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As technology continues to advance at a rapid rate, so too has finance. Today, the world is looking for new ways to invest their money, and bitcoin has become a leading indicator of that desire. Once considered an unknown and unproven currency, the cryptocurrency has become mainstream news. Now accepted by major retailers such as Home Depot, Zappos and Dell, more and more people are searching for answers about digital currency and how it came to be. 2013, and continues to break new records. Bitcoin’s greatest asset, “blockchain technology”, has been hailed as an innovative way to transact, and speaks to the future of moving money. One bitcoin miner, Eric, has been bitcoin mining since 2010.
After early success, he made the bold decision to quit his well-paid job as a software engineer to devote all his time to extracting bitcoins. Eric’s story is an outlier, yet as bitcoins gain popularity, interest in mining this cryptocurrency is rising. But where should you start? Here’s a quick rundown to inspire your bitcoin mining efforts. To understand bitcoin mining, you must understand the inner workings of this cryptocurrency. The bitcoin is not tied to any country or economy. Instead, it’s 100 percent decentralized and powered by math using complex algorithms that run on powerful computers.
A key element to the success of bitcoin technology is ensuring its accuracy and the methodical release of additional currency over time. Mining accomplishes both tasks as miners discover and obtain bitcoins by completing specific tasks. People send bitcoins frequently over the blockchain, which acts as the bitcoin network. For example, Joe may purchase a DVD player from Bob for an agreed price, but there must be a way to record and validate the transaction. As a result, there is a detailed list and confirmation of each transaction that takes place in the network. This data is constantly updated and provided to everyone who participates so they understand what is happening.
Bitcoin miners are key to the success of this cryptocurrency because they verify transactions, ensuring the integrity of the blockchain network. How to mine bitcoins you ask? They take this block and apply a mathematical formula, turning that initial sequence into something much shorter. Each new block is produced using the hash of the block before it. This is one way the accuracy of the block is confirmed.