A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
Hello, Just wanted to make a post discussing this matter in Egypt. I hope someone from government also reads reddit. I can understand logical reasons why Egypt would want to prohibit Bitcoin mining:
Paying electricity at subsidized price and then selling Bitcoins for money means you're stealing the subsidy.
Untraceable Bitcoin can be used for criminal activities or terrorist finance.
Income from Bitcoin mining is not official and counts as income, so taxes are not being paid on it.
Since they suspect people who buy GPUs of doing this, I propose the following:
Let people declare that they are mining Bitcoin and remove electrical subsidy from them (let them pay the highest electricity tier price). Let them also count the electricity as expenses to avoid double-taxing.
Require that the wallets that receive the mining proceeds be made known to the government.
Open a local Egyptian Bitcoin exchange and when mining bitcoins are sold for EGP, count the EGP as capital gains or income and make people pay taxes on them as such.
Prohibit any transfer of those bitcoin between individuals and allow the only action to be done on them is keep them or sell them on a legitimate exchange which requires KYC/AML.
Instead of causing unnecessary headache for people who want to simply buy a GPU to play games by stopping or delaying all GPUs being imported, simply require that the imported GPUs be registered to the individual name (file automatically opened by customs without need of input from the importer), and set a limit for the number of graphics cards imported annually for individual use. In addition, for people who are not registered as bitcoin miners (or doing high electricity load work), if there's an unnatural large increase in the electricity consumption suddenly that doesn't coincide with a legitimate reason (eg: summer time and start of use of Air Conditioners) and the increase goes beyond the level historically consumed by the residence, then you can suspect that they are mining bitcoin, and then you can then investigate them. This way, both the government requirements can be satisfied and at the same time, people who just want to play games or do 3D work do not need to be unnecessarily harmed or impeded by regulations. This post can be considered as an open letter to anyone from authorities.
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The result of “bitcoin mining” is twofold. First, when computers solve these complex math problems on the Bitcoin network, they produce new bitcoin (when referring to the individual coins themselves, "bitcoin" typically appears without capitalization), not unlike when a mining operation extracts gold from the ground. And second, by solving computational math problems, bitcoin miners make the Bitcoin payment network trustworthy and secure, by verifying its transaction information.
Another week of webinars is ahead of us! Next week, hear from Developer Advocate Solange Gueiros for a Portuguese webinar on What is RSK, learn about Bitcoin Mining and Macro Industry Trends, and take part in our workshop to host your own decentralized website on RIF Storage!
So me and my friend(13yr old) plan to buy AMD Radeon VII which is a strong GPU for mining and use app called nicehash to mine and make money! They(the app) calculated that with 2 of those Cards we can make 75$ a month which may not be much but for us its a lot! The card costs 500$ (500$*2)(Its 0.10$ per kwH) So we will get our money back after 9 months. Now it all seems nice but i am wondering why isn't everyone doing this there has to be a catch?
05-22 22:44 - 'Welcome to Bitcoin Trading community where you invest and earn Multiple Interest within Few Days , You also learn about Bitcoin Mining and how your profit would be Generated.' (i.redd.it) by /u/Lucaroyce removed from /r/Bitcoin within 3-13min
05-16 03:04 - 'Hello room I’m Gabriel Andrew from California a bitcoin miner forex trader a specialized account manager and market analysts to get more knowledge about bitcoin mining and forex trading you can hit me up to understand mo...' by /u/gabriel_andrew removed from /r/Bitcoin within 34-44min
Newbie here. I'm not yet familiar with bitcoin mining, just a bit interested. The bitcoin block header, as we all know, is consisted of the nonce, the timestamp, the Merkle root, nBits, and the hash of the previous block. Miners usually increment the nonce by 1, until they exhaust all 2^32 possibilities and find the solution. However, I have read that it is very common for miners to exhaust all 2^32 combinations and not find a solution at all. As a result, they have to make slight changes to the timestamp and/or the Merkle root to calculate even more combinations. Therefore, what is the probability of a miner exhausting 2^32 combinations without finding a valid nonce in a specific block? Does it have something to do with the bitcoin mining "difficulty" thingy? I'm so confused right now......
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How Bitcoin Mining Works. Before you start mining Bitcoin, it's useful to understand what Bitcoin mining really means. Bitcoin mining is legal and is accomplished by running SHA256 double round hash verification processes in order to validate Bitcoin transactions and provide the requisite security for the public ledger of the Bitcoin network. The result of “bitcoin mining” is twofold. First, when computers solve these complex math problems on the Bitcoin network, they produce new bitcoin, not unlike when a mining operation extracts ... Bitcoin mining is the process by which new bitcoins are entered into circulation, but it is also a critical component of the maintenance and development of the blockchain ledger. Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. 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 mining is done by private computers. The role of miners is to secure the network and process each Bitcoin. Miners do this by solving a calculation problem that allows them to assemble the transaction blocks (hence bitcoin's famous blockchain). Miners for this service are rewarded with newly created Bitcoins and transaction fees.
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