Post
Topic
Board Mining
Re: Browser Bitcoin Miner (No setup, no download, no configuration)
by
casascius
on 19/05/2011, 01:10:54 UTC
Yup, that's precisely what I'm going for, introducing people to bitcoin and increasing the popularity. Later on hopefully I can add a way for them to earn more significant amounts.

While someone is mining, perhaps there can be a "now that you're mining" FAQ... e.g.

Q. Now how exactly am I helping the network? Why would someone want to pay me to do this?

A. By running this program, you are helping to provide part of the decentralized database that allows Bitcoin to operate and track all the transactions without needing a bank.  The database, which is an electronic journal of all Bitcoin transactions ever made, is spread across the computers, or "nodes", of the network.  Nodes can join and leave the network any time without any harm to the network.  You get paid because you collect part of the fees people pay to use Bitcoin, and while the currency is still new and in its distribution phase, you get to receive a small portion of the new currency as it is automatically distributed.  The pay from web browser mining isn't very significant (Bitcoin's fees are very low after all), but some people earn significant income from mining by investing in specialized equipment, using software that can earn shares very quickly.

Q. Why is this increasing my CPU usage to 100%?

A. One of the most important aspects of a trustworthy Bitcoin network is having a single reliable accurate transaction record.  The way the Bitcoin network protects itself from fraudulent transactions, and from network node operators wanting to cheat, is with a sort of voting mechanism, where the CPU time is spent creating "votes" for the correct transaction records.  Your CPU time is being spent creating records that vote for the transaction history as seen by this website's operator, who is running an honest network node that votes only for valid transactions.  Quite simply, everyone like you who donates CPU time to the network helps to make it difficult for someone to create fraudulent Bitcoin transactions, and benefits the integrity of Bitcoin and everyone who uses it.