Bitcoin Mining 1.0
Free Version
Publisher Description
The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol. Users send and receive bitcoins, the units of currency, by broadcasting digitally signed messages to the network using bitcoin cryptocurrency wallet software. Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called mining. Satoshi Nakamoto, the designer of bitcoin claimed that design and coding of bitcoin began in 2007. The project was released in 2009 as open source software.
The network requires minimal structure to share transactions. An ad hoc decentralized network of volunteers is sufficient. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will. Upon reconnection, a node downloads and verifies new blocks from other nodes to complete its local copy of the blockchain.
A bitcoin is defined by a sequence of digitally signed transactions that began with the bitcoin's creation, as a block reward. The owner of a bitcoin transfers it by digitally signing it over to the next owner using a bitcoin transaction, much like endorsing a traditional bank check. A payee can examine each previous transaction to verify the chain of ownership. Unlike traditional check endorsements, bitcoin transactions are irreversible, which eliminates risk of chargeback fraud.
Mining
GPU-based mining rig, 2012
Lancelot FPGA-based mining board, 2013
To form a distributed timestamp server as a peer-to-peer network, bitcoin uses a proof-of-work system.[3] This work is often called bitcoin mining. The signature is discovered rather than provided by knowledge. This process is energy intensive.[4] Electricity can consume more than 90% of operating costs for miners.[5] A data center in China, planned mostly for bitcoin mining, is expected to require up to 135 megawatts of power.[6]
Requiring a proof of work to accept a new block to the blockchain was Satoshi Nakamoto's key innovation. The mining process involves identifying a block that, when hashed twice with SHA-256, yields a number smaller than the given difficulty target. While the average work required increases in inverse proportion to the difficulty target, a hash can always be verified by executing a single round of double SHA-256.
About Bitcoin Mining
Bitcoin Mining is a free app for Android published in the Accounting & Finance list of apps, part of Business.
The company that develops Bitcoin Mining is SQUARE Fitness Institute. The latest version released by its developer is 1.0. This app was rated by 2 users of our site and has an average rating of 0.3.
To install Bitcoin Mining on your Android device, just click the green Continue To App button above to start the installation process. The app is listed on our website since 2018-10-13 and was downloaded 70 times. We have already checked if the download link is safe, however for your own protection we recommend that you scan the downloaded app with your antivirus. Your antivirus may detect the Bitcoin Mining as malware as malware if the download link to com.bit.coin.min is broken.
How to install Bitcoin Mining on your Android device:
- Click on the Continue To App button on our website. This will redirect you to Google Play.
- Once the Bitcoin Mining is shown in the Google Play listing of your Android device, you can start its download and installation. Tap on the Install button located below the search bar and to the right of the app icon.
- A pop-up window with the permissions required by Bitcoin Mining will be shown. Click on Accept to continue the process.
- Bitcoin Mining will be downloaded onto your device, displaying a progress. Once the download completes, the installation will start and you'll get a notification after the installation is finished.
