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Bitcoin Mining

One of the most unique aspects of Bitcoin is that you can generate it through the process of mining, which is something anyone with a computer can do. This is unlike fiat currency which can only be printed by the government. This makes Bitcoin somewhat similar to gold and other precious metals, since they can only be mined, not printed on demand. Bitcoin mining is far different than extracting resources out of the Earth however. Instead it involves your computer solving complex equations. The equations solved during Bitcoin mining are cryptographic hashing functions, which are usually referred to as hashes. Here are some photos Bitcoin Mining farm:

What is a Satoshi?

A Satoshi is the smallest fraction of a Bitcoin that can currently be sent: 0.00000001 BTC, that is, a hundredth of a millionth BTC. Use the Converter to find out how much your balance is worth!

  • 1 Satoshi = 0.00000001 
  • 10 Satoshi = 0.00000010 
  • 100 Satoshi = 0.00000100  = 1 Bit
  • 1,000 Satoshi = 0.00001000 
  • 10,000 Satoshi = 0.00010000 
  • 100,000 Satoshi = 0.00100000  = 1 mBTC
  • 1,000,000 Satoshi = 0.01000000  = 1cBTC
  • 10,000,000 Satoshi = 0.10000000 
  • 100,000,000 Satoshi = 1.00000000 BTC

Who controls the Bitcoin network?

Nobody owns the Bitcoin network much like no one owns the technology behind email or the Internet. Bitcoin transactions are verified by Bitcoin miners. While developers are improving the software they cannot force a change in the Bitcoin protocol because all users are free to choose what software and version they use.

In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.

Is Bitcoin really used by people?

Yes. There is a growing number of businesses and individuals using Bitcoin. This includes brick and mortar businesses like restaurants, apartments, law firms, and popular online services such as Namecheap, WordPress, and Reddit. While Bitcoin remains a relatively new phenomenon, it is growing fast. At the end of August 2013, the value of all bitcoins in circulation exceeded US$ 1.5 billion with millions of dollars worth of bitcoins exchanged daily.

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