Bitcoin Mining in 4 Minutes - Computerphile

When a Bitcoin Miner Mines, what is happening? Dr Mike Pound exposes the process..

note: at 3:39 Mike mentions a Bitcoin is mined every ten minutes when it is actually a block that is mined every ten minutes, at time of recording a successful block generates 12.5 new Bitcoins.

This video was filmed and edited by Sean Riley.

[YourCritic]

Best brief explanation of Bitcoin mining I've seen so far, and I've seen quite a few. Brilliant explanation. Thanks Dr Pound and Computerphile!

[DagarCoH]

Wow, thanks for that! That was the puzzle piece that kept missing in my Bitcoin understanding. So "the system makes it harder" means it demands more leading zeroes for the hash, right?

[Aploid]

Finally someone who can explain this correctly, thanks a lot

[nicholas_scott]

That last part about, scaling up the hardware being counterproductive was something I didn't realize. Great video

[VineetSingh-rxni]

Is the algorithm for hashing same all over the network?
How to detect change in algorithm at any machine

[mynameisOleg]

Wow, thanks a lot! 😃 That's explained quite understandable, even for my lame type of mind! 😊

[RockeyDAproductions]

so if i use my dual pentim 3 server i would not be any better off than my dual xeon x5690 server?

[cloudywithachanceofparticl]

is bitcoin mining slowly producing the big data needed to create a sha 256 collision?

[NeuroDrone]

By "they" he mean bitcoin fully validating nodes.
Which means any machine running a software compatible with cosnensus like Bitcoin core or Bitcoin knots.

[NuggetsNews]

Love your videos on cryptocurrencies, keep them coming mate!

[brentc]

Are there any particular strategies used to determine which nonces to attempt hashing with? Or do they just rely on repeatedly "randomly" assigning a nonce and trying it?

[NotGoodSocially]

OMG FINALLY, have been looking for at least a little insight into the process!

[Master]

Great video! I have two questions though: Is every miner working on the same block of transactions at the same time? What happens if two miners hash the same block successfully at the same time (I know this is highly unlikely to say the least) ?

[IceMetalPunk]

Isn't there a threshold at which point it can't be made any harder? That is, when the requirement is for the hash to either equal 0 or 1, the only way to increase the difficulty would be to completely change the system to a new hashing algorithm with more bits in the output, right?

[fduqlxy]

Am I getting this right: The miners just guess different numbers until one is right (=produces hash with enough preceeding 0s to be under the threshold)? And that's why mining rigs need to be so powerful, in order to try random numbers faster?

[yusifsuleiman]

I want to start mining bitcoin now, please I need advice. What should I need as a beginner
Thanks

[_stokyo_]

Novice here. I'm still struggling to grok this. Where would you get the previous block hash and transactions from to attempt to create the new block?

[felterhills]

I'm still confused: so why wouldn't a country who own a supper computer to mine out all bitcoins ?

[agnibeshchakravorty]

I really love Mike Pound's presentation and am very pleased with the recent series of uploads of his content on this channel.
You inspire me greatly as i start my college journey, thank you for going through all the trouble that goes into making all this wonderful content, Mike. Also i cannot express gratitude toward the content on these channels without mentioning Brady Haran. You're the man.

[marcloicardona]

How many consecutive 0s does bitcoin need?