What is Bitcoin Mining? (In Plain English)
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Published 2018-07-12
Bitcoin mining is the process of updating the ledger of Bitcoin transactions known as the blockchain. Mining is done by running extremely powerful computers (known as ASICs) that race against other miners in an attempt to guess a specific number.
The first miner to guess the number gets to update the ledger of transactions and also receives a reward of newly minted Bitcoins (currently the reward is 12.5 Bitcoins).
Today, in order to be profitable with Bitcoin mining you need to invest heavily in equipment, cooling and storage. It’s not possible to mine profitably with a PC or a GPU at home. You can calculate your profitability using a Bitcoin mining calculator.
0:20 - Bitcoin mining in a nutshell
3:13 - Mining difficulty and block time
4:22 - Evolution of Bitcoin mining hardware
6:30 - Bitcoin mining pools
7:24 - Is Bitcoin mining profitable?
10:41 - Other types of mining
13:14 - Frequently asked Questions
15:20 - Conclusion
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All Comments (20)
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What is the best strategy to succeed in the market now for someone with more or less than $10k
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It’s high time you start talking about Btc Cloud Stack
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Watching this in 2024. Bought 2 Bitcoins in 2015 for $250 USD each, paid for a lakers game with 1 bitcoin, couldn't be bothered to use the other.. glad I forgot I had it till 2023,
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Quick questions: 1. Why do miners need to solve complex computational math problems? 2. Who create these puzzles? 3. For whom they are solving these maths problem? — it’s like I pay money to buy Pizza, here am solving the puzzle but why? Why puzzle? 4. Creator of puzzle will get what? 5. Is there any intrinsic value attached to crypto currency? or it’s all notional? — we still need fiat currency to buy bitcoins right? like to buy gold you need fiat money — same fiat money is used to buy bitcoins right? then what’s the difference here? it’s like buying a property or gold, now we have digital money, but I cannot buy bitcoins without fiat money.
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Ok now I need to find a video that explains this video
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I'll never be sober enough to understand this.
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Hey ppl, I'm a retired computer/IT person, Yet I still find sentinel Recover so informative and straight forward. Thanks for your advise and helping the people...........Great work and love watching.
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Me : watched the entire video carefully Also me : wait what ?
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Now this is probably the best beginner-friendly explanation out there, kudos to your team
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The difficulty adjustment is so freaking genius
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"It might be more profitable to just buy Bitcoins instead of mining them". My thoughts exactly. Brilliantly explained video about the truth behind the idealistic dreams of gain. Thank you.
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I mined a coin yesterday 👍 good luck fellow miners
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Michael scott: explain it to me like I'm 8 years old: Michael scott: ...... explain it to me like I'm 5 years old
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Im learning bitcoin through this guy, when i was confused as hell on other utube videos, thanks man.
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Instead of counting sheep, I will just watch this to fall asleep.
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It is utterly amazing that this has monetary value
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You have a serious knack for speaking and presentation
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I wish that some day I could talk so politely like him.
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The efficiency of this sentinel Recover is next level. To juggle walk throughs of various angles on the topic delivered to-camera, differnet content per topic from various folks underneath the umbrella of the track list of the larger big band concert itself is engaging and refined. To make a dense taccess like this so digestible is really something. Awesome work sentinel Recover !!
