Bitcoin Mining

Bitcoin mining is the process of validating transactions on the network and creating new blocks on the public ledger, or blockchain. Mining is also a way of ‘minting’ new currency and increasing the overall supply. Bitcoin miners are an essential part of the entire network and without them there would be no new transactions or entries added to the distributed ledger.

Bitcoin consensus is achieved by a Proof-of-Work (PoW) mechanism, whereby the miner(s) apply a complex mathematical formula to the information in the block, then convert it into a shorter, sequence of letters and numbers called a hash which also contains the hash of the previous block. The hashes act as cryptographic seals and the miners are rewarded with some BTC for their ‘work’, which is all done on specialized computers.

Years ago it was possible to mine bitcoins on a reasonable specification gaming PC but today it is all carried out in mega factories by mining pools. Low cost electricity is favorable to run these banks of machines which are all working to crunch numbers in a race to complete the next block. At Bitcoinist we cover all of the latest news and updates from the world of bitcoin mining.

1070
Mining Rig Review

A Review of The EVGA GTX 1070 SC ACX 3.0

EVGA is the Largest Supplier of Nvidia GPUs to the US, and Today We’ll Be putting their Newest Mainline aftermarket design to the task of mining Ethereum – One of the last...

Tyson O'Ham | 3 years ago
Polaris
Ethereum

Radeon Overview: Aftermarket Polaris Cards Shaking up GPU Mining?

The Radeon RX 480 was released onto the GPU market without much fanfare, sold as a mid-range card at a low price – which is exactly how it performs. Despite the excitement in the...

Tyson O'Ham | 3 years ago
Ethereum Classic
Interviews

Bittrex’s Bill Shihara on Ethereum Classic and Poloniex

Bitcoinist recently spoke with Bill Shihara, CEO of Bittrex, an online cryptocurrency exchange that is based and regulated in the United States. Bittrex prides itself in being...

Trevor Hill | 3 years ago
Bitcoin Industry Report
Bitcoin

Industry Report: How Badly Was the DAO Attacked?

Scams, suits and cyber-attacks, with and a little bit of ransomware thrown in-between. It’s been a wacky week for Bitcoin and the DAO, and here are a few of the top stories: Also...

Nick Marinoff | 3 years ago
GAW
Breaking News

GAW Gets Sued: Josh Garza Faces Class-Action Suit Over Scams

A class action suit has been filed against Joshua Garza, Stuart Fraser, and GAW Miners, LLC.   Also read: Hillary Clinton Vocally Supports State Surveillance This suit comes following...

Tyson O'Ham | 3 years ago
AntMiner S9 Logo
Bitcoin ASIC Miner

Review: Bitmain AntMiner S9 First 16nm ASIC to Market Miner

Bitmain has long led the industry not only in ASIC development but also in making sure they are available to more than just a few big customers. The other hallmark of Bitmain is they...

Scott Fargo | 3 years ago
Baikal X11 150 mhs ASIC
ASIC miners

Review of the Baikal 150 mh/s X11 DASH ASIC Miner

Until the new X11 miners hit the market, ASICs have been mostly for Bitcoin/SHA-256 and Scrypt coins, other than a few test runs of other algorithms.   Also Read:  KickAssTorrents...

Scott Fargo | 3 years ago
Genesis Mining
Altcoins

Marco Streng of Genesis Mining on Ethereum and DASH Mining

Genesis Mining is one of the few cloud mining organizations to actually fulfill their obligations to their customers as well as a huge advocate for the Bitcoin and Cryptopcurrency...

Scott Fargo | 3 years ago
Bitcoin ASIC Miner

Bitmain’s Antminer S9 Announced at 14 th/s Using 16nm ASICs

Bitmain has just released the specifications and a rough shipping time frame of the long-awaited Antminer S9 using the new 16nm process for the ASIC.   Also Read: Bitmain Adds...

Scott Fargo | 3 years ago
Bitcoin halving
Bitcoin

Bitcoin Rises, But What Will Happen in July at the Halving?

Bitcoin is back up! Since our last price piece and Ether’s rise to the top with arguably the largest crowdsale in history, bitcoin has grown by about $9 in price and is getting...

Nick Marinoff | 3 years ago
Cumberland Mining
Bitcoin

Cumberland Mining Has ‘Won Big Bitcoin Auctions’

On May 23rd, TradeBlock announced that it is servicing an interesting trading company called Cumberland Mining. TradeBlock says it will be enabling an “order management system and...

Jamie Redman | 3 years ago
CoinWarz Ethereum
Bitcoin PR Buzz

CoinWarz Launches Ether Mining Profitability Calculator

Mining profitability calculator host CoinWarz has recently launched a calculator for Ether, the token that fuels the Ethereum platform. “Perfectly timed” with the history-making...

Bitcoin PR Buzz | 3 years ago

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