Bitcoin Mining Technology

• 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
• Institution: Singapore Management University

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.