What Do Miners Do? BLOCKCHAIN Mining!!! What is bitcoin mining? Let’s dive in to how this works. In order to add transactions to the block chain, all of the miners collect the transactions recently broadcasted by other bitcoin users, verify that the transactions are valid (according to the current block chain), and compile them down into a transaction block – a condensed record of all the transactions for that period of time. Of course, if any miner could simply create a transaction block and immediately add it to the permanent ledger, then anyone who wanted to could just create a fake transaction block (for example, one in which they spend bitcoins that they don’t own) and add it to the ledger. Because of this, the bitcoin algorithm is design to make mining difficult. Instead of being able to add a transaction block to the block chain at will, a miner has to solve a very difficult computational puzzle – called a proof-of-work scheme. This proof-of-work scheme was designed to have solutions that are easy to verify, but very difficult to find. In other words, what bitcoin miners are actually doing is competing with each other to see who can solve a difficult, cryptographic puzzle first. When one miner finds the solution to the problem, they broadcast their solution to all of the other miners. The other miners then verify that the solution is correct. If it is, the network permanently adds the successfully-mined block to the publicly accepted block chain. The miner who won the “mining race” and was the first to successfully solve the puzzle is then rewarded for the effort with 25 newly “discovered” bitcoins. This possibility of reward acts as an incentive for miners to keep investing computational time and effort into mining bitcoin. This new creation of bitcoins also acts as a way to add to the overall bitcoin money supply. "Learning More About Mining..." The description of mining above is extremely general and conceptual. For
Speaking about "Blockchain Bitcoin Mining" to an audience at the 2019 Cryptocurrency Fair, Pretoria, South Africa... With so many people eager to learn, It was such a wonderful experience having to reveal to the crowd the great profit potentials that lies in the vast adoption of Bitcoin and how to be partakers of the forthcoming crypto bliss... 👑 . Thanks for having represent @blockchainbitcoinmining_ ☺ . .
Bitcoin is gradually becoming a Global currency, don't be late to the party. ------------------------------------------------------------ Lots of people and businesses are now able to accept bitcoin as a method of payment in South Africa. In fact, all customers of payfast.co.za, (a payment processor used by over 30 000 websites), can accept bitcoin through the payfast gateway at 1.9% fee per tx, and get South African Rand deposited into their bank account. These businesses might not even know bitcoin was used to pay for their products. The bitcoin business directory below is for businesses that accept bitcoin directly, which means they have a bitcoin address, and can accept bitcoin to their bitcoin wallet address. If you would like to accept bitcoin on your website directly into your bitcoin wallet please check our solution we offer to customers here: Accept bitcoin in South Africa . Our solution uses our own instance of BTCPay server which means you pay 0% to process transactions to your wallet. One of the best ways to get bitcoin is to accept it directly for goods and / or services rendered. Do you, your business, or the company you work for accept bitcoins directly? If you do, please let us know, and we will add your business to our directory of businesses in South Africa that accept bitcoin. If you know of a business that accepts bitcoin directly that is not listed here, share this site with them, or let us know.