How long does it usually take to mine a bitcoin block?

1

Mining bitcoins is a very low paying enterprise. However, sometimes a reward is measured in justice. Therefore, I will continue bitcoin mining operations with the belief that the extremely dishonest central banks will someday be driven out of business. NOTE: No WORLD wars before central banks.

Related: Since the 1970’s, just about everything that was analog that involved a lot of middlemen has been converted to open-source, point-to-point or peer-to-peer, digital such as:

USPS Mail is being largely converted to point-to-point eMail Telephone DT (Dial Tone) carrying signals are to a large extent being converted to peer-to-peer VoIP (Digital Voice over IP) etc

Fiat Currency has NOT been digitized thanks to the frantic efforts of the International Bankster Cabal middlemen whom rely on fraud-based Fiat Currency for their very existence !!! Crypto currencies eliminate the middlemen and are:

debt free open-source point-to-point stable upon achieving an EQUITABLE...
0 0
2

You probably know that mining is the only way that Bitcoin comes into the world. You buy them, you exchange them for something else, and you earn them or even steal them. You send them per global network like mail. Thousands of coins trade hundreds of transactions per single second. However, someone created every single Bitcoin in the past. It may be a huge data center with hundreds of coolers and chips, it might be a self-miner, or it may be a mining pool with thousands of members around the world. Every solved block creates 25 Bitcoins at a time. How much time does it take to mine at least one of them? That is an important question.

Factors

To answer this question, we need to understand what factors affect the duration of mining Bitcoins and its success.

We won’t discuss solo mining because until you have a lot of the latest ASICs, it’s almost impossible to solve a block. Even if you have the newest ASICs, it’s still too difficult.

That’s why we’re...

0 0
3

Bitcoin is a decentralized, digital currency. It was invented by a mysterious individual known by the handle, Satoshi Nakamoto. A bitcoin is volatile but is currently worth about $380; regulators are increasingly interested; retailers too—true believers believe.

These headlines you’ve likely read. But where the hell do bitcoins come from anyway? They’re mined by computers making calculations lightning fast—or in this case, by a man with sixteen minutes’ free time, a pencil, and pad of paper.

Ken Shirriff is the hero of this story. (For more detail check out his blog post.)

His hand calculation of the bitcoin algorithm (SHA-256) is instructive in a few ways. First, it’s clear why bitcoin is called a cryptocurrency—it’s built on a series of cryptographic operations. Second, you can see there’s no shortcut around the algorithm: it takes a fixed amount of time, or processing power, to complete.

But really, you don’t have to care about the details of...

0 0
4
...
0 0
5

Frequently in popular descriptions of Bitcoin and in the user interfaces of wallet software, a distinction is made between “confirmed” and “unconfirmed” transactions. What is the difference?

At a high level, a transaction is only confirmed when it is permanently included in the Bitcoin blockchain. The blockchain is a ledger of all transactions in the history of Bitcoin. It is append-only, meaning new data can be added to the end of the ledger, but data can never be removed once included. This ledger is necessary to prevent double-spending, which is a key technical challenge in designing any cryptocurrency.

How Bitcoins are Transferred

Recall that if Alice “owns” some quantity of bitcoins, this really means she knows one or more cryptographic keys which have been designated as the controller of those coins in a transaction on the ledger which transferred the coins to Alice. In order to transfer the coins to another entity, Alice will use these keys to produce a...

0 0
6

You are confusing validation with confirmation.

When you spend / credit your card, VISA etc. validate you have the card and then send a signal back to the register saying "its all good, give the guy his coffee"

However, there is a 3 month period where the transaction could be reversed on a whim and the merchant would not actually receive the money for your coffee. This is called a chargeback.

Finally, after 3 months or so, the money is deposited to the coffee shop's account.

With bitcoin, you scan a qr code with Bitpay / Coinbase, and within 1-2 seconds a green check mark pops up saying "it's all good, you can give the guy his coffee"

However, if a person with enough technical ability, and the drive to steal a coffee wanted to put their mind to it, there are some ways that they can attempt to swindle the store with some custom wallet software or an accomplice who has administrator access to a large mining pool. Most of which are easy to detect...

0 0
7

Hello to everyone!!!

I have a question about the Website btc-e.com where I recently joined and start trading .

After loaded my account with some Bitcoin and some days trading I decided to withdrawal $25800 USD via "Wire transfer" to my business Account In Canada.

This site have some Rules I follow to the "A" .(to the Point to look like I'm stupid) hopefully I don't have to explain why I said this!
I'm from Canada but during the Winter I usually I'm in FL. USA , like right now and I haven't Buy My ticket to go back to Canada waiting for the Payment, I don't what to put my account in Hold or Who knows what else "as a rule" once I log-in to my account from another IP address.
My question is :
How long usually does it take to wire a transfer after I confirmed by Email about my bte-e.com request last Apr 2/2017

I have tons of Print-Screen of what is being happening all this days between me and " bte-e" Support, and hopefully I don't have to...

0 0
8

Address

A Bitcoin address looks like a long string of random letters and numbers. Addresses are used when you want to send or receive Bitcoins. Each wallet has at least one receiving and one sending address. When you want to receive Bitcoins to your wallet you need to give the sender your receiving wallet address.

AML and KYC

Anti Money Laundering and Know Your Customer is a group of laws in the United States that require Bitcoin sellers to know who their customers are. Certain sellers will ask for your identification to comply with these laws. Other countries around the world may have similar laws and requirements.

Blockchain

The Blockchain is the technology behind Bitcoins. It’s what makes it work. Bitcoin transactions are sent to the blockchain so that miners can put them into the blocks that they mine. Once a block containing your transaction is mined it has been added to the blockchain and your transaction receives one...

0 0
9

Hello to everyone!!!
I have a question about the Website btc-e.com where I recently joined and start trading .
After loaded my account with some Bitcoin and some days trading I decided to withdrawal $25800 USD via Wire transfer to my business Account In Canada.
This site have some Rules I follow to the “A” .(to the Point to look like I’m stupid) hopefully I don’t have to explain why I said this!
I’m from Canada but during the Winter I usually I’m in FL. USA , like right now and I haven’t Buy My ticket to go back to Canada waiting for the Payment, I don’t what to put my account in Hold or Who knows what else “as a rule” once I log-in to my account from another IP address.
My question is :
How long usually does it take to wire a transfer after I confirmed by Email about my bte-e.com request last Apr 2/2017
I have tons of Print-Screen of what is being happening all this days between me and ” bte-e” Support, and hopefully I don’t have to use it as a...

0 0
10

If you have sent a bitcoin payment in the last couple of weeks, you may have noticed that your transactions are taking much longer than expected to confirm.

We have received your emails.

Since, like the Bitcoin network, we are currently working through a backlog, we want to thank you for your patience. With the high volume of questions we're getting about delayed payments, we decided it would be best to write a short explanation about what's happening with many bitcoin transactions right now.

Transactions on the Bitcoin network itself aren't controlled or confirmed by BitPay, but by the bitcoin miners which group transactions into "blocks" and add those blocks to the Bitcoin "blockchain" – the shared historical record of all transactions. When a transaction has been added to a block six blocks ago, it's considered a done deal.

Currently, bitcoin network traffic is unusually high due to increasing demand for transactions per block. Block sizes are...

0 0
11

At Luno, our goal is to release 99% of Bitcoin send transactions in less than a minute. You can send up to 10 Bitcoin in any 24 hour period from Luno and your transaction will be processed in seconds. This is a security measure.

If you exceed 10 Bitcoin per 24 hours, your transaction will remain pending until you are within these limits (24 hours) OR until we process a manual send transaction batch, whichever comes first.

Pending send transactions are released manually in batches several times a day, Monday to Friday, at the the refill times shown in the table below.

Example 1

John requests to send 12 Bitcoin to a friend. Because his transaction is larger than 10 Bitcoin, it will be manually processed during Luno’s next wallet refill. The entire 12 Bitcoin will be pending until it is processed.

Example 2

Tina requests to send 6 Bitcoin to a friend. The 6 Bitcoin is automatically sent within seconds. Immediately afterwards, Tina requests...

0 0
12


Confirmation of the transaction is necessary in order to prevent repeated expenditure of the same funds.

Once the sender transfers funds, the transaction enters the Bitcoin network for execution and inclusion in the block.

It is the process of adding a transaction to the structure of the found block, called the transaction confirmation, one block includes one confirmation.

Once your transaction is confirmed, Bitcoin coins become available for future use.

The speed of confirmation depends on a number of factors, such as: the workload of the Bitcoin network itself, the amount of commission specified during the transfer, the speed of the Internet connection, the technical serviceability of the resource where your wallet is located, etc. On average, the transaction confirmation lasts from 30 minutes to several hours.

But sometimes confirmation can wait 2-6 days if the Bitcoin network is overloaded.

We, when sending Bitcoin, pay the...

0 0
13

Can I buy bitcoins with my credit/debit card?

Sure! We accept credit/debit cards from different countries all over the world. You can choose whether you’d like to pay in USD or EURO. The main point is that your card should be verified by Visa or MasterCard Secure Code i.e. you enter one time password each time you make a purchase on the Internet

Are there any limits to buy bitcoins with a banking card?

You will have the limit of $50 for the first transaction, $100 for the second transaction available after 4 days of the initial purchase and $500 after 7 days of the first buy. The total limit for the first month will be $5000 and then no limits at all.

What should I do to verify my card?

To complete verification you’ll need to enter two codes: the first one you will receive from the call and the second one could be found on your online card statement (3 digits next to Indacoin payment where the most recent transactions are shown). Please...

0 0
14

How can I invest with BTC Block ?
To make a investment you must first become a member of BTC Block Inc. Once you are signed up, you can make your first deposit. All deposits must be made through the Members Area. You can login using the member email and password you receive when signup.

I wish to invest with BTC Block but I don't have a bitcoin wallet. What should I do?
You can open a free BTC account here: www.blockchain.info

How do I open my BTC Block Account?
It's quite easy and convenient. Follow this link, fill in the registration form and then press "Register".

Which e-currencies do you accept?
We accept Bitcoin Payments only.

How can I withdraw funds?
Login to your account using your username and password and check the Withdraw section.

How long does it take for my deposit to be added to my account?
Your account will be updated after 1 confirmation...

0 0
15

Mining bitcoins – a process that helps manage bitcoin transactions as well as create new “wealth” – is the new Beanie Babies. Luckily for us, however, bitcoins seem to be going up in value and should maintain their value over time, unlike your mint condition Tiny the stuffed Chihuahua.

But how do you get bitcoins? You can begin by buying them outright, but the market is currently wild. At $188 per coin, the direction of the bitcoin is anyone’s guess right now and, unlike equities, these things don’t split. In short, you should probably mine. But what is bitcoin mining?

Think of it as work done by groups of people to find large prime numbers or trying keys to decrypt a file. You can read a lot more about it here but just understand that for every block mined you get 25 coins or, at current rates, $4,722.25. Currently a single bitcoin is valued at $188, an alarming result that is probably caused by money movements related to Cyprus and a general bubble-like excitement...

0 0
16

What does it take to mine 1 Bitcoin?

Posted on Jul 19, 2013 by

Paul White

When you are considering upgrading your computer's hardware in an attempt to mine for Bitcoin, one the firs tthings you want to know is how much processing power does it take to mine a single Bitcoin, and how long will it take? I have worked the numbers based on the current difficultly level.

The previous values were based on the Difficulty Level Today.

You can see my current setup. The GTX 560 Ti makes a pretty lousy Miner. Just purchased a used 7950 off ebay, which should help me generate a few coins. I will only be running my system during the day when I work, so After a year I might have earned 2 BTC. I might add some a second 7950 or upgrade to the 7970 depending on where prices go. The 7990 would be nice but its just priced a little too high for my tastes. $500 for a used Video Card is a bit much.

However next year or this fall, when I build a new workstation I am...

0 0
17

Q. How long does it take to withdrawal Bitcoin from my Magnr Account?

A. Under normal circumstances, it can take up to 24 hours to process a Withdrawal as all user requests are audited for security purposes.

Why up to 24 hours?

Withdrawal Requests are processed during office our hours of between 09:00 - 17:00 GMT, Monday - Friday.

Since Withdrawal Requests are queued for manual processing from when we receive them, there is no set time.

In reality our team will bulk process requests several times a day, and more often than not, out of normal office hours; evenings and weekends.

We stipulate that they will be processed within a period of 24 hours, taking into consideration time-zone differences for our clients globally.

Temporary Wallet Addresses

Where addresses have an expiration time against them, we DO NOT recommend you withdraw funds from your Magnr Account to serve those addresses.

Security

As a business, it...

0 0
18

A great question and it was asked on the Bitcointalk forum today.

https://bitcointalk.org/index.php?topic=136948.0

Here is the response I provided, which I think about sums it up:

It depends on where the difficulty is.

Today’s Total Network hash rate is : about 25 TH/s
Difficulty is: 3,249,550

So about 7 GH/s would net you about 1 BTC per day.

However, once ASIC’s are delivered in a week or three, the hash rate will go up.

If Avalon delivers next week they will be adding about 30 TH, some of the GPU will fall off. So lets assume the total Network has rate doubles, then the difficulty will also double. That means it will take double the hashing power. So it will take 14 GH/s to make 1 BTC.

Butterfly labs is estimated to be delivering about 300 TH to the network. So if you figure 300 for BFL and 30 for Avalon and then figure many more ASIC orders will pour in, a safe next estimate will be at 500 TH. since that’s 20 times...

0 0
19

If “mining” sounds like a process which extracts value from Bitcoin, nothing could be further from the truth!

Miners are the backbone of the Bitcoin network:

Without miners, the network would collapse and lose all value.

The role of miners is to secure the network and to process every Bitcoin transaction.

Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin’s famous “blockchain”).

For this service, miners are rewarded with newly-created Bitcoins and transaction fees.

The Blockchain

To understand mining, it’s first necessary to understand the Bitcoin blockchain.

It works like this:

All Bitcoin transactions are recorded in the blockchain, in a linear, time-stamped series of bundled transactions known as blocks.

The blockchain is essentially a public ledger, which is freely shared, continually updated and under no central...

0 0
20

MakeUseOf has piqued my interest in Bitcoin and I have decided to give it a go after seeing the number of merchants accepting it as payments increase. I downloaded the official Bitcoin client (wallet) and am now waiting for it to finish syncing. The progress bar at the bottom filled to about 60% after leaving the software running overnight. However, when I checked on it in the morning, progress is painfully slow, about 1 block every 20 seconds. It slowed down with around 50,000 blocks left/40% to completion.

I left it on for two more days and still have over 35,000 blocks left. Is this normal? For those with experience, how long did it take for your Bitcoin wallet to sync? Consider your internet speed when responding as mine is 3 Mbit/sec down and 0.333 Mbit/sec...

0 0
21

When mining began, regular off-the-shelf PCs were fast enough to generate bitcoins. That's the way the system was set up—easier to mine in the beginning, harder to mine as more bitcoins are generated. Over the last few years, miners have had to move on to faster hardware in order to keep generating new bitcoins. Today, application-specific integrated circuits (ASIC) are being used. Programmer language aside, all this means is that the hardware is designed for one specific task—in this case mining.

New faster hardware is being created by various mining start-ups at a rapid rate and the price tag for a full mining rig—capable of discovering new bitcoins on its own—currently costs in the ballpark of $12,000.

(Read more: How to make your email as stealth as Edward Snowden)

There is a way around such a hefty investment: joining mining pools. Pools are a collective group of bitcoin miners from around the globe who literally pool their computer power together to...

0 0
22
how long does usually take to get btc in my wallet? its been 2hrs since | Localbitcoins

alexj64209

I requested the deal and I thought that's when the escrow started ... does the escrow restart when payments are made or received? its my first time buying btc so im not sure...... a little soon to worry yet cuz it says its still waiting for escrow release should I be worried? im seeing a lot of posts about scams and frauds here .... comments?

camylopez

it will be in your account as soon as the seller releases the escrow. if it says waiting for escrow release, well the seller has not released it yet. Is up to the seller to release when he does, depending on payment type, some sellers have different release times

sam813btc

Did you mark as paid and send funds according to the ads instructions?

alexj64209

yes I did I was very specific in asking questions and following sellers steps before I marked as...

0 0
23

When sending Bitcoins to your Remitano wallet, you need to wait for one confirmation from Bitcoin Network, it takes about 10-60 minutes. Transactions between Remitano Wallets is instantaneous. When withdrawing Bitcoins to your wallet, it may take few minutes for signing and relaying the BTC transaction, so please bear with us.

I've waited 60 minutes and my transaction is still pending, now what?

The Bitcoin network might be experiencing congestion, in this case transactions will take much longer to go through.

Bitcoin transactions have to be confirmed by the Bitcoin network. When a transaction is made it gets sent into a transaction pool from where it is bundled up into blocks that Bitcoin miners confirm through mining. Blocks get mined on average every ten minutes and only a finite number of transactions can fit into each block. Sometimes blocks can take much longer or much less time to mine. On rare occasions there can be several hours between successfully...

0 0
24
...
0 0