Balance: 55 satoshi
150 satoshi every 360 minutes.
Digital currency mining, through SHA-256 for Bitcoin, Scrypt for many other currencies, and a plethora of other algorithms that have been developed, is a growing industry, with Bitcoin mining, and Scrypt mining, machines being created that cost $10,000+.
Mining is the primary method for transaction processing, recording, and security for most digital currencies, as well as the method in which new coins are created. This is not true for every digital currency, but is central to the vast majority.
We went into a bit of detail on how mining works in the article,”What is Bitcoin?” However, mining differs somewhat between currencies, and these differences give rise to opportunities, as well as offer new paths for the evolution of digital currencies as a whole.
Bitcoin mining is the processing of transactions in the digital currency system, in which the records of current Bitcoin transactions, known as a blocks, are added to the record of past transactions, known as the block chain.
A Bitcoin is defined by the digitally signed record of its transactions, starting with its creation. The block is an encrypted hash proof of work, created in a compute-intensive process. Miners use software that accesses their processing capacity to solve transaction-related algorithms . In return, they are awarded a certain number of Bitcoins per block. The block chain prevents attempts to spend a Bitcoin more than once -- otherwise the digital currency could be counterfeited by copy and paste.
What is Bitcoin? It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. Bitcoin was the first practical implementation and is currently the most prominent triple entry bookkeeping system in existence.
With the Bitcoin price so volatile everyone is curious. Bitcoin is extremely complicated and no one definition fully encapsulates it. By analogy it is like being able to send a gold coin via email. It is a consensus network that enables a new payment system and a completely digital money.
It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. Bitcoin was the first practical implementation and is currently the most prominent triple entry bookkeeping system in existence.
Who created Bitcoin?
The first Bitcoin specification and proof of concept was published in 2009 by an unknown individual under the pseudonym Satoshi Nakamoto who revealed little about himself and left the project in late 2010. The Bitcoin community has since grown exponentially.
Satoshi's anonymity often raises unjustified concerns because of a misunderstanding of the open-source nature of Bitcoin. Everyone has access to all of the source code all of the time and any developer can review or modify the software code. As such, the identity of Bitcoin's inventor is probably as relevant today as the identity of the person who invented paper.
What is a Satoshi?
A Satoshi is the smallest fraction of a Bitcoin that can currently be sent: 0.00000001 BTC, that is, a hundredth of a millionth BTC. Use the Converter to find out how much your balance is worth!