123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Computers >> View Article

How Do Bitcoin Miner Work?

By Author: marckelno
Total Articles: 2

In traditional flat money systems, governments generally print more currencies when the requirement increases. But in the case of bitcoin, it is not printed at all. Rather, it is discovered. Computers from around the world ‘mine’ for coins by contending with each other. In addition, they use hardware like antminer s3 for the production. So, here comes the question about how it happens?

People send bitcoins to each other over the network all the time. But, unless someone keeps a record of these transactions, no one will be in a position to know, who has paid what. But, this network of people manage by collecting all the transactions that are made during a particular time period into a list known as ‘block’. It is the job of a bitcoin miner to authenticate those transactions and they can write them into a general ledger to keep track.

Making a hash of it: This general ledger is a long list of block called as the block chain. It can be used for geeting to know about any operations made between any bitcoin addresses at any place of network. As and when a fresh block of transactions is created, it is supplemented to the chain of block, thereby creating an increasingly lengthy list of all transactions that ever took place at the bitcoin network. To ensure that everyone in the network knows what is happening, a constantly updated copy of the block is given to them.

A general ledger has to be trusted as everything is held digitally. However, how to ensure that the block chain stays intact is the question many of them have in their minds. Here comes the miners into the picture. When a block of transaction is created, miners generally put it through the process.

Miners take the information in the block and they apply a mathematical formula to it, which will bring about a sequence of letters and numbers called as hash. This is stored with the block.

This symbol has some interesting properties and it is easy to produce from a collection of data. But, it is highly impossible to work out what the data was just by having a look at the hash. Even though, miners are of the opinion that it is easier to produce a hash from a larger amount of data, each hash is unique. All it takes is the selection of the best bitcoin miner and a professional hardware like antminer s3.

At bitmainantminer best bitcoin miner hardware equipment available at affordable prices. We sell best quality vitamin antminer s2, Antminer S3 products which are easy to set up, utilizes low power and gives cost effective mining. To know more about antminer visit online.

Total Views: 87Word Count: 448See All articles From Author

Computers Articles

1. ᶋᶋ$$contact$$ Bitfinex Support Phone Number+1(866)-967-(8749) Bitfinex Support Phone Number @califor
Author: dwane

2. How To Buy Additional Norton Online Backup Storage Space And Change Its Settings?
Author: James Watson

3. Samsam Virus Infected Cdot‘s Computers, Demands Bitcoin
Author: Maria Williams

4. The Difference Between Residential Ip And Datacenter Ip Proxies
Author: Limeproxies

5. Onsite Macbook Screen Repairing Experts In Mumbai
Author: Mike Rakhangi

6. $$joker$$ Call#1.866.967.8749™ Ledger Nano Phone Number Ledger Nano Phone Number @??™u S A+c
Author: joker

7. An Overview Of Sip2dial’s Outbound Call Center Software Features
Author: Matt Parker

8. How To Setup A Proxy Server
Author: Clara Clarkson

9. Enjoy The Features Of Microsoft Office Smartly With Microsoft Office 2016 Promo Code
Author: Christine Bleakley

10. How To Fix Can’t Sign Into Yahoo Mail | Yahoo Mail Sign In Problems
Author: Rabecca Johnson

11. Features Of Aol Softwares
Author: it helpline numbers

12. Ms Office 365 Is There To Enrich Teamwork Across Devices
Author: Lynda Carter

13. Promotional Videos
Author: arjun shetty

14. Tips On Install Norton Setup Security - Norton Setup Ca
Author: Ela Smith

15. Custom Web Development
Author: arjun shetty

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: