What is Bitcoin Mining? (In Plain English)
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- Опубліковано 13 тра 2024
- Start trading Bitcoin and cryptocurrency here: bit.ly/3s78w1u
Bitcoin mining is the process of updating the ledger of Bitcoin transactions known as the blockchain. Mining is done by running extremely powerful computers (known as ASICs) that race against other miners in an attempt to guess a specific number.
The first miner to guess the number gets to update the ledger of transactions and also receives a reward of newly minted Bitcoins (currently the reward is 12.5 Bitcoins).
Today, in order to be profitable with Bitcoin mining you need to invest heavily in equipment, cooling and storage. It’s not possible to mine profitably with a PC or a GPU at home. You can calculate your profitability using a Bitcoin mining calculator.
0:20 - Bitcoin mining in a nutshell
3:13 - Mining difficulty and block time
4:22 - Evolution of Bitcoin mining hardware
6:30 - Bitcoin mining pools
7:24 - Is Bitcoin mining profitable?
10:41 - Other types of mining
13:14 - Frequently asked Questions
15:20 - Conclusion
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See anything we haven't covered? Leave us a comment in the comment section below - Наука та технологія
Ok now I need to find a video that explains this video
@@bashxmlong6707 dont, please dont...
I'm new to this
😂😂
😂😂😂🤣🤣🤣👌🏻👌🏻👌🏻👌🏻👌🏻👌🏻👌🏻
😂😂😂
I'll never be sober enough to understand this.
😂 funny comment
Lol
Then I might be extra special to understand this video . My programming degree paid off
I feel ya I have no idea I still cannot understand why was this a thing
your dumbass wont understand this sober if your stupid enough to waste money on drugs xD
The difficulty adjustment is so freaking genius
The whole system is very clever, but the dificulty adjustment system is really a genius idea
Quick questions: 1. Why do miners need to solve complex computational math problems? 2. Who create these puzzles? 3. For whom they are solving these maths problem? - it’s like I pay money to buy Pizza, here am solving the puzzle but why? Why puzzle? 4. Creator of puzzle will get what? 5. Is there any intrinsic value attached to crypto currency? or it’s all notional? - we still need fiat currency to buy bitcoins right? like to buy gold you need fiat money - same fiat money is used to buy bitcoins right? then what’s the difference here? it’s like buying a property or gold, now we have digital money, but I cannot buy bitcoins without fiat money.
Why
Now this is probably the best beginner-friendly explanation out there, kudos to your team
Buy a computer and software then letting it do its work.
It is utterly amazing that this has monetary value
Me : watched the entire video carefully
Also me : wait what ?
It's why I will watch 10 times...
Or more.
Instead of counting sheep, I will just watch this to fall asleep.
lol
😂
😂🤣🤣
Literally what I did lol
hahaha
You have a serious knack for speaking and presentation
how are you?
😂
RIGHT?! I love the way he explains and speaks. I was kind of blown away by his professionalism.
I tried listening to what he's saying but it was so well spoken I ended up falling asleep
To which end there is a very simple method
Michael scott: explain it to me like I'm 8 years old:
Michael scott: ...... explain it to me like I'm 5 years old
That’s what she said
Do you wanna invest or generate
yes because Michael Scott is now farming Bitcoin!
explain to me like i 2 old lol
“..Your mommy and daddy gave you 2 GPUs from Nvidia specifically designed for mining”
... “next year....” 😂
Watching this in 2024. Bought 2 Bitcoins in 2015 for $250 USD each, paid for a lakers game with 1 bitcoin, couldn't be bothered to use the other.. glad I forgot I had it till 2023,
No way bro.😭😭😭🤝🏾
I mined a coin yesterday 👍 good luck fellow miners
So basically your set for life
@@ZomboidMania you’re
Im learning bitcoin through this guy, when i was confused as hell on other utube videos, thanks man.
What was there to be confused about?
I wish that some day I could talk so politely like him.
You can. Practice. Use polite words. Have a calming voice for your audience.
😂
Hello
Speak, not talk. Books are a good start.
How does this get 374 likes?
This is great but...why don't you explain this to me like I'm five? 👀😭😂
it isn't a subject for 5 year olds, this video does a great job explaining it
Bro I loved this video SO MUCH. I really hope you do more
The god's preaching for Bitcoin mining starters. Thanks for the energy devoted to making this precious video.
The potential for wealth creation is within your control, as money has a certain energy that can be attracted. By taking action and following specific instructions, you can harness this energy to your financial abundance. To learn more about these steps, simply DM and I will provide guidance at no cost.
Holy cuss, thank you. This explained mining better than anyone I've talked too 🤯
Hello
All I have to say is thank you 🙏 for the feedback
This video makes me to understand it better thanks a lot 🙏
It made me happy to see that I'm not the only one who didn't understand what the heck he is talking about! 😏
I m happy tooo
😂😂
Xe
Cool
Check out cold fusion... His vídeo makes sense
To anyone reading this, remember Rome wasn't
built in a day. your hard work will pay off
Aw that’s cute
How the initial bitcoin generated/rewarded will have a value associated with the existing currencies of the world?
Is it pegged initially or the coin generated gains value from zero value initially?
Thanks, it was the most enlightens lecture so far
Hmm So interesting! Been thankful for Bitcoin since the very start! Grateful
This is the video I was looking for to explain this to my dad. Great video!
This is thee best video I found on the topic. It's weird that people didn't get it only because I think the silly cause was the terminology.
with all the difficulties explained here, so is bitcoin worthy? since it's decentralised, seems like no authority control this. Also i wanna know if Satoshi own the most bitcoin?
Wow thank you for the honesty in explaining everything of mining bitcoin
Should’ve added: “And finally, it may be more profitable to invest in making videos about Bitcoin, or writing stories about Bitcoin and selling shares in the media company you’ve created than mining the Bitcoin itself. Depending on market factors, of course.....
The world is turning into the matrix before our very eyes
Yeah shit is getting 🍌
Yeah shit is getting banana'ed
Doesn’t sound appealing at all
Great and thorough insight on crypto mining. Thank you!
I can't even comprehend Bitcoin. Pretty sure me and this bag of Cheetos don't stand a chance of understanding mining.
Hi
This Erin Huss
This entire series is probably the best explanation of the subject material.
The amount of time we spend believing we can't is more than enough time to learn how you can.
- my Brain
Bars
@@jasminewolf4519 stfu scammer bish
"It might be more profitable to just buy Bitcoins instead of mining them". My thoughts exactly. Brilliantly explained video about the truth behind the idealistic dreams of gain. Thank you.
Thank you for all your guidance! It's amazing boost in the investment theme
You're most welcome!
This video not only taught me that I have the memory and intellect of a fish but ... er what was I saying? :D
I don't know what you just said but I agree and also give up.
@@coinsniper3519 don’t do that 😐
Success depends on the actions or steps you take to achieve it. Show me a man with no investment and I'll tell you how long it takes to go bankrupt. Investing builds a safe haven for the future. With the right investment choice that has at least 2% minimum risk and with expert advice, profit and interest are 100% guaranteed.
Yes
Yes of course
Thanks - you have a knack at oversimplifying complicated concepts. It's a gift - I really want to be able to do that. I'm starting that by trying to explain these concepts to my 10 year olds - if they get it - I'm good.
one critical focus that is missing from here and the main website is the *reason* why the "Proof of work" is important. Why is there mining? What purpose does it achieve? How does it help give 'validity' to the currency. This important area should be explained as a general concept
This is the best explanation!
Best video I’ve found so far on bitcoin mining. Explained the concept and answered most common questions in the most concise manner possible. Great work!
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This let me know, I don't speak English and my comprehension is wack
Amazingly beautiful explanation thanks
When we are mining do we have to constantly keep our computers running like 24/7?
Nice video!! thank for all the information!!!
I know this is an older video but all of your videos are so helpful to me. Thank you!
I bet the mining is poppin now
Whats bitcoin mining, "the process of updating bitcoin ledger transactions onto the network incentivized by the rewarding of new bitcoin."
The most comprehensive and succint definition ive come across.
Thank you for these series of videos.
Super explanation
Glad you liked it
Thank you for the explanation, it was simple, clear and in a logical order. Well done!
What if one were to purchase a modest ASIC miner rig that would be basically a weak fart to the bitcoin pool and instead use it as a bigger fish in a smaller pond? Do you think buying someones BC rig that is now obsolete and converting it to mine altcoins would be a worthwhile project?
Best explanation ever !!!! Great Job !!!
thank you. finally know what "mining" really is in cryptocurrency. is 2022 now, pretty sure mining btc is hard, i think mine other good alt coins will be better.
Hi
Can we know each other!
Legend. Thanks
Woow
So MINING basically makes these people guaranteed money & profits :
1. computer hardware manufacturers
2. the electricity companies
oh, and
3. whoever makes FANS to keep the computer cool
I think I'll just buy stocks in those companies .
Thank you for this video
Question: How is a bitcoin created?
Answer: When a computer solves a math problem.
Question: Who wrote the math problem?
Answer: __________________
For real. If I had more time to care I'd dig deeper but I don't.
Typically a known and well-designed algorithm, designed specifically to generate a fixed space of random and complex numbers that fit certain criteria, the only way to guess a number is walking through all possible numbers until a number is matched, and due to the complexity of the algorithm, guessing a number with the help of current computers might take years... Think about a password like "Aj&5-7xd?Hop‰>;4*32"
How much time needed to guess it given the criteria of the complex password (capital and small letters, symbols, numbers..etc)?
It might take years!
If you know little math you can read about RSA for example to understand how cryptographic algorithms work in general.
* I don't know about cryptocurrency and how it works in detail, so my answer may not be 100% correct with cryptocurrency.
@@fullemptiness So, there is a computer scientist or mathematician out there somewhere who wrote an algorithm that creates a random code number that is very difficult to guess. Does that person have access to the computer that created the random number? If so, then he can access the answer, correct?
Alan Turing has entered the chat
@@nothosaur no, it's very complex even to the one who created its algorithm.
Talks with so much confidence.
Truly one of the moment of all times
Thank you! Interesting information
Thanks for a truly enlightening presentation.
Finally, someone who can explain it without losing me after 30 seconds.
Sorry for writing you, just out of curiosity your page come up on my suggestion friend list so I was just wondering if I knew you from somewhere?!!!
Another outstanding informative video on Bitcoin. Great presentation.
Much appreciated!
This video aged real well, thanks for the info!
41000, Right.. Hahahah!!!
@@smithanderson1577 I bet, your account was made 3 minutes ago lol
Much better than the others I watched so far. Still feel I need to know more...
Sorry for the random approach you seem to be an ambitious individual which gives me the idea to know if you're open minded to look a new way of generating an income, It may or may not be fit for you, but if I send you some info would you check it out?
This video explains everything so clear, thanks a lot!❤
You're very welcome!
So where does value/money come from ? Sounds like building a computer to predict when a progessive slot at the Casino is going to Jackpot.
Being at the right place at the right time over rules any level of predictability.
You mentioned "Buying Bit Coins" instead of mining for them. What are the risks, or the rewards in buying the Bitcoins. Is there a minimum needed to buy? Where can you buy and sell Bit coins?
wow, i actually understand this, nice vid
Thank you!
Thank you.... very useful
Thanks for sharing the knowledge
So.. who formulate the equations? Who generate this all?
Like the inventor of bitcoin? You can google that.
Or do you mean the hash function that is used? Bitcoin uses SHA-256
Is it possible to create the block only once by solving the hash and end the mining activity after taking the reward? Or in a manual way of solving the hash.
Hello
Yeah just use pen and paper to solve the combination..
You minimized the power consumption of not only the enormous number of servers and backup servers but the elaborate cooling systems and backup generators. I visited a large miners operation and you leave out a lot. It’s not comforting that blockchains will be kept in foreign countries.
What a fantastic video, 15 mins cleared up months of confusion. Great job!
Hello
What kind of computer brain comes up with this complicated stuff? I can't even figure out how a friggin mousetrap works and yet there are people out there that devise unbelievably complicated systems like bitcoin and bitcoin mining. I'm wondering if they are aliens and I am one of their pets.
I feel you. Maybe I’m not smart enough. But when these clowns loose power do they even know how to check/reset their circuit breaker? Do they know how to operate a generator? Or how to hook one up when they loose power. Do these crypto nerds care what the Green New Deal people think. Lot’s of obstacles whether it’s political or technical. Yeah you can program but can you pull wire and sweat?
Dude! The only thing your video makes me want to do, is bash every laptop I see...thx!
I am very impressed by your videos. You are doing a great job of explaining to where it’s simple to understand. Thank you very much.
Glad you like them!
My new crypto currency will solve complex troll problems and divide by zero.
I'm loving these explanations. The one thing I take issue with is the notion that banks have all the authority to do what they want with your money. Not true where there is a stable and reliable legal system to hold them accountable. In other words, if they won't give me my money, I can sue them to make them. They are not all-powerful in the way that the narrator suggests.
think again during the depresion banks just closed up people lost money no fdic ins.
He's explaining a difficult concept in 16 minutes. This requires huge simplifications, of which that was one. But he is right in that the bank is a trusted third party and is utterly corruptable as those tasked with keeping it in check are corruptable. Bitcoin relies on math, not people. Also your bank can freeze your account. If you have your keys, nobody can stop you moving your bitcoin.
yes true
Great video no BS and simple to understand
Crypto is gaining momentum in the payment space as well, with Mastercard, PayPal and Visa increasing crypto exposure over the past several months.
凸
Far more money has been lost by inwestors preparing for correctiorus, or trying to anticipate corrections, than has been lost in corrections themselve
constantly in a state of uncertainity and flux and money is made by discounting the obvious and betting the unexpect
Going to look for another video on Bitcoin
Crypto is bringing a different revolution in the world economy, people who are optimistic investors earn consistently, others will just sit and watch!
oMg, i finally understand what this mining is. thank you so much for such a crystal clear easy to follow video!
Thank you very much for the good information you have given us so quickly and honestly I will reap the rewards
Good luck!
i understand it now, thanks to you.
Glad we could help!
Very informative videos! Thank you!
Question - How is the equation that miners are looking to solve generated? I think you stated "generated by the system".
Alright
What an excellent break down! I learned so much so fast, great work!
The potential for wealth creation is within your control, as money has a certain energy that can be attracted. By taking action and following specific instructions, you can harness this energy to your financial abundance. To learn more about these steps, simply DM and I will provide guidance at no cost.
well done. thank you for this video. 😁
Thanks for the advice
Thank you for this video! I've been interested in this for quite some time, but never knew the complete ins-and-outs. The video was clear and easy to understand.
🙄
Great explanation, very sympathetic man, very comprehensible even for me as a non-native Englisch speaker. Thank you!!
I can tell you’re a German by the way you’ve spelled English
excellent presentation for a beginner
This video is understandable for computer science students only
No wonder this hasn't caught on yet-I haven't even begun to master the extensive vocabulary!
Hi
Thank you so much everyone else tries making it simple but ends up making it more complicated so thanks for this.
I don’t get the value aspect. If I get involved in bitcoin what value am I providing somebody else for them to provide me with bitcoins?
Is one able to transfer the value of a trade to the US dollar and bank it?
Hey there, yes, it is possible to transfer it -
if you want to sell your Bitcoins and get Dollars or Euros instead you'll need to:
1. Find a Bitcoin exchange
2. Deposit your Bitcoins on that exchange
3. Sell your Bitcoins for USD / EUR on the exchange
4. Withdraw the USD / EUR to your bank account
Here's a list of the top Bitcoin exchange today: 99bitcoins.com/best-bitcoin-exchanges-comparison-review/
Hope this helps
So should bitcoin be mined if price is low or high?
I started in a mining pool. Paid in the minimum $300USD. Week 2= I had paid over $3,000 in what they call fees or whatever !!! Now... my money is 'hanging'. They won't release it until I pay yet another $1,000!!! I won't pay tho. This has gone on for too long. Another fee will be added and I'll be asked to pay up. Be careful before you start mining. This field is being used by hundreds of scammers.
Great presentation my guy