08-31 07:38 - 'I would appreciate if you explained how I'm wrong. I once wrote a Bitcoin miner (which connects to a stratum mining pool), and have dived quite deep into the math, data structures and algorithms behind Bitcoin, so I think I kn...' by /u/mort96 removed from /r/Bitcoin within 475-485min
''' I would appreciate if you explained how I'm wrong. I once wrote a Bitcoin miner (which connects to a stratum mining pool), and have dived quite deep into the math, data structures and algorithms behind Bitcoin, so I think I know what I'm talking about, but I'm always receptive to a well-reasoned explanation of how I'm wrong so that I can learn something new. ''' Context Link Go1dfish undelete link unreddit undelete link Author: mort96
Today in changelly_explains: How to avoid stuck transactions? Use Bitcoin transaction accelerators - online services that speed up processing speed by “pushing” the transaction and making sure it is picked up by #miners
Can someone explain how or why miners would go long on bitcoin by mining bitcoin unprofitably, as an expert says?
From this article: https://www.ccn.com/ico-market-is-dead-crypto-investor-barry-silbert/ Crypto expert Barry Silbert of the 'Digital Currency Group' is quoted as saying this on CNBC: ‘Miners Are Long-Term Investors’ When asked about escalating mining costs, Barry Silbert said bitcoin mining costs are not the proper benchmark with which to value the asset class.
“Miners are long-term investors,” he explained. “The mining businesses that have been created over the past five years have accumulated massive amounts of capital. They have the ability to continue mining at a loss because they’re going long.”
The same quote is also repeated in this article: https://www.ccn.com/bitcoin-bear-market-is-scaring-off-institutional-investors-claims-jpmorgan/ Why would miners mine at a loss? If they wanted to be long on bitcoin, won't it be cheaper to just buy bitcoin on the market? Lets get some example numbers. Lets say mining for one week generates $5000 in bitcoin but costs $7000 in electricity. If they wanted to go long on btc, why can't they turn off the miner and just purchase $5000 worth of bitcoin on the market and save $2000 ? What am I missing?
Read: Blockchain explained -- it builds trust when you need it most. Giphy Using specialized software and increasingly powerful (and energy-intensive) hardware, miners convert these blocks into ... Bitcoin mining is making computers do complex math problems to help run the Bitcoin network, and miners are paid with bitcoin for contributing. Bitcoin mining itself is the process of adding new bitcoin transactions to the blockchain – the public ledger of all bitcoin transactions. A new block of bitcoin transactions is added to blockchain every 10 minutes and has been since bitcoin was ... While bitcoin miners generally agree that something must be done to address scaling, there is less consensus about how to do it. There have been two major solutions proposed to address the scaling ... This Bitcoin (BSV) blockchain maintains a public ledger that contains all past transactions. Bitcoin (BSV) mining is the sophisticated peer-to-peer process used by nodes to add transactions to the publicly available ledger and mint new Bitcoins. Miners provide the computational investment to keep the Bitcoin ledger and secure the network. The bitcoin miners have to work with these groups to verify them. So, they need to work for the group of transactions instead of individual payments. Once the block is verified, it is added to the verified section of blocks. Bitcoin Mining Explained. Let’s suppose you have to buy a bet through bitcoins. You want to conduct a transaction worth $300. The bitcoin miner will convert the $300 ...
What is Bitcoin Mining for Beginners - Short and Simple ...
Some Helpful Links: • Buy Parts for a Mining Rig: http://amzn.to/2jSSsCz • Download NiceHash Miner: https://www.nicehash.com/?p=nhmintro • Choose a Wallet: h... We are miners from 2013 looking to create community and help train and learn together as blockchain tech changes so quickly. Leave your thoughts in the comme... Start trading Bitcoin and cryptocurrency here: http://bit.ly/2Vptr2X Bitcoin mining is the process of updating the ledger of Bitcoin transactions known as th... Where do Bitcoins come from, and what is Bitcoin "mining"? Peter van Valkenburgh, Director of Research at Coin Center, explains the role of miners in a syste... HOW TO MINE BITCOIN? - Step by Step Tutorial - Bitcoin Mining Explained ★ BUY BITCOIN HERE http://iqopts.com/bitcoin ★ HOW TO MINE BITCOIN http://coinbyt...