Bitcoin Q&A: The mining process

Bitcoin Q&A: The mining process



Can you provide a brief overview of the mining process? Is there human intervention in mining or is it automated? What influenced the centralisation of mining and how will it decentralise again?

More on mining and consensus in ‘Mastering Bitcoin’ – https://github.com/bitcoinbook/bitcoinbook/blob/f8b883dcd4e3d1b9adf40fed59b7e898fbd9241f/ch10.asciidoc

These questions are from the MOOC 9.2, 9.3, and 9.5 sessions, which took place on February 23rd, March 2nd, and March 16th 2018 respectively. Andreas is a teaching fellow with the University of Nicosia. The first course in their Master of Science in Digital Currency degree, DFIN-511: Introduction to Digital Currencies, is offered for free as an open enrollment MOOC course to anyone interested in learning about the fundamental principles.

If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop

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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.

Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/

He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.

THE INTERNET OF MONEY, v1: https://www.amazon.co.uk/Internet-Money-collection-Andreas-Antonopoulos/dp/1537000454/ref=asap_bc?ie=UTF8

[NEW] THE INTERNET OF MONEY, v2: https://www.amazon.com/Internet-Money-Andreas-M-Antonopoulos/dp/194791006X/ref=asap_bc?ie=UTF8

MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bitcoin-Unlocking-Digital-Cryptocurrencies/dp/1449374042

[NEW] MASTERING BITCOIN, 2nd Edition: https://www.amazon.com/Mastering-Bitcoin-Programming-Open-Blockchain/dp/1491954388

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6 Comments

  1. @aantonop – What would be the logical incentive for someone to start an LND node, Satoshi put his trust on humans doing good primarily for themselves, so how would this translate into Lightning growing and spreading if there is no monetary incentive?

  2. @ decentralization: true, BUT one (a few) miner(s) can (and will very probably) globalize their mining activities => decentralized mining facilities, but centralized decision making…

  3. best explination always…..smashed the like…..

  4. Great Britain

    I haven't got any crypto currency however I am fascinated with the technology and community.

  5. but those few taht have a lot of percent of the hash power are the pools right? So when people see a pool doing something they dont agree with can choose to use another pool?

  6. Robert Richest

    Fitrova FRV token Listed in 3 exchanges after the 2 weeks of ICO complete, and 2 more exchanges in coming week. Best token for health and fitness industry.

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