How Bitcoin Mining Works (Explained by Song)

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latalley1
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This video explains how bitcoin mining works to the tune of an Antonio Vivaldi Song
Lyrics
Bitcoin mining is how new bitcoin enters the world. There are many computers called miners competing to mine the new bitcoin. New bitcoin is sent to a miner when they add a group of transactions called a block to the bitcoin ledger. It’s not easy to add a block. Whichever computer solves a complex math problem first gets to add a block and hence gets the new bitcoin.
It takes a lot of computer power to win the competition. When bitcoin started, miners used laptops to profitably mine bitcoin but now they use special computers called ASICS.
With computers, miners use a lot of energy to mine bitcoin. Due to high energy cost. It is efficient to have large warehouses of mining computers. It is also efficient to mine bitcoin in countries with cheap electricity or cold climates. Cold climates are important because using mining tech is hot. Popular places for mining warehouses are China, US, and Russia.
Another challenge is the mining difficulty adjustment. The math problems that miners solve will get harder if more miners appear. The opposite is also true. This rule controls the rate at which new bitcoin enters the world.
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Bitcoin Mining
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