As some time ago, many of you had visited one of our articles about one of the last videos of the channel 99Bitcoins, we are doing it again today because we know how much it makes you happy. That's why we're writing this article today, because we already know that it will arouse your interest.
The Youtube channel 99Bitcoins has published today a new video called What is Bitcoin Mining? (In Plain English). You want to discover this video and watch it in streaming, you are lucky we put it aside for you!
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For your information, you can find below the description of the video What is Bitcoin Mining? (In Plain English) published by the Youtube channel 99Bitcoins:
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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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