What is Bitcoin Mining? (In Plain English)



Begin buying and selling Bitcoin and cryptocurrency right here:

Bitcoin mining is the method of updating the ledger of Bitcoin transactions often known as the blockchain. Mining is completed by working extraordinarily highly effective computer systems (often known as ASICs) that race in opposition to different miners in an try to guess a particular quantity.

The primary miner to guess the quantity will get to replace the ledger of transactions and likewise receives a reward of newly minted Bitcoins (presently the reward is 12.5 Bitcoins).

At present, in an effort to be worthwhile with Bitcoin mining it’s good to make investments closely in gear, cooling and storage. It’s not potential to mine profitably with a PC or a GPU at dwelling. You may calculate your profitability utilizing a Bitcoin mining calculator.

zero:20 – Bitcoin mining in a nutshell
three:13 – Mining problem and block time
four:22 – Evolution of Bitcoin mining
6:30 – Bitcoin mining swimming pools
7:24 – Is Bitcoin mining worthwhile?
10:41 – Different forms of mining
13:14 – Continuously requested Questions
15:20 – Conclusion

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32 comments

  1. Nice video.. it's all about good recommendation

  2. Thank you for a very useful topic.

  3. very well explained. thank you

  4. Am I stupid to understand this is gambling?🤔

  5. I’m still confused if you guess the number do you get wya more than the program says you get per day?

  6. Hi I'm your new subscriber and i really interested about bitcoin so i need your help

  7. Bitcoin is worse then I thought. It's literally garbage

  8. Finally, i understand thanks mate!

  9. Currency for mega nerds.. I’ll stick to dollars and take my chances.. life’s too short for this crap.

  10. If someone had solar, in today's market would mining be viable?

  11. How can I someone mine btc,

  12. How can one make money from bitcoin.

  13. There is no random number. Fool yourselves.

  14. Is this some inside joke by people whose favorite book was Hitchhiker's Guide to the Galaxy?

    The answer is 42

  15. Slight correction – power is measured in watts, power consumption is measured with a time unit i.e. kilowatt hours (kWh). Your lovely power bill shows you lots of these…

  16. thank you sir….god bless

  17. its much easyier just to buy and sell bitocins then buying all this stuff against huge opponents hheh

  18. so clear, you explained it well

  19. if google's computing power cannot do that. then who owns the mines with powerful computers that are mining today? surely not an average person owns that. rich owns that. and they are making money. and lets say after 20 years there will only be bit coins. only few people on earth will own more than half the world's money.

  20. Really engaging and helpful video on the subject of Bitcoins – thank you!

  21. This guy is like an energy vampire from What We Do In the Shadows

  22. 8:11
    "twenty-o-nine"
    never say that again

  23. Pretty good presentation. Thanks!

  24. My mate has been trying to explain this all day this amazing man did it in 16 minutes

  25. I just liked this beatcoin but I'm young and need someone to assist me

  26. Sounds like a pyramid scheme… Is he selling computer parts 🤔

  27. lies and scam all cheating

  28. Lesson learned. Just buy bitcoin and don't tryna understand it. because it's for the smart nerds who will do whatever it takes to make some $.

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