
“..Your mommy and daddy gave you 2 GPUs from Nvidia specifically designed for mining”
... “next year....” 😂
Im learning bitcoin through this guy, when i was confused as hell on other utube videos, thanks man.
What was there to be confused about?
Bro I loved this video SO MUCH. I really hope you do more
Crypto is gaining momentum in the payment space as well, with Mastercard, PayPal and Visa increasing crypto exposure over the past several months.
凸
Far more money has been lost by inwestors preparing for correctiorus, or trying to anticipate corrections, than has been lost in corrections themselve
constantly in a state of uncertainity and flux and money is made by discounting the obvious and betting the unexpect
So.. who formulate the equations? Who generate this all?
Like the inventor of bitcoin? You can google that.
Or do you mean the hash function that is used? Bitcoin uses SHA-256
The amount of time we spend believing we can't is more than enough time to learn how you can.
- my Brain
Bars
@@jasminewolf4519 stfu scammer bish
Thank you for the explanation, it was simple, clear and in a logical order. Well done!
It made me happy to see that I'm not the only one who didn't understand what the heck he is talking about! 😏
I m happy tooo
😂😂
Xe
Cool
Check out cold fusion... His vídeo makes sense
This entire series is probably the best explanation of the subject material.
This is the video I was looking for to explain this to my dad. Great video!
"It might be more profitable to just buy Bitcoins instead of mining them". My thoughts exactly. Brilliantly explained video about the truth behind the idealistic dreams of gain. Thank you.
Forex/stock is the best investment anyone could get into. As it could make you rich in a blink of an eye. Goodluck
How do I go bout it
Wow thank you for the honesty in explaining everything of mining bitcoin
I know this is an older video but all of your videos are so helpful to me. Thank you!
I bet the mining is poppin now
Dude....I did not learn a single thing about bitcoin mining. What exactly is it?
This video is understandable for computer science students only
Thanks - you have a knack at oversimplifying complicated concepts. It's a gift - I really want to be able to do that. I'm starting that by trying to explain these concepts to my 10 year olds - if they get it - I'm good.
Should’ve added: “And finally, it may be more profitable to invest in making videos about Bitcoin, or writing stories about Bitcoin and selling shares in the media company you’ve created than mining the Bitcoin itself. Depending on market factors, of course.....
The world is turning into the matrix before our very eyes
Yeah shit is getting 🍌
Yeah shit is getting banana'ed
Doesn’t sound appealing at all
The god's preaching for Bitcoin mining starters. Thanks for the energy devoted to making this precious video.
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Thanks, it was the most enlightens lecture so far
Hmm So interesting! Been thankful for Bitcoin since the very start! Grateful
This video makes me to understand it better thanks a lot 🙏
This is thee best video I found on the topic. It's weird that people didn't get it only because I think the silly cause was the terminology.
I have another question. What does url mean?
Can bitcoin be mined by android or apple ??
Don’t bother
Best video I’ve found so far on bitcoin mining. Explained the concept and answered most common questions in the most concise manner possible. Great work!
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This let me know, I don't speak English and my comprehension is wack
Crypto is bringing a different revolution in the world economy, people who are optimistic investors earn consistently, others will just sit and watch!
Holy cuss, thank you. This explained mining better than anyone I've talked too 🤯
Hello
Best explanation ever !!!! Great Job !!!
Thank you so much everyone else tries making it simple but ends up making it more complicated so thanks for this.
oMg, i finally understand what this mining is. thank you so much for such a crystal clear easy to follow video!
Thank you for this video! I've been interested in this for quite some time, but never knew the complete ins-and-outs. The video was clear and easy to understand.
🙄
I can keep listening to him for years without taking a break. He is great n polite.
What a fantastic video, 15 mins cleared up months of confusion. Great job!
Hello
with all the difficulties explained here, so is bitcoin worthy? since it's decentralised, seems like no authority control this. Also i wanna know if Satoshi own the most bitcoin?
Awesome explanation! Thank you so much!
finally I understand what mining is about, thank you for a simple explanation
To Understand is okay, so have you made any trade yet?. How to purchase bitcoin and how to secure it.
@@cryptosmart3806 no, I just wanted to understand. Out of my own curiosity. I do not intend to partake in the bitcoin trade.
@@PharaHerine I'm still new in the world of Cryptocurrency and I'm learning more of it day by day and that's why I'm here although I have already purchased and secured profit I didn't mine
Said no one. Ever.
Great and thorough insight on crypto mining. Thank you!
OK but what is bitcoin is it one's and zeroes or is it real?
This video explains everything so clear, thanks a lot!❤
You're very welcome!
Thanks for a truly enlightening presentation.
Question: How is a bitcoin created?
Answer: When a computer solves a math problem.
Question: Who wrote the math problem?
Answer: __________________
For real. If I had more time to care I'd dig deeper but I don't.
Typically a known and well-designed algorithm, designed specifically to generate a fixed space of random and complex numbers that fit certain criteria, the only way to guess a number is walking through all possible numbers until a number is matched, and due to the complexity of the algorithm, guessing a number with the help of current computers might take years... Think about a password like "Aj&5-7xd?Hop‰>;4*32"
How much time needed to guess it given the criteria of the complex password (capital and small letters, symbols, numbers..etc)?
It might take years!
If you know little math you can read about RSA for example to understand how cryptographic algorithms work in general.
* I don't know about cryptocurrency and how it works in detail, so my answer may not be 100% correct with cryptocurrency.
@@fullemptiness So, there is a computer scientist or mathematician out there somewhere who wrote an algorithm that creates a random code number that is very difficult to guess. Does that person have access to the computer that created the random number? If so, then he can access the answer, correct?
Alan Turing has entered the chat
@@nothosaur no, it's very complex even to the one who created its algorithm.
How the initial bitcoin generated/rewarded will have a value associated with the existing currencies of the world?
Is it pegged initially or the coin generated gains value from zero value initially?
My new crypto currency will solve complex troll problems and divide by zero.
Amazingly beautiful explanation thanks
Whats bitcoin mining, "the process of updating bitcoin ledger transactions onto the network incentivized by the rewarding of new bitcoin."
The most comprehensive and succint definition ive come across.
Thank you for these series of videos.
Finally, someone who can explain it without losing me after 30 seconds.
Sorry for writing you, just out of curiosity your page come up on my suggestion friend list so I was just wondering if I knew you from somewhere?!!!
Truly one of the moment of all times
perfect information, just needed that. Thank you!
This video aged real well, thanks for the info!
41000, Right.. Hahahah!!!
@@smithanderson1577 I bet, your account was made 3 minutes ago lol
thank you. finally know what "mining" really is in cryptocurrency. is 2022 now, pretty sure mining btc is hard, i think mine other good alt coins will be better.
Hi
Can we know each other!
What a great explantation! Just what I was looking for!
Hello
Thank you! Interesting information
You pribably won't read this but I just wanted to thank you for including info for euroean viewers! Please keep doing that(:
Solar Energy by using panel equals zero cost electricity
Bitcoin is exciting because it shows how cheap it can be.Bitcoin is better than currency in to that you don't have to be physically in the same place and of course,for large transactions, currency can get pretty
Inconvenient.
Well I think it's working there may be other currencies like it that may be even better.But in the meantime, there's a big industry around Bitcoin-people have made fortunes off Bitcoin, some have lost money . it's is volatile,but people make money off volatility too.
When Bitcoin currency is converted from currency into cash, that interface has to remain under some regulatory safeguards. I think the fact that within the bitcoin universe an algorithm replaces the function of the government... (that) is actually pretty cool.
It is not a speculative investment even though it is being used as such by other people. As Bitcoin network grows the value of Bitcoin grows. As people move into Bitcoin for payment and receipts they stop using US Dollars,Euros and Chinese Yuan which in the long-term devalues these currencies.
Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative. But I am not familiar with the specific product to assert whether it is the best potential setup. And we need a long time to establish confidence.
When I first heard about Bitcoin, I thought it was impossible. How can you have a purely digital currency? Can't I just copy your hard drive and have your bitcoins? I didn't understand how that could be done and then I looked into it and it was brilliant.
Great video no BS and simple to understand
I'm loving these explanations. The one thing I take issue with is the notion that banks have all the authority to do what they want with your money. Not true where there is a stable and reliable legal system to hold them accountable. In other words, if they won't give me my money, I can sue them to make them. They are not all-powerful in the way that the narrator suggests.
think again during the depresion banks just closed up people lost money no fdic ins.
He's explaining a difficult concept in 16 minutes. This requires huge simplifications, of which that was one. But he is right in that the bank is a trusted third party and is utterly corruptable as those tasked with keeping it in check are corruptable. Bitcoin relies on math, not people. Also your bank can freeze your account. If you have your keys, nobody can stop you moving your bitcoin.
yes true
wow your video has opened up my brain to so much more useful information then I had in it before! 🤯🤯🤯 thanku!
This is great but...why don't you explain this to me like I'm five? 👀😭😂
it isn't a subject for 5 year olds, this video does a great job explaining it
This video not only taught me that I have the memory and intellect of a fish but ... er what was I saying? :D
I don't know what you just said but I agree and also give up.
@@coinsniper3519 don’t do that 😐
Success depends on the actions or steps you take to achieve it. Show me a man with no investment and I'll tell you how long it takes to go bankrupt. Investing builds a safe haven for the future. With the right investment choice that has at least 2% minimum risk and with expert advice, profit and interest are 100% guaranteed.
Yes
Yes of course
Great explanation, very sympathetic man, very comprehensible even for me as a non-native Englisch speaker. Thank you!!
I can tell you’re a German by the way you’ve spelled English
Talks with so much confidence.
I still don't understand how bitcoins have monetary value? Like how can this be used to purchase stuff?
Right - it's inane if you ask me.
@@jamesjwalsh I mean there's gotta be some way for it to have value it's just not ex[plaoned in this vid
Well explained, thank you so much
Well for someone who is a miner, that was a very thorough explanation.
Mining is not worth it anymore; and well, never was environmentally speaking. You are just a tool, man. And bitcoin are gonna lose value with quantum computers.
Still nobody can make sense of it ,some of us don't understand how this literally works
How do you know who the inventor is.....? I thought it was unknown.
You minimized the power consumption of not only the enormous number of servers and backup servers but the elaborate cooling systems and backup generators. I visited a large miners operation and you leave out a lot. It’s not comforting that blockchains will be kept in foreign countries.
Much better than the others I watched so far. Still feel I need to know more...
Sorry for the random approach you seem to be an ambitious individual which gives me the idea to know if you're open minded to look a new way of generating an income, It may or may not be fit for you, but if I send you some info would you check it out?
No wonder this hasn't caught on yet-I haven't even begun to master the extensive vocabulary!
Hi
Thank you so much, well explained👍
When we are mining do we have to constantly keep our computers running like 24/7?
You mentioned "Buying Bit Coins" instead of mining for them. What are the risks, or the rewards in buying the Bitcoins. Is there a minimum needed to buy? Where can you buy and sell Bit coins?
What an excellent break down! I learned so much so fast, great work!
The potential for wealth creation is within your control, as money has a certain energy that can be attracted. By taking action and following specific instructions, you can harness this energy to your financial abundance. To learn more about these steps, simply DM and I will provide guidance at no cost.
This is the best explanation!
I finally found someone who explains it clearly! Thanks!
Why would you ever think that he explains it CLEARLY
@@sunshineedits1 he did explain it clearly lol, some other vids were really complex and boring.
Yeah right!
Who?
Really? What video did you watch?
amazing explanation!
Very Informative. That's rare on YT
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Thank you for all your guidance! It's amazing boost in the investment theme
You're most welcome!
Great explanation, thank you
Finally, i understand thanks mate!
Glad it helped!
I pretty much understand Mining AND the blockchain AND that the reward is currently 6.25 Bitcoins every time a miner completes one.
But here is my QUESTION:
If the miner(s) who guess the solution gets the bitcoins, how do those bitcoins get into public circulation?
What I mean is...how are WE the public able to purchase these new bitcoins that are mined? What is to stop the miners from hoarding them and deciding NOT to sell them?
Absolutely nothing, from what I can tell
Maybe they could expire and return to the pool
I get a lot of email of Bitcoin mining why I don’t understand
Hi sophie, you may be receiving emails about Bitcoin mining because there are many companies and individuals who offer Bitcoin mining services or sell mining hardware. Some of these emails may be legitimate, while others may be scams or phishing attempts. It's important to be cautious when receiving emails related to Bitcoin mining, especially if they are unsolicited or from unknown senders.
Overall, it's important to be vigilant and do your research when it comes to Bitcoin mining offers or emails. If you're not sure whether an email is legitimate or not, it's best to err on the side of caution and avoid engaging with it.