• Literature Survey
• What is Bitcoin?
• What is Bitcoin Mining?
• Hardware & Software Requirements
• Conclusion (1st review).
In traditional fiat money systems, governments simply print more money
when they need to. But in bitcoin, money isn’t printed at all – it is discovered.
Computers around the world ‘mine’ for coins by competing with each other.
People are sending bitcoins to each other over the bitcoin network all the
time, but unless someone keeps a record of all these transactions, no-one would be
able to keep track of who had paid what. The bitcoin network deals with this by
collecting all of the transactions made during a set period into a list, called a block.
It’s the miners’ job to confirm those transactions, and write them into a general
This literature review is a research report that shows how crypto-currency
matches up to our mainstream currency now, fiat currency, and it also
compares them while giving information about how crypto-currency works
and how it can be used in every day life. Bit community is here to show the
people that crypto- currency, more specifically bitcoin, can indeed match up
with other types of currencies and may even be a better solution to the crises
with our economy now.
What is Bitcoin?
• Bitcoin is a currency that was created in 2009 by Satoshi Nakamoto
• Bitcoin uses peer-to-peer technology to operate with no central authority or
banks; managing transactions and the issuing of bitcoins is carried out
collectively by the network.
• Why Bitcoin?
Bitcoins can be used to buy merchandise anonymously. In addition,
international payments are easy and cheap because bitcoins are not tied
to any country or subject to regulation. Small businesses may like them
because there are no credit card fees. Some people just buy bitcoins as
an investment, hoping that they’ll go up in value.
What is Bitcoin Mining?
The block chain is a record of every single Bitcoin transaction that has ever taken
place. Ever. It serves as a public ledger for everyone to see.
• Mining is the process of adding transaction records to Bitcoin's public
ledger(Blockchain) of past transactions.
Distribution of Algorithm Blockchain info-
Hardware & Software Requirements
• Motherboard: ASRock 970 Extreme3
• Power Supply: SeaSonic X Series X-850
• Video Card: ATI Radeon HD 7950 (x2)
• Processor: AMD Sempron 145
• RAM: 8 GB Corsair DDR3
• Hard Drive: WD 500GB
• Operating System:Linux,Windows,MAC
• Mining software : Depends
• Bitcoin Wallet : Any Bitcoin Wallet(Unocoin, igot etc)
Bitcoin mining (specifically the kind using the hashing algorithm) isn’t
going anywhere. There will continue to be massive players churning out
millions of dollars worth of new bitcoins every month, and I don’t think
this will change for quite some time. Bitcoin’s network effects are strong
and there aren’t yet any compelling alternatives to proof-of-work