Bitcoin

Bitcoin

In this part of the guide, you can learn more about everything that's got to do with the first digital currency, Bitcoin. What is Bitcoin? Before getting to understand what all the fuss is about, you need to understand some basics when thinking and talking about Bitcoin. There are a lot of misconceptions, which is normal…

The Process of Bitcoin Mining

Bitcoin Mining is the process of creating and writing new blocks for the blockchain. These blocks have to comply with the base Bitcoin rules, maintained by the network. In order to mine, you would need specialized mining software and hardware, which you can learn about on the previous page of this guide. Here we will focus…

Mining Hardware

When Bitcoin was conceptualized, one could mine efficiently with the use of a consumer grade CPU. Eventually, as more and more people kept joining the mining process, the network difficulty rose up as a natural reaction. This led some developers to utilize the GPU for solving the Proof of Work hashes required to write transactional…

Mining Software

In order to mine Bitcoin, you're going to need special software that can communicate with the rest of the Bitcoin network and follow the correct consensus rules and hashes. You can use this part of the guide to learn more about these types of software and to discover solutions for your particular operating system. Please refer…

Blockchain

The blockchain represents a series of blocks, each of them hashed in a way that the information contains and relies on the hash from the previous block. This process ensures that the blocks are literally chained and approved by the network. If one would theoretically change information in previous blocks, this would result in a complete…

Blockchain Technology

In its essence, the blockchain is a change-resistant database that allows only for new information to be added to it. It's impossible to change previously written information, without rewriting every Block once incorporated into the structure of the blockchain. Because of this, Bitcoin transactions are incredibly secure and since the Bitcoin blockchain is publicly available, one…

Mining Pools

Solo mining for correct block hashes is incredibly difficult right now. Actually, solo mining has been very difficult for quite some time. Mining pools first started at the end of 2010, with a company called Slush Pool. They are still active and at the time of writing they hold 161 Ph/s of hashing power. This…

Cloud Mining

Mining farms are commonplace in the Bitcoin ecosystem and most of them offer different packages for hash power while mining for themselves as well. This is a touchy subject for many people, due to the sheer amount of scams that are popping up across the internet. This is why we want to ask you to practice…

Hashing

The process of encrypting information to through a certain cryptographic algorithm and obtaining a scrambled output is called hashing. This is an integral process that continually benefits the Bitcoin network and takes care of security issues that would otherwise render the network completely unviable for financial usage. The blockchain consists of blocks that are connected to each…

Distributed Ledger

When you encounter the term "Distributed Ledger" it's pretty easy to get a clear idea of what it stands for. Distributed meaning that multiple people have the information, and Ledger meaning that it is data used to record historical events. In the case of Bitcoin, the ledger stores all of the transactional data from the first…