Bitcoin mining reddit eli5

The unnamed person vented their anger on Reddit saying they noticed their bills began increasing steadily every month around a year ago. They said four people share the apartment and they have all agreed to share the basic costs such as "internet, electricity, gas, water. They then discovered that one of their roommates was running a Bitcoin mining operation which he had been gradually growing over the course of the previous year. The person said: "He had his friend over the other day and he accidentally let slip that he had a Bitcoin mining operation in his room with about 10 specialist GPU things a graphics processing unit which is a specialised electronic circuit.

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CoinMarketCap News. Crypto Glossary. This is an invention of the API3 protocol. A shielded transaction is essentially a transaction that is between two shielded addresses. Abstract Abstract is something that exists in thought as an idea. Adam Back is a world-renowned British cryptographer, cypherpunk and crypto industry figure from the United Kingdom. Used by Elrond, Adaptive State Sharding is an approach that combines all types of sharding into one to improve communication and performance.

A place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. Adoption curve indicates the pace of adoption of a new technology by people. It may also involve segregation of the target audience to understand the market's willingness.

If data cannot be accessed, then it cannot be infected or corrupted — this is the concept of an air gap. A marketing campaign that distributes a specific cryptocurrency or token to an audience. Airnode is an oracle node and API blockchain gateway that is readily deployed by API providers who want to engage in the API3 blockchain protocol and put their data feeds on-chain.

Algo-trading is an automated trading system where buy and sell orders are placed according to the rules of a computer program or algorithm. A process or set of rules to be followed in problem-solving or calculation operations, usually by a computer.

Algorithmic Market Operations AMOs automatically control the supply of algorithmic stablecoins while improving scalability, decentralization, and transparency. An algorithmic stablecoin actually uses an algorithm underneath, which can issue more coins when its price increases and buy them off the market when the price falls. The highest point in price, in market capitalization that a cryptocurrency has been in history. The lowest point in price, in market capitalization that a cryptocurrency has been in history.

Allocation is the allotment of equity or tokens that may be earned, bought, or reserved for a specific team, group, investor, institution, or another similar entity. Alpha version is typically a preliminary version of the software, released to test its usability and interface. Alphanumeric phrases consist of both letters and numerals, or characters. A person who trades cryptocurrencies alternative to Bitcoin. Amazon Simple Storage Service S3 is a scalable, high-speed, and inexpensive web-based cloud storage service to store and retrieve data anytime and anywhere.

A political philosophy originally conceived by American economist Murray Rothbard that has now been embraced by many members of the crypto community. A person who financially backs a new business venture or startup. The amount of interest a borrower must pay each year is known as the annual percentage rate APR. The annual percentage rate APR is determined by multiplying the periodic interest rate by the number of periods in a year that the periodic rate is used.

Annual percentage yield APY is the rate of return gained over the course of a year on a specific investment. Compounding interest, which is computed on a regular basis and applied to the amount, is factored into the APY. A quality attached to an asset that means it performs better when exposed to volatility and shocks. A set of international laws enacted to curtail criminal organizations or individuals laundering money through cryptocurrencies into real-world cash.

A piece of software designed to protect against malicious software and cyber attacks in general. Apeing is when a cryptocurrency trader buys a token shortly after the token project launch without conducting thorough research. It is a set of routines, protocols, and tools for building software applications. APIs specify how software components should interact, such as what data to use and what actions should be taken.

Arbitrage is the practice of quickly buying and selling the same asset in different markets to take advantage of price differences between the markets. Aroon Indicator is used to identify the existence, changes, and corrective retracements and gauge the strength of an ongoing trend in financial markets. The complete loss of a trader's total invested capital, specifically as a result of shorting Bitcoin.

An acronym for application-specific integrated circuit — a device designed for the sole purpose of mining cryptocurrencies. This term usually applies to blockchains and mining algorithms, designed to give no benefit for ASICs over consumer grade hardware.

The minimum price that a seller is willing to accept for an asset. The ask price is also sometimes referred to as the offer price. Asset-backed tokens are digital claims on a physical asset and are backed by that asset. Assets under management measures the total market values of all the funds controlled by an individual or financial institution on behalf of their clients. The practice of disguising marketing campaigns or otherwise sponsored messaging as the unprompted views of genuine community members.

Events that do not occur simultaneously or at the same rate are referred to as asynchronous. The transfer of cryptocurrency from one party to another, without the use of an exchange or other intermediary.

An attestation ledger is an account book designed to provide evidence of individual transactions. An auction is a public sale through a bidding process where an asset is sold to the highest bidder. Augmented Reality AR is an immersive experience that improves the value and usage of real-world items using computer-generated intuitive information sent through a variety of sensory modalities such as sound, touch, smell, and sight. An automated market maker AMM is a system that provides liquidity to the exchange it operates in through automated trading.

The average directional index ADX is a technical indicator that measures how strong a market trend is by using price moving averages and is represented by figures ranging between 1 and , where a larger value suggesting a stronger trend.

Bag Crypto slang for a large quantity of a specific cryptocurrency. Alternatively but less frequently used to refer to the contents of an individual's crypto portfolio. An investor who continues to hold large amounts of a specific coin or token, regardless of its performance. Baking is the process that Tezos uses in order to append new blocks of transactions to its blockchain.

Baking is a process that is used by Tezos in order to append new blocks of transactions onto its blockchain. The quantity of data capacity available for transactional activity on a network is known as bandwidth.

The BIS is an international financial institution that promotes global monetary stability. BaaS platforms provides a higher level of financial transparency options by letting banks open up their APIs for third parties in order to develop new services.

A basket, when used in the cryptocurrency space, refers to a collection of digital currencies managed as a single asset. Batch auctions are a trading mechanism in which individual orders are grouped together and executed simultaneously. A blockchain that coordinates shard chains, manages staking and the registry of validators in a PoS cryptocurrency, such as Ethereum 2.

Someone who believes that prices in a given market will decline over an extended period. A bearwhale is a person who has a high number of cryptocurrencies and uses their massive account to drive the price down and profit out of it. Benchmarking is a method of comparing the performance of your asset or investment portfolio to that of similar assets to see whether there is a gap that can be bridged by increasing performance indicators. A benchmark index is a popular index security that is used as a gauge or benchmark, against which the progress of the broader market may be tracked.

The cost that someone is willing to pay for a security, asset, commodity, service, or contract is referred to as a bid price. Bid-ask spread is the difference between the highest price which a buyer is willing to pay for an asset as well as the lowest price that a seller is willing to accept. The four or five biggest technological corporations, particularly Facebook, Apple, Google, and Amazon, are referred to as "Big Tech" as they enjoy the biggest shares in their respective industries.

Binance Labs is a project to nurture, invest in, and develop blockchain and cryptocurrency businesses, initiatives, and communities, as well as a social impact fund. Binance Launchpad offers crypto-startups a platform to raise capital and market their projects to millions of crypto investors in the Binance ecosystem.

Binary code is a two-symbol system that is based on numbers, "0" and "1," to represent text, computer processor commands, or any other type of data. An automated teller machine ATM or cashpoint that allows the user to buy and sell Bitcoin.

Bitcoin Dominance is a metric that determines how much share of the overall crypto market share is owned by Bitcoin. The standard format for documents proposing changes to Bitcoin. Bitcoin Pizza refers to the infamous transaction where a guy, named Laszlo Hanyecz, paid 10, Bitcoins for two pizzas making it the first business transaction of Bitcoin in the real world. Bitcointalk is the most popular online forum dedicated to Bitcoin, cryptocurrency and blockchain technology.

A business license permitting regulated virtual currency activities, issued by the New York State Department of Financial Services. A commonly used unit, or subdivision, of a single Bitcoin. Black hat hackers usually use malware to penetrate into computerized networks and systems to steal data. A black swan event, also known as black swan occurrences, is a metaphor for an unexpected event that has a significant impact.

A file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. An application enabling a user to view details of blocks on a given blockchain. Also known as a blockchain browser. A block header is a unique identifier for a block on a blockchain that is hashed on a continuous basis to supply proof-of-work for mining incentives. A value describing the number of blocks preceding a given block in the blockchain. A block producer BP is a person or group whose hardware is chosen to verify a block's transactions and begin the next block on most Proof-of-Stake PoS blockchains.

The coins awarded to a miner or group of miners for solving the cryptographic problem required to create a new block on a given blockchain. In blockchain technology, block size refers to the amount of data about transactions a single block in the chain can carry.

Block time refers to the approximate time it takes for a blockchain-based system to produce a new block. A block trade is a large-scale purchase or sale of securities that occur outside of an open market. It uses blockhouse as a financial intermediary to aid investors with risk management. A distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. Blockchain 1.

Why does Bitcoin need more energy than whole countries?

In this article, we discuss the 10 best cryptocurrencies to invest in according to Reddit. If you want to skip our detailed analysis of these cryptourrencies, go directly to the 5 Best Cryptocurrencies to Invest in According to Reddit. In early May, Tesla, Inc. The episode highlighted the volatile nature of the crypto market. Since cryptocurrencies are still finding it hard to get more mainstream recognition, an observation lend credence by the recent drop in the prices of cryptocurrencies on the back of campaigns on forums like Reddit and Twitter, as well as lobbying by big finance and governments that see crypto as a threat to the existing system, the Dogecoin saga has increased the skepticism surrounding the new technology. Investors are hesitant to jump on the crypto bandwagon where price volatility can pummel entire portfolios without much warning. In addition to giants like Bitcoin and Ethereum, which account for more than two-thirds of the total market capitalization of the crypto market, altcoins are becoming more popular, especially through Reddit forums where retail investors often lead the conversations on the future of finance.

These cryptocurrency mining companies use high-powered computers to solve complex mathematical equations to validate groups of transactions .

ELI5 Bitcoin – Explain Bitcoin Like I’m Five

We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. What if a digital currency wipeout could injure — or even destroy — the entire cryptocurrency ecosystem? Questions about stablecoins, particularly one called Tether, have been knocking around in financial circles for months: are they as stable as they ought to be? On August 9th, Tether put out an attestation about its reserves , a way of reassuring users that the most popular stablecoin is, well, stable. The company has also been investigated by the New York attorney general for claims around its backing and settled with the NYAG earlier this year. As part of the settlement, Tether is prohibited from doing business in New York state, the capital of the US financial world.

Mining Bitcoin is putting communities on the frontline of the climate crisis at risk, say experts

bitcoin mining reddit eli5

But the profitability of mining has changed over time. How is it that everyone isn't just working the get yobit codes india bitcoin new silicon valley set of numbers and doing thousands of times of redundant "checking"? The next morning, one of the other students proudly claims the prize! Like gold, Bitcoin cannot simply be created arbitrarily. Partner Links.

The world has known for months that more than half the world's bitcoin miners would be going dark as China cracked down on mining.

Bitcoin mining is now easier and more profitable as algorithm adjusts after China crackdown

Now, the two charts have been combined for what may be the most important Bitcoin price chart crypto investors ever lay their eyes upon. With a black swan event like the coronavirus currently sending the globe into an economic downward spiral, cryptocurrencies like Bitcoin are facing their most dangerous situation yet. The idea is that with the sudden drop in supply, the cost of production doubles overnight, prompting miners to cease selling at a loss. The chart caught on with such traction, that the creator of the stock-to-flow model has combined the charts to form the ultimate in crypto chart collaborations. I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence.

Crypto Concepts And Jargons Demystified By A 'Curious Beginner'

A message to TSLAinsider was not immediately returned. Tesla did not immediately respond to an email to its press office. US Treasury Secretary Janet Yellen last week vowed to protect investors but said financial market regulators needed to fully understand the recent trading frenzy involving GameStop Corp and other retail stocks before taking any action. As the post was focused on bitcoin, the tipper may benefit from a grey area in oversight and enforcement, as the US Securities and Exchange Commission SEC does not treat the cryptocurrency as a security, one expert said. Civil insider trading cases typically hold tippers to a standard of benefitting from the sharing of information. That may put the Reddit users in a rare and relatively untested legal area of criminal but not civil liability, Wolfe said. Tesla said in its annual report published Monday that the decision to move nearly eight percent of its reserves into bitcoin was part of its broad investment policy as a company aimed at diversifying and maximising its returns on cash, including holding gold. Published On 9 Feb 9 Feb

View on Libreddit, an alternative private front-end to Reddit. and related technologies are asked on ELI5 very, very often.

What Is Web3 and Why Are All the Crypto People Suddenly Talking About It?

Despite its satirical nature, some consider it a legitimate investment prospect. Dogecoin features the face of the Shiba Inu dog from the " Doge " meme as its logo and namesake. With the help of Reddit , the site became an instant hit. Dogecoin takes only 1 minute to confirm, while BTC takes 10 minutes.

Most Important Chart Ever? Bitcoin S2F Combined With Reddit Rainbow Chart Emerges

Straightforward or factual queries are not allowed on ELI5. ELI5 is meant for simplifying complex concepts. If you would like this removal reviewed, please read the detailed rules first. If you believe this submission was removed erroneously , please use this form and we will review your submission. Mining for Bitcoin is effectively using your computer to calculate the results of putting a number into a certain function. For Bitcoin to work we need to keep finding numbers which give a certain result when put through this function.

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Price volatility in cryptocurrencies is well known by anyone involved in the markets and ecosystems that have been created by the invention of the blockchain and cryptocurrencies. Because of the set issuance schedules and speculative demand nearly all cryptocurrencies see wild price fluctuations. This price volatility has been a hinderance in gaining adoption for cryptocurrencies as a medium of exchange or as transactional currencies. This problem is made worse when deferred payments are involved like mortgages or employment wages. Using the current volatile digital currencies in these cases is prohibitively expensive and unreliable.

The rise of cryptocurrencies could disproportionately impact those most vulnerable to the climate crisis, a new paper has found. The digital infrastructure behind the most popular cryptocurrency , Bitcoin, requires as much energy as the whole of Thailand. Its carbon footprint is now larger than the gold mining industry, growing from 22 megatonnes of CO2 equivalents two years ago to 90 megatonnes a year in This growing footprint alongside its economic and environmental impacts is putting communities on the frontlines of climate change at risk, argue Peter Howson from Northumbria University and Alex de Vries from Digiconomist.

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