They're verifying bitcoin transactions by submitting educated guesses at a glorified game of "What number am I thinking of", which takes a sh*t ton of processing power. You're trying to be the first miner to correctly guess the hexadecimal number (or more precisely, the first to guess a number that is less than or equal to said number) that a bitcoin transaction generates. Once you've verified 1MB worth of transactions, you get paid for using your computer processing power, and all that that entails. And you get paid in, bitcoin.Clear as mud. I heard these mining facilities are being placed near dams because they're so loud and require so much energy. Wtf are they verifying that requires that amount of power? What is the value?
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