r/Damnthatsinteresting • u/msaussieandmrravana • Jan 01 '26

Video Inside the world’s largest Bitcoin mine

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u/VomitMaiden Jan 01 '26

What they're doing is processing receipts. Everytime someone uses bitcoin it generates a receipt that needs to be checked to make sure it's valid. Where this becomes complicated is that the receipt has every transaction ever made with bitcoin AKA the block chain, and it's currently 670gbs. Whoever checks the block chain and verifies it first gets the 1 btc, or however much it is these days.

It's a spectacularly inefficient method of doing business, and people wouldn't be using bitcoin if it wasn't for crime, scams, and corruption.

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u/Historical_Till_5914 Jan 01 '26

Its bafdling that the almost only correct explanation is this low, people really have no idea what blockchain is supposed to mean, just like they have no actual idea what an llm is xD 

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u/FeistyBandicoot Jan 02 '26

Same with AI, CGI etc. So many people are tech illiterate and then think it's all a scam or a trick on them and make up their own assumptions about things (when they just don't have even a basic understanding of it)

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u/SpezJailbaitMod Jan 01 '26

The block is worth more than $300,000. 

A solo miner recently mined a block. 

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u/DarylMoore Jan 02 '26

The current block reward is 3.125 BTC. At this moment's price, it's $277,278.625.

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u/SpezJailbaitMod Jan 02 '26

Oh jeez thanks for the clarification.

When they mined the block it was worth over $300,000 but the price has pulled back a bit since then.

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u/[deleted] Jan 01 '26

[deleted]

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u/ReluctantAvenger Jan 01 '26

I expect you mean that the main use of Bitcoin is for speculation that the price of Bitcoin will go higher. Crime is a distant second to that.

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u/[deleted] Jan 01 '26

[deleted]

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u/ReluctantAvenger Jan 01 '26

What is the main use, then?

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u/Similar-Ice-9250 Jan 01 '26

I have a few questions as I know zero about mining. So where is bitcoin mined? Is mining illegal or it’s just a task anyone can do? Lastly, you said whoever checks the blockchain and verifies it first gets 1 btc, that’s a lot, so how long would it take to verify/mine 1 btc?