To profitably mine bitcoin today you need an application- specific integrated circuit ASIC— specialized hardware designed for bitcoin- mining efficiency. The need for speed.
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Unless you possess specific mining hardware there are two ways to mine cryptocurrencies: with your central processing unit ( CPU) with your graphics processing unit ( GPU. L3/ L3+ Scrypt Miner is an ASIC miner designed specifically to mine Litecoin.
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A bitcoin is defined by a sequence of digitally signed transactions that began with the bitcoin' s creation, as a block reward. The owner of a bitcoin transfers it by digitally signing it over to the next owner using a bitcoin transaction, much like endorsing a traditional bank check.
A payee can examine each previous transaction to verify the chain of ownership.