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

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

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[quote=Anonymous][quote=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[/quote]

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?[/quote]

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