I don't understand mining for bitcoin, etc. Can someone explain it to me?

[Anonymous]

I am still extremely confused as to what mining for bitcoin means and what is involved. People have tried to explain it to me, I have googled and tried to read about it, but I don't get it. Can someone please explain it to me like I am 5! I would be so grateful.

[Anonymous]

Anonymous wrote:I am still extremely confused as to what mining for bitcoin means and what is involved. People have tried to explain it to me, I have googled and tried to read about it, but I don't get it. Can someone please explain it to me like I am 5! I would be so grateful.

Bitcoin requires a lot of computing power to process transactions. People are rewarded for bitcoin in exchange for computing power / time. The longer bitcoin exists/more bitcoin is produced, the less bitcoin someone receives in exchange for computing power. That providing of computer power is "mining."

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am still extremely confused as to what mining for bitcoin means and what is involved. People have tried to explain it to me, I have googled and tried to read about it, but I don't get it. Can someone please explain it to me like I am 5! I would be so grateful.

Bitcoin requires a lot of computing power to process transactions. People are rewarded for bitcoin in exchange for computing power / time. The longer bitcoin exists/more bitcoin is produced, the less bitcoin someone receives in exchange for computing power. That providing of computer power is "mining."

To whom does the computing power go to?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am still extremely confused as to what mining for bitcoin means and what is involved. People have tried to explain it to me, I have googled and tried to read about it, but I don't get it. Can someone please explain it to me like I am 5! I would be so grateful.

Bitcoin requires a lot of computing power to process transactions. People are rewarded for bitcoin in exchange for computing power / time. The longer bitcoin exists/more bitcoin is produced, the less bitcoin someone receives in exchange for computing power. That providing of computer power is "mining."

To whom does the computing power go to?

To everyone who uses bitcoin.

[Anonymous]

Not OP but thanks for the explanations.

[Anonymous]

Why is bitcoin so bad for the environment?

Is it worse than the use of other currencies and transaction methods?

[Anonymous]

Not Op, but why is (or what is) "computing power"?

Sounds like imed access to a forbidden website? Or unlocking a bonus life playing a Zelda or other video game

[Anonymous]

Anonymous wrote:Why is bitcoin so bad for the environment?

Is it worse than the use of other currencies and transaction methods?

Because you need a lot of electric power.

[Anonymous]

Anonymous wrote:Not Op, but why is (or what is) "computing power"?

Sounds like imed access to a forbidden website? Or unlocking a bonus life playing a Zelda or other video game

The way Bitcoin ensures that money is properly transferred is by assigning to each transaction effectively an extremely complicated unique identifier. But the identifier isn’t in very simplistic form 300. Rather the identifier is phrased as a complex math equation (dumbest down 25x12). Every single transfer of money takes the old equation and then adds a bee equation to it. So the more times a Bitcoin transfers the more equations are associated with it. Other computers on the Bitcoin next work can verify that the history of equations match and authenticate the validity of any specific Bitcoin transaction. The transactions are so complicated that many computers are needed to perform verification of a single transfer. That is the computing power that is needed.

It is environmentally unfriendly because the computing power is so immense that literally you can measure the amount of power used to verify one transaction. On a whole more power is used verifying bitcoins math problems than is used by entire countries to maintain their power grids.

Does that make sense?

[Anonymous]

https://www.coinwealthly.xyz/untitled/

[Anonymous]

Also river financial — a startup that focuses solely on being Charles Schwab of Bitcoin — has good primers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why is bitcoin so bad for the environment?

Is it worse than the use of other currencies and transaction methods?

Because you need a lot of electric power.

But that energy could be renewable energy, like the do in Texas, where many miners in the US are moving to

[Anonymous]

A single bitcoin transaction uses as much electricity as a household uses in an entire MONTH. https://www.newyorker.com/news/daily-comment/why-bitcoin-is-bad-for-the-environment

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am still extremely confused as to what mining for bitcoin means and what is involved. People have tried to explain it to me, I have googled and tried to read about it, but I don't get it. Can someone please explain it to me like I am 5! I would be so grateful.

Bitcoin requires a lot of computing power to process transactions. People are rewarded for bitcoin in exchange for computing power / time. The longer bitcoin exists/more bitcoin is produced, the less bitcoin someone receives in exchange for computing power. That providing of computer power is "mining."

To whom does the computing power go to?

To everyone who uses bitcoin.

To the atmosphere. The computers are doing math for the sole purpose of creating a bitcoin. The calculations have no function or purpose other than that.

[Anonymous]

Not OP but I still don't get it