Showing posts with label Bitcoin. Show all posts
Showing posts with label Bitcoin. Show all posts

Saturday, October 23, 2021

What is bitcoin mining mean how does it work

What is bitcoin mining mean how does it work


cryptocurrency name is Bitcoin particular have skyrocketed in recent years that’s gained wide popularity due to its rising price and is created through a process known as “mining.” Bitcoin mining is how new bitcoins get introduced into circulation. 


What is bitcoin mining mean


Bitcoin mining is the process of creating new bitcoins by solving extremely complicated math problems that verify transactions in the currency. When a bitcoin is successfully mined, the miner receives a predetermined amount of bitcoin. A digital mediums of exchange that exist solely online.

 Bitcoin runs on a decentralized computer network or distributed ledger that tracks transactions in the cryptocurrency. When computers on the network verify and process transactions, new bitcoins are created, or mined


bitcoin how does it work 

 The computer hardware required is known as application-specific integrated circuits, or ASICs, and can cost up to $10,000. ASICs consume huge amounts of electricity, which has drawn criticism from environmental groups and limits the profitability of miners. 


 If a miner is able to successfully add a block to the blockchain, they will receive 6.25 bitcoins as a reward. The reward amount is cut in half roughly every four years, or every 210,000 blocks. 

 As of August 2021, bitcoin traded at around $48,000, making 6.25 bitcoins worth about $300,000. But the price of bitcoin has been highly volatile, which makes it difficult or impossible for miners to know what their payment might be worth whenever they receive it.

"Bitcoin is digital cash, stored as records in electronic form, just like the money on debit or credit cards. You can't physically hold them, but you can use them to pay for goods and services, transfer money globally, or invest in them. This all happens on a virtual network called the blockchain, operated by individuals and businesses called miners.


Bitcoin mining Risks 2021


  • Regulation. Very few governments have embraced cryptocurrencies such as Bitcoin, and many are more likely to view them skeptically because the currencies operate outside government control. There is always the risk that governments could outlaw the mining of Bitcoin or cryptocurrencies altogether as China did earlier this year, citing financial risks and increased speculative trading.
  • mining pool. Pools allow miners to share resources and add more capability, but shared resources mean shared rewards, so the potential payout is less when working through a pool.

  • Price volatility. Bitcoin’s price has varied widely since it was introduced in 2009. In just the past year, Bitcoin has traded for less than $10,000 and nearly $65,000. This kind of volatility makes it difficult for miners to know if their reward will outweigh the high costs of mining.
  • Profitability. Even if Bitcoin miners are successful, it’s not clear that their efforts will end up being profitable due to the high upfront costs of equipment and the ongoing electricity costs. The electricity for one ASIC can use the same amount of electricity as half a million PlayStation 3 devices, according to a 2019 report from the Congressional Research Service. One way to share some of the high costs of mining is by joining a 


Miners have multiple functions. Their main service is to permanently record every bitcoin transaction into a digital book of records, like bookkeepers. They're rewarded for this activity by other bitcoin users in the form of a transaction fee. They're replacing the banks who issue and manage our existing currency with a faster, cheaper, and more efficient solution."

You don't need to write these down and follow them word-to-word when discussing Bitcoin with your friends and family. Use your own words or find inspiration in some of the great bitcoin books and resources out there. 

To completely understand Bitcoin and how it could benefit the future world, you'll need a background in a few more things. Mainly the principles of economy, fiat currencies, central banking, and centralization. If you're hungry for knowledge or need some great resources to share with your friends, the Binance Academy is the place to go. 


Social media users Said

Toxic maximalism 

Bitcoin fundamentalist

Bitcoin cancel culture 

All these terms are meant to shield peoples’ actions and it distracts others from the pertinent and important question;  Why is the current system broken and what is the only alternative? 

#bitcoin

Thursday, October 21, 2021

Bitcoin price usd prediction 2021 to 2040 Crypto market


Bitcoin Price Prediction: BTC/USD Reaches $60,000 Level #Bitcoin bitcoin price prediction 2023 - 2025 to 2040 bitcoin price prediction walletinvestor bitcoin price prediction october 2021 You win if you correctly guess the price of BTC. 

Will it be higher or lower then $59,945 USD at 24 October 21:00 UTC? Members can join duel with DUEL - BNB PCS LP Now Event Finish:24th October 21:00 UTC


Bitcoin price usd prediction
 

It has been a bearish morning.


Polkadot led the way down, sliding by 5.09%.

Binance Coin (-2.66%), Bitcoin Cash SV (-1.00%), Chainlink (-0.95%), Crypto.com Coin (-1.53%), and Ripple’s XRP (-1.24%) weren’t far behind.

Cardano’s ADA (-0.50%), Ethereum (-0.18%), and Litecoin (-0.56%) also saw red, however.

Through the early hours, the crypto total market cap fell to an early morning low $2,385bn before rising to a high $2,477bn. At the time of writing, the total market cap stood at $2,441bn.


Bitcoin’s dominance fell to an early morning low 44.74% before rising to a high 45.96%. At the time of writing, Bitcoin’s dominance stood at 45.81%.


Bitcoin would need to avoid a fall back through the second major resistance level at $59,199 to bring $60,000 back into play.


Support from the broader market will be needed, however, for Bitcoin to avoid sub-$59,000.

Barring a broad-based crypto rally, the resistance at the morning high $60,000 would likely cap any upside.

In the event of another extended rally through the afternoon, Bitcoin could test resistance at the third major resistance level at $60,832.


A fall through the major resistance levels and the $57,566 pivot would bring the first major support level at $56,643 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$56,000 support levels. The second major support level sits at $55,933.


Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs through the morning.

We also saw the 100 EMA pull away from the 200 EMA delivering further support.


Through the 2nd half of the day, a further widening of the 50 EMA from the 100 would bring $61,000 levels into play.

Key through the late morning and early afternoon, however, would be to avoid a fall back through to sub-$59,000…