Bitcoin Mining Technology

Bitcoin Mining Technology

Bitcoin network functions on cryptographic technology and thrives on mining, an incentivized technique to generate new bitcoins. In this chapter, we describe the fundamentals of Bitcoin system, underlying technical aspects of the network and mining process. We have also assessed the methods of minin...

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Bibliographic Details
Main Authors: BHASKAR, Nirupama Devi, Lee, Kuo Chuen
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2015
Subjects:
Bitcoin mining
Bitcoin technology
Block
Blockchain
Block structure
Block hash
Bitcoin address
Bitcoin hardware
Bitcoin software
CPU
GPU
FPGA
ASIC
Bitcoin contracts
Mining pool
Mining reward
Business
E-Commerce
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/4216
https://doi.org/10.1016/B978-0-12-802117-0.00003-5
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Institution: Singapore Management University
Language: English
Description
Summary:Bitcoin network functions on cryptographic technology and thrives on mining, an incentivized technique to generate new bitcoins. In this chapter, we describe the fundamentals of Bitcoin system, underlying technical aspects of the network and mining process. We have also assessed the methods of mining, the concerned opportunities and implications for the benefit of potential miners. Furthermore, we have also provided a comparison of existing mining pools, different types of pool reward schemes, and the recent innovations in the Bitcoin industry.

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