bitcoin mining rig - PowerPoint PPT Presentation

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bitcoin mining rig

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Bitcoin mining is the process of adding records of a new transaction to the Blockchain - the public ledger of all transactions that have ever taken place in the Bitcoin network. New transactions are added in batches called “blocks” roughly every 10 minutes, hence the name Blockchain. The ledger is needed for the nodes of the Bitcoin network to always be able to confirm valid transactions. In order to become a Bitcoin miner for more details - – PowerPoint PPT presentation

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Title: bitcoin mining rig


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BITCOIN MINING
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CLOUD MINING
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Bitcoin works differently from traditional
currencies. Where dollars and pounds are handled
by banks and financial institutions which
collectively confirm when transactions occur,
Bitcoin operates on the basis of a public ledger
system. In order for transactions to be confirmed
to avoid the same Bitcoin from being spent
twice, for example a number of Bitcoin nodes,
operated by miners around the world, need to give
it their seal of approval.
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In the earliest days of Bitcoin, mining was done
with CPUs from normal desktop computers
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