You are viewing a single comment's thread.

view the rest of the comments →

0
4

[–] TheBuddha [S] 0 points 4 points (+4|-0) ago 

There is a finite number of coins. Not all of them are available, as they haven't been mined yet.

1
-1

[–] Halstan 1 point -1 points (+0|-1) ago 

Mine them from where? I guess I know much less about this then I thought.

1
5

[–] lord_nougat 1 point 5 points (+6|-1) ago 

They have to extract the bit ore from pit mines in souteast asia. Then they smelt this bit ore into bitmetal, which is then processed further and extruded into a coin-like shape, forming bitcoins!

0
4

[–] theoldones 0 points 4 points (+4|-0) ago  (edited ago)

a cryptocurrency is a long chain of a math equation, where all vendors running that currency have a copy of the equation so far, which they doublecheck your cryptos against to make sure your not passing counterfeits

mining is someone figuring out another part of the equation

[–] [deleted] 0 points 2 points (+2|-0) ago 

[Deleted]

0
2

[–] jxfaith 0 points 2 points (+2|-0) ago  (edited ago)

To summarize, bit coin mining is the process of finding a cryptographically secure hash that encodes all pending transactions on the block chain. When such a hash is found, the miner is permitted to create an unsourced transaction (ie, create coins from nothing) and add it to a wallet of their choosing. The supply is only as finite as the technology, because an inability to create new hashes for the block chain will render the currency incapable of completing transactions.