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How does one mine Bitcoin

R0b1Billion
Posts: 3,718
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10/11/2016 2:50:28 PM
Posted: 1 month ago
I heard a ted talk on bitcoin yesterday and i didnt realize how fascinating it is. She said we could mine it, or create it, by using our computers to find the patterns(?) out in cyberspace that use it. As you can see I have a very crude understanding of it, and I was wondering if anybody could explain it. She used an analogy of throwing 15 dice, and when they all turn up 6s you win and create bitcoin (i believe she was talking about the probability of you creating it). She also said that an average computer would take 2 million years to make any headway... Does anybody have an handle on this that can explain it to me? She was pretty convincing that this the future of money, but there seems to be a boatload of information one must assimilate in order to figure out how it works!
Beliefs in a nutshell:
- The Ends never justify the Means.
- Objectivity is secondary to subjectivity.
- The War on Drugs is the worst policy in the U.S.
- Most people worship technology as a religion.
- Computers will never become sentient.
Lynx_N
Posts: 275
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10/11/2016 4:37:02 PM
Posted: 1 month ago
At 10/11/2016 2:50:28 PM, R0b1Billion wrote:
I heard a ted talk on bitcoin yesterday and i didnt realize how fascinating it is. She said we could mine it, or create it, by using our computers to find the patterns(?) out in cyberspace that use it. As you can see I have a very crude understanding of it, and I was wondering if anybody could explain it. She used an analogy of throwing 15 dice, and when they all turn up 6s you win and create bitcoin (i believe she was talking about the probability of you creating it). She also said that an average computer would take 2 million years to make any headway... Does anybody have an handle on this that can explain it to me? She was pretty convincing that this the future of money, but there seems to be a boatload of information one must assimilate in order to figure out how it works!

So, if I understand it correctly, you're asking if it's possible to counterfeit bitcoins, would that pretty much be the case?
Bronto?
Congrats.

poet
R0b1Billion
Posts: 3,718
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10/11/2016 9:04:51 PM
Posted: 1 month ago
At 10/11/2016 4:37:02 PM, Lynx_N wrote:
At 10/11/2016 2:50:28 PM, R0b1Billion wrote:
I heard a ted talk on bitcoin yesterday and i didnt realize how fascinating it is. She said we could mine it, or create it, by using our computers to find the patterns(?) out in cyberspace that use it. As you can see I have a very crude understanding of it, and I was wondering if anybody could explain it. She used an analogy of throwing 15 dice, and when they all turn up 6s you win and create bitcoin (i believe she was talking about the probability of you creating it). She also said that an average computer would take 2 million years to make any headway... Does anybody have an handle on this that can explain it to me? She was pretty convincing that this the future of money, but there seems to be a boatload of information one must assimilate in order to figure out how it works!

So, if I understand it correctly, you're asking if it's possible to counterfeit bitcoins, would that pretty much be the case?

No, I gather you know less about it than I do? Bitcoin is created by finding algorithms or something... I want somebody to explain it to me
Beliefs in a nutshell:
- The Ends never justify the Means.
- Objectivity is secondary to subjectivity.
- The War on Drugs is the worst policy in the U.S.
- Most people worship technology as a religion.
- Computers will never become sentient.
Lynx_N
Posts: 275
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10/12/2016 3:15:01 PM
Posted: 1 month ago
At 10/11/2016 9:04:51 PM, R0b1Billion wrote:
At 10/11/2016 4:37:02 PM, Lynx_N wrote:
At 10/11/2016 2:50:28 PM, R0b1Billion wrote:
I heard a ted talk on bitcoin yesterday and i didnt realize how fascinating it is. She said we could mine it, or create it, by using our computers to find the patterns(?) out in cyberspace that use it. As you can see I have a very crude understanding of it, and I was wondering if anybody could explain it. She used an analogy of throwing 15 dice, and when they all turn up 6s you win and create bitcoin (i believe she was talking about the probability of you creating it). She also said that an average computer would take 2 million years to make any headway... Does anybody have an handle on this that can explain it to me? She was pretty convincing that this the future of money, but there seems to be a boatload of information one must assimilate in order to figure out how it works!

So, if I understand it correctly, you're asking if it's possible to counterfeit bitcoins, would that pretty much be the case?

No, I gather you know less about it than I do? Bitcoin is created by finding algorithms or something... I want somebody to explain it to me

Read all about it, http://bitcoin.org...
Bronto?
Congrats.

poet
Dirty.Harry
Posts: 1,559
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10/16/2016 3:00:07 PM
Posted: 1 month ago
At 10/11/2016 2:50:28 PM, R0b1Billion wrote:
I heard a ted talk on bitcoin yesterday and i didnt realize how fascinating it is. She said we could mine it, or create it, by using our computers to find the patterns(?) out in cyberspace that use it. As you can see I have a very crude understanding of it, and I was wondering if anybody could explain it. She used an analogy of throwing 15 dice, and when they all turn up 6s you win and create bitcoin (i believe she was talking about the probability of you creating it). She also said that an average computer would take 2 million years to make any headway... Does anybody have an handle on this that can explain it to me? She was pretty convincing that this the future of money, but there seems to be a boatload of information one must assimilate in order to figure out how it works!

I'm a software developer and took an interest in Bitcoin a couple of years ago, I was too busy though at the time to really dive in.

At the heart of it is the (as you know) "mining" operation. This is basically running a very involved mathematically heavy algorithm that computes (what is called) a "hash".

The computation is very intense and requires many millions of calculations to complete.

Because of this you'll see special hardware advertised, often this is based on high-end graphics adapters used for the computation power (modern graphics cards have several thousand small but very very fast cores).

Using hardware like this is many many times faster than running the algorithm on a PC or laptop.

I'd like to understand it better myself, but have so far not had the time to sit back and really dig into the technicalities.