What is the useful work done during the mining of Bitcoin?

1

What is the work that the computer performs while it does Bitcoin mining? Is it useful work in any case?

fuddin

Posted 2013-12-29T22:25:03.657

Reputation: 137

Question was closed 2014-01-01T21:26:54.093

1The work isn't useful outside the pursuit of bitcoins.obelia 2013-12-29T22:50:18.730

Answers

2

Mining secures the Bitcoin blockchain and confirms transactions, solving the double-spend problem without the need for a central authority.

David Schwartz

Posted 2013-12-29T22:25:03.657

Reputation: 46 931

1

It's not useful in any way other than maintaining mining in the bitcoin protocol. This is wasteful, but it is the easiest solution to the problem it's solving, you can quickly verify the correct sha256 hash. If an imaginary coin did computations for charity as it's "mining", how could people verify a node claiming to have done 100 computations correctly without also doing the same work?

John T

Posted 2013-12-29T22:25:03.657

Reputation: 2 759

1

Mining is useful in that it solves the double spending problem, provides the confirmation of transactions and security of the network. It also doubles as the mechanism to spread the currency without having a central dispensary, creates a positive reward for people to drive adoption, and makes it more attractive to spend computing power to benefit the network than to attack it.

Murch

Posted 2013-12-29T22:25:03.657

Reputation: 41 609

0

All you are doing is computing sha256 hashs. You can read more about it here https://en.bitcoin.it/wiki/Mining. What do you mean by useful that is pretty ambiguous.

mschuett

Posted 2013-12-29T22:25:03.657

Reputation: 384