Re: What is Bitcoin Mining?

#2
By mining cryptocurrencies, we mean the computational power, time & effort that a miner invests to ‘Mine’ a particular coin. This computing/processing power is pooled by ‘miners’ (who are otherwise individuals operating powerful computers). These miners operate a single or multiple powerful processors (known as ‘mining rigs’) that work on the network to solve complex transactional problems.
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Re: What is Bitcoin Mining?

#3
You may find this video about mining from FuturoCoin Academy - it is available on FTO's official account on the Youtube here: https://www.youtube.com/channel/UCa_3dv ... E-8JY7Jm4Q

What is mining?



Mining is the most crucial and responsible part of any blockchain-based network, in which the consensus algorithm is Proof of Work (PoW).From a mathematical point of view, it is a process responsible for finding a number that satisfies a complicated mathematical equation. Miners are working independent on this solution, they compete with each to be first who solves this equation. The winner receives the newly generated FuturoCoin in the amount of 6.6590563 FTO. The same amount is awarded to masternodes for carrying out their assigned tasks.
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Re: What is Bitcoin Mining?

#4
First of all, you need to understand unlike fiat currency like Dollars or Rupees, no central bank can issue new Bitcoins out of thin air. There is a fixed mechanism to earn bitcoin, called mining.

Bitcoin is a cryptocurrency which is used for peer to peer transactions. Now all these transactions are recorded in a ledger. These transactions are encrypted into numbers and digits. For the ledgers to be updated with a transaction, it needs to be first decoded. Only after a certain number of confirmations, a transaction is approved in the Bitcoin Blockchain.
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