Simple Explain What is Mining?

drjackool

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Dec 5, 2013
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Hi
What is Mining? Please explain clear.
What do they with our hardware (CPU & GPU)?
What is purpose of hashing? Hacking Bank account!
Unless, they have not hardware ? why use our hardware?
What is it exactly?

 

bitty_20

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Sep 2, 2017
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"Mining" is a term associated with computer hardware that runs algorithms in order to find 'blocks', which are sequences of data. The 'mining' process, in short, revolves around finding patterns of data using a hash algorithm. Miners will make their hardware, which is usually GPUs or ASIC miners run a hash algorithm that searches for 'blocks' of data, that when found, the algorithm is applied to the block and a sequential pattern of data is the outcome. This rewards the miner with cryptocurrency such as Bitcoin; the whole mining process is purely mathematical. Bitcoin is worth a lot of real life currency.

Back in the old days, mining was commonly done on the CPU. The CPU was very inefficient when finding blocks, so GPU utilization was implemented for mining - it proved to be much more efficient compared to CPU mining. In short, the GPU is used by a mining software that runs a hash algorithm to find blocks. Many miners mine in pools because whenever a block is mined in a pool, the reward is shared to everybody in prioritization of computing power.


 

bitty_20

Prominent
Sep 2, 2017
2
0
520
1
"Mining" is a term associated with computer hardware that runs algorithms in order to find 'blocks', which are sequences of data. The 'mining' process, in short, revolves around finding patterns of data using a hash algorithm. Miners will make their hardware, which is usually GPUs or ASIC miners run a hash algorithm that searches for 'blocks' of data, that when found, the algorithm is applied to the block and a sequential pattern of data is the outcome. This rewards the miner with cryptocurrency such as Bitcoin; the whole mining process is purely mathematical. Bitcoin is worth a lot of real life currency.

Back in the old days, mining was commonly done on the CPU. The CPU was very inefficient when finding blocks, so GPU utilization was implemented for mining - it proved to be much more efficient compared to CPU mining. In short, the GPU is used by a mining software that runs a hash algorithm to find blocks. Many miners mine in pools because whenever a block is mined in a pool, the reward is shared to everybody in prioritization of computing power.


 

drjackool

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Dec 5, 2013
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What is data? What is block? What is data type? Crack people secure data? What is usage of data? What is benefit?
 

bitty_20

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The 'data' spoke of are actually pending bitcoin transactions, or as we call them, blocks. Blocks are collected by mining rigs. Once these blocks are collected, they are kind of turned into an unsolved mathematical sequence. To avoid confusing you further, the 'data' of these blocks are 'solved' by miners and the solver is granted bitcoins. Block = data = pending transactions.

"Crack people secure data?" I don't understand what you mean by this. Cryptocurrency mining isn't used for cracking people's secure data.

The 'usage' and 'benefit' of the data is to keep the bitcoin currency and transactions valid. The reason there is cryptocurrency mining is because cryptocurrencies are not like typical currencies such as the USD, such that the transactions are managed by banks and the government.
 
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