bitcoin

How does bitcoin pool mining work

24.06.2018

About: I build products which solve real world problems. Have a pi not being used? If you don’t know already, Bitcoin is a virtual currency set up in 2009. Bitcoin has grown in reputation over the past few years becoming a very how does bitcoin pool mining work as a method to pay for services over the internet.

The value has rocketed recently thanks to the huge coverage in the media, for both positive and negative reasons. Buying them from an exchange, which is the process of converting local currency to Bitcoin. Mining is the process of verifying transactions in the blockchain. As the whole of the Bitcoin system is decentralised, every transaction is publically viewable within what is called the blockchain.

This is the job of the miners. A wallet is a program that sits on your computer and gives you a wallet address, this is a unique string of numbers and letters that you will use to receive bitcoins. After installation, you will have to save a file called wallet. If you lose this file, you cannot recover any bitcoins it contained. Create a Pool Account Once you have a wallet address, create a pool account. A pool is a huge collection of other people working towards gaining bitcoins. Working as a group, or pool, lets everyone have a chance of earning some Bitcoin.

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