themw Posted June 1, 2013 Share Posted June 1, 2013 No the mathematical problems are transaction processing and checking as far as I can tell hence the regulators taking a keen interest Ah thats interesting, but im right in thinking they are very intensive on hardware and power... The mining process is actually computers solving complex mathematical problems. Once an answer is found then you own the coins (they are discovered in batches of 50). Using a single PC you might average a discovery one every few years. There are a finite number of bitcoins in existance (the target). The more people mining the harder the sums become, as the number discovered approaches the target. The transactional process (money changing hands) is not very intensive and is fairly quick. I am not sure exactly how but there is a distributed database called a blockchain that contains all transactions. This database is not held centrally, so is very difficult to shut down. Sent from my GT-I9300 using Tapatalk 4 Beta Quote Link to comment Share on other sites More sharing options...
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