What is the fastest way to mine bitcoins? This is a frequently asked question among newbies in the field of virtual currency or more specifically, those who are learning the ins and outs of the industry. There has been a lot of hype floating around about how you can “mine” your own bitcoins at home without having to deal with the hassles involved in trading currency on the traditional market. The truth is, there is no such thing as the fastest way to mine bitcoins.
It is true that the difficulty level of this activity is high. To start with, it requires an amount of computer know-how and computer hardware capability that is simply too much for most people to afford. Hence, most experts would agree that you are likely to get this activity to work by purchasing or downloading a program designed to accomplish this task for you. Such applications are commonly known as ” miner software.”
If you were to attempt to mine this way of obtaining virtual money, what you would need is a computer with a powerful processor. You would then need to get access to a pool consisting of several computers. These computers would join together in what is called a “hash farm.” What happens here is that these members exchange processing power in what is referred to as a ” Byzantine mesh network.” The result is that the collective processing of computers results in what is referred to as a “hash crash.”
A hash crash is the result of all of the computing power joining together to try to solve a mathematical problem. In this instance, what would happen is that one computer would try to solve the problem using a lower number of instructions than what is called a ” hash collision.” This would result in a “hash split.” In order for this problem to be solved, all computers in the hash farm would then need to cease their operation and cease to mine for a certain period of time. The longer it takes for them to reschedule, the longer the gap between them and you would have the option of asking them to reschedule again.
There is a counter-intuitive reason as to why a hash algorithm would become what is the fastest way to mine bitcoins. What occurs is that in some instances a large amount of hash power is brought online to mine one small problem. This means that the average speed of the transaction from start to finish would be longer. As a result, a number of miners may join in on the action and really flood the network. This leads to what is referred to as an “exploding hash pool.”
What is the fastest way to mine bitcoins if there is an exploding hash pool? It would seem that it would be impossible for the smaller miners to catch up because of the sheer amount of processing power that they can bring into play. But this is not true, and what happens in these situations is that there is a number of miners all working together at once on a problem that would normally have been taken care of by a couple of smaller miners.
What happens is that these smaller miners are forced to split their time between solving the current block and attempting to add new blocks to the chain. So, the smaller miners would be working against each other to try to solve a new block before a competitor does. If they all work at the same time, they would likely be taking less time than it would take for them all to come up with a solution to the current block. They would split their time accordingly.
So, if you were wondering what is the fastest way to mine bitcoins, the answer would be to start out with the most hash power, regardless of what other miners are doing. Then after you have mined a few blocks, start mining them yourself so that you have more control over what goes into the actualchain. This will allow you to make more money than what you would from simply staying in the main network and waiting for others to come up with an answer to the next block.