Bitcoin Miners wiki

The first time I went to visit a pair of former artillery sheds on the outskirts of Marfa, Texas, the sun was high in the sky and I knew very little about what I was about to see. The second time, the sun was setting and I knew a bit more, and everything was completely different.

The contents of the sheds are officially known as 100 Untitled Works in Mill Aluminum (1982-1986) by Donald Judd. There are about 60 works in one shed and about 40 in the other. Each one is a box measuring 41 by 51 by 72 inches, and no two boxes are exactly alike. (Bear with me here: I’m about to make one of the most captivating pieces of art I’ve ever seen sound as dry as a tax return.) The boxes have open sides or half-open sides; their sides extend all the way to the corners or are offset by four inches; they are empty or contain internal dividers. The dividers are vertical or horizontal or lateral; they are perpendicular or diagonal; they are single or double; they divide the whole box or half the box; they extend all the way to the corners or are offset by four inches. That’s it; no other variations are allowed. But just as there are, we are told, 221, 184 ways to order a Whopper, this still gives an enormous number of possible boxes.

When I first saw them, I assumed that Judd must have begun by generating every single viable permutation and then picked 100 to put on show after the fact. Perhaps, I thought, he chose at random, or had many more than 100 boxes fabricated, editing them down once he’d seen which ones looked best. That’s how I would have done it. It would be far too tedious to design the boxes one by one, because you’d have to remember all the configurations you’d already used in order to avoid repeating yourself: even if you employed some sort of special notation, the task would be maddening enough by the 50th box, let alone the 90th.

But another reason for my assumption might have been the time of day. The even and indirect light of a Texas morning through the sheds’ tall windows gave the boxes a quality that you wouldn’t call inert, but that you could very well call implacable, chilly, unwavering. For all their beauty, it was easy to believe that they had been spat out by some sort of algorithm.

That part is pretty cool

2011-06-14 07:32:48 by causeimthesquid

Every ten minutes a new bitcoin (or some amount of one) is created and awarded to whomever can solve a complex algorithm first is awarded the bitcoin. These people are called miners, and there are people who devote servers to the task.
https://en.bitcoin.it/wiki/Category:Mining
The expansion of the currency is pre-planned and because it is digital, the currency is infinitely divisible.

The bitcoin "quotes" are all fake

2013-04-15 10:34:19 by crazee_unchained

and designed to get more people to buy in
You can buy but you can't sell. It is a simple ponzi scheme. When you go to sell, you won't be able to.
Here are some easy ways to tell if something is a simple ponzi scheme:
1. Are people buying whatever it is purely to speculate or are they using what they buy?
2. Does the scheme collapse without a constant addition of new members?
Additionally, it is even stupider than most ponzi schemes because:
1. Can you sell to anyone or just some central party who controls the market?
2

The Honest Facts. 1) fees...

2014-02-10 06:24:07 by -

What are the fees involved?

The transaction is usually free if the sum transacted is greater than 0.01 BTC. A token sum is imposed to provide some incentive to the miners to include the transaction in the blockchain..
At the moment, many transactions are typically processed in a way where no fee is expected at all, but for transactions which draw coins from many Bitcoin addresses and therefore have a large data size, a small transaction fee is usually expected.
Please see: http :// en.bitcoin.it/wiki/Transaction_fees#Rules_for_calculating_minimum_fees

Link?

2013-12-05 06:37:12 by -

Reward
When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply.
Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

Link

2013-12-04 12:27:03 by -

Mining is the process of adding transaction records to Bitcoin's public ledger of past transactions. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid

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