Bitcoin Mining Technology

Publication Type

Book Chapter

Publication Date

2015

Abstract

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.

Keywords

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

Discipline

Business | E-Commerce

Research Areas

Quantitative Finance

Publication

Handbook of Digital Currency: Bitcoin, Innovation, Financial Instruments, and Big Data

Editor

Lee, David K. C.

First Page

45

Last Page

65

ISBN

9780128021170

Identifier

10.1016/B978-0-12-802117-0.00003-5

Publisher

Elsevier Academic Press

City or Country

Amsterdam

Additional URL

https://doi.org/10.1016/B978-0-12-802117-0.00003-5

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