I want to clarify that this video was to show simple explanation of how core bitcoin mining algo works, to earn actual bitcoin in your wallet you need to integrate mining code with rest of the bitcoin ecosystem. Also you need to have specialized hardware and datacenter with GPUs and ASIC devices that can compute the hash very fast. People run C++ or even assembly code (that is equivalent of the python code shown in this video) to make it faster. Also pending transactions get buffered in a transaction mem pool and miners would get these transactions->mine the valid blocks to add them to a blockchain. I will be adding more videos covering these topics in future. To learn AI concepts in a simplified and practical manner check our course "AI for everyone": codebasics.io/courses/ai-for-everyone-your-first-step-towards-ai
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Hello, I'm new to Biticon trade and l've been making huge losses but recently i see a lot of people earning from it. Please can someone tell me what to do?
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I want to clarify that this video was to show simple explanation of how core bitcoin mining algo works, to earn actual bitcoin in your wallet you need to integrate mining code with rest of the bitcoin ecosystem. Also you need to have specialized hardware and datacenter with GPUs and ASIC devices that can compute the hash very fast. People run C++ or even assembly code (that is equivalent of the python code shown in this video) to make it faster. Also pending transactions get buffered in a transaction mem pool and miners would get these transactions->mine the valid blocks to add them to a blockchain. I will be adding more videos covering these topics in future.
How does one redeem bitcoin reward after producing correct hash? Here is the video to answer that question: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-QAsZgzLPaWU.html Easy explanation of bitcoin that even a high school student can understand easily: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-qHlpvKjA-lk.html
@@codebasics Can you bring a complete video of actual bitcoin mining ⛏️ and GPUs and ASIC ? Means full info and the cost and time that will taken in 1 bitcoin mining process with electricity cost ? Please 🥺
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+1 for taking the time to explain the theory (blockchain). When I'm looking to learn something new I need to understand some concepts before diving straight into code, otherwise I don't remember well
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If you don't have the ability to figure this out on your own just don't bother trying to write your own miner. There are programs you can download for free that will do this better than anything you're able to make. And if you want to do it for learning, then even more reason to do the research. That's what you learn from. Most things worth doing won't have a step by step guide from start to finish.
Its interesting to learn how it works and thank you for that. But is useless without the real blockheight, lasthash and difficulty... why not include how to connect to bitcoin core to get that information in realtime via rpc and make a REAL miner. Because at this point, the title is missleading. Educative nontheless, but otherwise incomplete. You could use you awesome and simplified way of explaining to enlight a lot of people. No thumbs down, no negative hate, it is just what I felt. It would've been nice to have all this wrapped in one well explained tutorial.
It takes WAY more than 15 lines of code to write successful mining software. You think parallelism, distributed code, network throughput/latency, cpu cycles, memory usage/latency and many more. 15 lines is good start though, agreed. Thanks for explaining the basics 💪
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very interesting video, thanks. But if I, for example, could find a very fast way to verify a block and calculate a nounce that generates a string starting with 20 zeros how would I practically close a block of the blockchain manually? who should I give this string to? or rather ... how can I communicate this nounce to the blockchai that I have verified the block and therefore win the prize for having found the right nounce?
Yes the 1.16 upgrade introduced netherrite pickaxes so you need to get yourself ones of those. The efficiency enchantment gains an extra 5% speed per level (eff1 is 5%, eff2 is 10%, etc). Fortune gets you 10% extra bitcoin per level. Unbreaking will allow your gpu to run cooler therefore increasing its lifespan.
So guys all those websites who let you “mine” btc/eth etc are actually buying my pc power mining this way and they give me literally very little in exchange?
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Mrs Josephine is really an expert, I was able to revive my family’s financial status with her help. I started with $1000 and I can proudly say I’m financially fit now.
Great Video. But how do you do the next step to mine actual BitCoins? How do you load the current list of transactions? The current difficulty level? And if you do manage to get the right Hash up load it to a wallet to convert it to cash? Thank you.
Invest a bunch of capital into high end hardware (GPUs) or pay a datacenter. The days of mining BTC without high end hardware are long gone. Even if you had the hardware in your home, the cost of electricity to power that hardware and keep you house from turning into a furnace would eat any profits. This is just a proof of concept.
When I learned programming decades ago, there was this recurring joke that in the future, all programming classes will be some form of 'if you want to do X, all you need to do is call function X'. It's now 2021, and the joke has become real.
How do you get the transaction details and if you run it successfully where will your btc be stored and how will it get registered in worldwide blockchain?
Thank you fellow Gujarati for this amazing tutorial ❤ . I just had a doubt , how can someone take bitcoin mining as a career option ? Like professional crypto miners .
Neer, Crypto as a career option is not worth as of 2021. There are not many jobs but in future many opportunities will open up so it is better to get yourself educated on this front
Great content. In as much as some people would prefer to just Store cryptos,making profit is everyone's wish. Making profit in cypto requires you investing and and as a beginner, you'll need an expert who would guide you while making investments because trading forex ain't really easy as some might think. You might end up running losses without proper guidance from an expert. I can remember making huge profits in the last three months with the help of Mrs Stephanie.She is a pro in forex trading.
Undoubtedly Crypto trading has become the order of the day and from a business view, making investments in crypto now seems to be the best move to make because the future is going to be infact a crypto world! and getting an expert to guide you is the perfect choice.
Still didn't get the submission part. Where to check if the hash code was already predicted. Or where to submit the code in exchange of the cryptocurrency . Can you please suggest some pointers or references.
hey yes so that part is not covered. This video covers core mining computation. To actually participate in mining process integration of this code has to be done with actual bitcoin mining ecosystem. I also don't have much knowledge on that front, I will dig deeper and may be make another video for integration in future.
You still need computation power and access to a mining entry node. You can have a perfect program and it will only mine as much as your hardware’s processing power allows, which is very small in 2021. Even a $3,000 Antminer S19 will not get you 1BTC in 1 year, and it’s a proprietary machine made from ASIC’s that are programmed to do only 1 thing - mine BTC.
@@samuelmontypython8381 good post. You know what’s going on. My friend ordered 2 ant miners; there was an issue at Customs; by the time he received them they were useless. I’ve heard estimates that now that the complexity has really gone up a mining rig is only good for 8 to 9 months. Another item for new people - individuals may never ‘win’ - most people join a pool of miners. So the bottom line: as codebasics has pointed out - this is an academic exercise. Unless you have a time machine, it’s too late to make BTC mining.
@@WestCoastAce27 Yes, exactly. There are some situations where electricity cost is fixed (I live in Japan and electricity is more expensive per kWH than in America, but some special precincts have fixed cost options where you pay $XXX.XX/month with unlimited electricity). Those places are good for mining and I’ve seen people setup homemade GPU rigs. They don’t make much (because they’re inferior to ASICS), but their electricity bill stays the same.
Great explanation with the practical implementation of how actually mining works. Many thanks for providing this great video. Really appreciate your effort !!
@@jordanwelch6728 I have been trying to get this for decades but I couldn't. I really appreciate your time explaining how this works. In between how do I get a hold on you?
bro, i have a request. could you give us tutorial to make a auto click and auto visit site for telegram bot? the case is. we need to click the link from the bot. anf it will direct us to a ads link. and then we will get some bitcoin or doge coin etc. in my country, so many people who give the script but when i try to learn how they write the code, the script was encrypted. so i can't see the code. and i just can to use it, but can't to learn it.
Great Tutorial! How do you connect to the bitcoin network in python? How do you code for the result of the block being mined successfully and restart your code? How do you code in python where to send the block reward if you are able to guess the hash? More questions to come. Thanks in advance , Batoe
this video was to show just the core algorithm. For winning the actual reward people use GPU/ASIC hardware along with C++ (Sometimes assembly code). It is like a game of who can compute the correct hash fast. You need specific hardware resources and may be a dedicated farm, it is difficult to do this on personal computer. I will add more videos for this in future.
Sir I never mined a bitcoin with 20 zeroes first (took 3 weeks) Now how can I get money out of it? Can you make a video on what to do after getting bitcoin?
imagine that i have mined a bitcoin using my system,then how i can redeem or covert the bitcoin into dollars or any other currency Please answer if you know about this
this video was to show just the core algorithm. For winning the actual reward people use GPU/ASIC hardware along with C++ (Sometimes assembly code). It is like a game of who can compute the correct hash fast. You need specific hardware resources and may be a dedicated farm, it is difficult to do this on personal computer. I will add more videos for this in future.
To elaborate on Mr CodeBasic’s answer: when you set up your mining system you input your ‘wallet’ (think of it as your Bitcoin bank account). If you’re the winner, coming up with the answer the fastest, an entry is made in the ledger on the blockchain grant your account with the 6.25 BTC.
This video is an example, to explain and make you understand the concept of what mining bitcoins is, you won’t mine actual bitcoins. Yes, the title is clickbait.
I have been looking for something re: Bitcoin for my very young Python students. Your video is the simplest and most accessible I have found, my 12 year old student can understand it. I think the magic is in its concreteness (and the smoothness of your presentation). As simple as it looks, the art of toning down abstraction for the sake of pedagogy is one of the hardest skills for a teacher to master, and it is rare (probably exacerbated by the curse of knowledge). My AI professor (also Indian) was a master of it, and as near as I could tell he was the only one in the department. Great work, and thanks!
Nice explanation. I was hoping you would show how to get the actual transactions from a bitcoin block into python. Is there a library function that allows you to get a bitcoin block from a node into a python string?
@@rishimn2522 This would be for chain analysis. Some of this can be done by using bitcoin-cli, but it would be nice to automate so that as a block is mined, external UTXO databases can be updated where classification can occur similar to the way glass node or other services do on chain analysis.
Missing in this video: 1. How to get the actual parameters for starting real mining; 2. You found a hash, does this code provide you the reward? So, what to do with the hash you generate? Does it magically integrates to blockchain? How you notify you're the owner? Without these steps 15 lines of code are totally useless.
I only covered core algo here. to cover integration with bitcoin ecosystem it will require few more videos (which I am planning to add in future). The intent behind showing this 15 lines of code is to show to people that bitcoin mining doesn't mean complex algorithmic task but it is more about computation and hardware resources and who gets to win the guesses game.
hello, thanks for introducing her to us i actually did the trade with a loan from my friend and now with the profits I payed up and now am happy and comfortable
