What Is Bitcoin Mining?

Where do Bitcoins come from, and what is Bitcoin "mining"? Peter van Valkenburgh, Director of Research at Coin Center, explains the role of miners in a system of decentralized currency.

As always, the Federalist Society takes no position on particular legal or public policy issues; all expressions of opinion are those of the speaker.

Reach Peter Van Valkenburgh on Twitter: @valkenburgh
https://twitter.com/valkenburgh

Related links:

What is "Blockchain" anyway?
https://coincenter.org/entry/what-is-blockchain-anyway

What is Bitcoin Mining?
https://www.weusecoins.com/en/mining-guide/

How Bitcoin Mining Works
https://www.bitcoinmining.com/

Should You Invest In Bitcoin?
https://www.forbes.com/sites/laurashin/2015/12/28/should-you-invest-in-bitcoin-10-arguments-against-as-of-december-2015/#47863d9e3895

Is Bitcoin Mining Profitable in 2017?
https://99bitcoins.com/bitcoin-mining-profitable-beginners-explanation/

Bitcoin Law & Public Policy videos
https://www.youtube.com/playlist?list=PLWwcngsYgoUX7rNqZ1Ts3UxfXDPS_AwTW
  • Watch With Me

    3rd video and I still don't understand it( or don't understand the use of it in now a days world) 😅😑

  • João Penha

    "I the miner, pay myself 12.5 bitcoins", seriously wtf and how it came from nowhere?

  • King ARkaMAni

    Fuck Im going to make my own currency and pay my own ass , and build my own country no motherfuckers allowed to touch my shit , so i the mofucker pay myself 12643 oh shit i have one problem i need name for the mothfuckin currency..hheeelpp i want to pay myself.

  • Smedley Butler

    this violates fundamental economic laws and has got to be, on some level at least...... a scam, the only question is who will be holding the hot potato when it all comes down

  • Andrew G.

    You see that? It's smoke coming out of my brain.

  • D Con

    Bitcoin is starting to look a lot like the housing market did in 2006.

  • AS4LIFE TV

    So basically you get paid bitcoins for fucking up your own pc. Great. Fucking great.

  • J De Leon

    This is why GPUs and RAM are reaching 2009-2010 prices. Somebody make a mining process unit to alleviate this problem.

  • Paul Serban

    A stongly recommend HashFLare. The miners are on limited stock right now, so hurry up. You can use this code: https://hashflare.io/r/E97F7003 for a discount.

  • Scientist Albert Einstein

    seriously? money coming out of nowhere? Sounds stupid and probably easy to hack by aliens with super advanced computers.

  • Baked Utah

    So, mining is providing part of the machinery by which everyone else exchanges their coins? So what's all the stuff about finding hashes?

  • Trusted Assets

    Where do bitcoins come from? With paper money, a government decides when to print and distribute money. Bitcoin doesn't have a central government.With Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine.

  • Will Johnson

    He didnt explain the second type of reward lol..and out of thin air? come on now...raises more questions then answers

  • FockingWanka

    This is a BIG fuckin scam lol

  • Jonathan Fowler

    How can a currency like Nano (Raiblocks) get rid of miners? I understand they use DAG, but surely all transactions still need to be validated - even IOTA has each sender validate 2 previous transactions. Is there any validation at all in Nano? If so, who does it and when? TIA.

  • E Sweigart

    How is announcing blocks and so they can be added to ledgers a "public good"?? Who is this public, not the public at large like most people think of. By the sounds of it "mining" adds nothing to society whatsoever. Computer science and technology is great, but it needs to be used for the greater good (like everyone can benefit). Technology is actually quite dangerous...

  • Drew Davis

    There is no service or product this only has value in your imagination, the math problems are only solved to get imaginary coin.

  • Chung Dao

    I see hashflare is a good miner at this time, cannot find another provider that has a good profit like this even though Hashflare pay bitcoin seem lower when bitcoin price is high but I think it's not a scam. Register here: https://hashflare.io/r/E06E74E

  • R.O.T.C SEEM

    This type of currency is ridiculous how is this fare everyone can't mine the rich will always remain rich because the more people that mine the harder the math problems will be leading to more gpus to solve it

  • M.r Smiley

    I just got 0.1 BTC via this website. Google "bitxploit" for more info

  • 루 루

    Bitcoin mining service bb0.001 BTC - 0.49 BTC: 2.74% daily0.50 BTC - 2.99 BTC: 3.17% dailyTelegram: https://t.me/xminingbot?start=33581 …  Web: https://www.miningbot.io/en/affiliate/33581 …

  • Kevon Brown

    LfCm6D use my genesis mining code please

  • Cloud Mining

    This is a look a like video ! I likr this video !

  • Mohamed Hossam

    Thanks for video. I wanna know what program did you use to make that animated video!

  • Nibba

    just send some bitcoins to me for no reason xD 3PnWPXUKwEBNxk87xBXNbDJDdTFXc3AsgZ

  • kay sarah

    Thanks for the Video there are only just a few of you i can call Mentor. You are my number one when it comes to Bitcoin while Mr. Wayne is my number one Mentor in Forex trading, he just predicts trends like someone who see the future. Making over $6,000 every week with his help in Forex trading has been a very awesome experience for me. I'm sure a lot of you might have heard about him. I just recommend this guru to all that still say Forex is a scam. waynefrank688@gmail . com is his contact.

  • shradha shades

    Wts the second type of reward??

  • Manimaran Ramalingam

    By far the simplest and understand video I watched about Bitcoin and mining...

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