Bitcoin Mining with CoinBit Pool


How do I use pool for mining?

2023-05-27 20:30

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Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The blockchain serves to confirm transactions to the rest of the network as having taken place. Miners contribute their computational power to solve complex mathematical problems that authenticate transactions on the blockchain and receive a reward in the form of newly created bitcoins for their efforts. The process of bitcoin mining is known as "minting" because it is similar to the process of minting physical currency. A mining pool is a group of miners who combine their computing power to increase their chances of successfully mining a block and receiving a reward. The Bitmain-owned mining pool,, is one of the largest and most popular bitcoin mining pools.

Release time 2023 05 27

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Bitcoin mining in a mining pool, also known as coin mining, refers to the process of combining computing resources with other miners to work collectively in solving complex mathematical problems and validate transactions on the Bitcoin network. This cooperative mining approach enables small-scale and individual miners to participate in the competitive world of Bitcoin mining and receive a share of the mining rewards. The mining pool is managed by a pool operator, who distributes the rewards amongst the miners according to their contribution to the solution of these mathematical problems.

Release time 2023 05 27

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