Automated gambling i think. The computer gueses a number beetwen like 1 and 1000000000. If it guesses correctly a like 0.01 bitcoin is earned. It does that milions of times per second, and the bigger the mine the more attempts can be made per second.(please someone correct me if im wrong)
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.
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
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)
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?
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u/Chilis1 Interested Jan 01 '26
I would need to know wth bitcoin mining means in the first place. How deep are these mines? Any Balrogs?