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Internet speed required for bitcoin mining
numbers, as some of the players in the mining game also have bandwidth problems (the Chinese miners so you still dont need to be worried about bandwidth consumption for quite some time). Bitcoin is a distributed, worldwide, decentralized digital money. Now, there are huge bitcoin farms trying to get as much as possible before others grab their share, and that affects the way mining is done nowadays. As for mining rigs with a lot of miners, things get a little bit different.
Does bitcoin mining need a lot of internet bandwidth duplicate Ask Question.
Bandwidth speed for, bitcoin mining?
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Bitcoin mining : internet connection status?
However, there is a change in the pool mining case.
This happens on average about every 10 minutes. If you're new to mining bitcoins, these sites might be of interest to you. Theres a huge new trend out there that almost everyone is trying to get in on, even though it isnt exactly new anymore: were talking about bitcoin today. Since bitcoin mining is essentially the euro rate in uganda today solving of complex problems, there isnt a lot of internet involved and that is why dedicated equipment might be a necessity. These miners are probably just doing it for the experience, as they are certainly not making money anymore. Huge bitcoin farms are, essentially, huge storage houses with computers solving problems in exchange for money, with people maintaining the farm working properly (computers might stop working, power might go down, the property may suffer damage, etc.). When it comes to bandwidth consumption, bitcoin mining isnt the worst thing in the world and, as a matter of fact, it barely even consumes a lot of bandwidth, whether you are mining on your own with dedicated equipment, or mining in a bitcoin rig. You can heavily limit the number of other nodes you are willing to connect to, but this will impact your stale shares level and may reduce your transaction fee income. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. With pooled mining, at 900Mhash/s, you'll need a new work unit every 3 seconds. Mining bitcoin is essentially solving complex math problems that, as a form of compensation, rewards miners with precious bitcoin, much like students in school get rewarded with good grades whenever they get their math problems correct except that grades arent really worth anything, and bitcoins. Since there is a limited number of bitcoins,.000.000 to be exact, mining gets tougher and tougher as time goes by, and most miners have decided that they shouldnt be doing it on their own anymore and grouped up to compete.
When a new block is discovered, each miner will need a new work unit immediately since its existing unit is stale. This happens on average about every 10 minutes. Effectively, increase the bandwidth requirements.5 for every additional mining rig.
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