Billy Boone

FAQ

Is Bitcoin Bad for the Environment?

In the 15 years since Bitcoin was created, significant material has surfaced regarding the detrimental aspect of Bitcoin mining on the environment. Is Bitcoin really bad for the environment? Critics argue that the energy consumption required for Bitcoin mining is excessive and harmful to the environment. However, a closer examination

FAQ

What is a 51% Attack?

0:00 /1:27 1× This article dives into the logistics of a 51% or majority attack. What is it exactly? Is it feasible? Who could accomplish it? How expensive would it be? If you misunderstand how attack vector threats like this work, you may fall trap to thought processing

Taxes

What is Tax Loss Harvesting?

Maximizing Tax Benefits with Bitcoin: Leveraging Wash Sale Rules in 2024 By Michael LaLuna, CPA and Partner at LaLuna, Cohen & Lampert, a NY Based Accounting Firm Tax loss harvesting is a strategy used by investors to reduce tax liability by selling assets at a price point lower than

Mining

What is a Mining Pool?

The Bitcoin network involves miners using the SHA-256 hashing algorithm(a method for generating a unique, fixed-size string of letters and numbers from any input data) to "win" a transaction block. This a computationally exhausting process as they need to find a mathematical “needle in a haystack.” With

Mining

Mining Pools Explained

Are they centralized?

FAQ

Why Mine With Simple Mining?

0:00 /1:19 1× Flexibility and efficiency are key to staying competitive and profitable as a Bitcoin miner. Simple Mining helps our clients make these keys effortless. Here's how: 1) No Long Term Commitments⏰ We do not lock clients in long-term contracts. Ours is a 12-month contract

Mining

What is Proof-of-Work?

Proof-of-Work (PoW) is a consensus mechanism used by Bitcoin to secure its network and validate transactions. It’s a fundamental to enforce the integrity Bitcoin's digital ledger. It is "proof" a miner has done the "work" it takes to authenticate transactions. Why is Proof-of-Work

Wallets

What is A Bitcoin Wallet?

A Bitcoin wallet is a digital tool that allows you to store, send, and receive Bitcoin. Think of it as a digital version of a physical wallet, but instead of holding cash and cards, it holds your Bitcoin. It's a crucial part of using Bitcoin because it ensures

Mining

What is Curtailment?

0:00 /1:13 1× The power grid is a system designed to balance electricity supply and demand in real-time. However, fluctuations in demand or supply can disrupt this balance, such as the intermittent consistency of renewable energy sources like wind and solar. To address these challenges, the concept of

FAQ

What is a Bitcoin Node?

A node is the rule keeper of the Bitcoin network, maintaining its security, transparency, and distributed nature. A Bitcoin node is a computer that participates in the Bitcoin network by running the Bitcoin Core software. Different types of nodes exist, but they all contribute to verifying and achieving consensus for

What is Proof-of-Work?

Proof-of-work (PoW) is a fundamental concept in blockchain technology, especially in the structure of Bitcoin. It's the mechanism that ensures the security and integrity of transactions on the blockchain. This article will explain what Proof-of-work is, why it is important, and how understanding it can benefit you. What

FAQ

What is a Blockchain?

A blockchain is a digital database serving as a public ledger that records transactions. 💡Keep in mind many crypto assets use a blockchain, but the Bitcoin blockchain has the biggest and most secure proof-of-work chain. This article will look at the Bitcoin blockchain. Blockchain technology ensures a ledger's

Mining

How Does a Bitcoin Transaction Work?

A Bitcoin transaction is a digital operation that transfers value from one person to another without any intermediary or middleman. It's a foundational aspect of the Bitcoin network, ensuring that bitcoins can move securely and efficiently between users. Here's a breakdown of a Bitcoin transaction and

Mining

What is a Hash?

(And I'm not talking about potatoes) I'm talking about a cryptographic hash that is Bitcoin's bread and butter. What’s a Bitcoin hash? Read on to clear up any uncertainty and see why hashing is like baking➡️ If you mine Bitcoin, the term “hash’

What is a Satoshi?

A satoshi (or sat for short) is the smallest unit of a Bitcoin and is named after Bitcoin's mysterious creator, Satoshi Nakamoto. One Bitcoin (BTC) can be divided into 100 million satoshis, making each satoshi equal to 0.00000001 BTC. This feature of Bitcoin’s design allows for

Mining

What is a Bitcoin Halving?

If you own or mine Bitcoin, you've likely heard of the "Bitcoin Halving." While it might sound mysterious, we're here to make it simple. By the end of this, you'll easily explain it to your friends and family. What Bitcoin Halving is

Mining

What is a Bitcoin Miner?

A Bitcoin miner is a computer that helps keep the Bitcoin network running smoothly. These miners play a role in verifying transactions and securing the network. In return for their work, they are rewarded with new bitcoins. 0:00 /1:02 1× The Role of Bitcoin Miners Transaction Verification: When

Wallets

How to Send and Recieve Bitcoin

Bitcoin is easy to send and receive. However, it is important to pay attention when transacting because if you are not careful, you can lose your bitcoins, and there is no Satoshi customer support to help you get them back. To receive Bitcoin, you must first have a public address

FAQ

How to Buy Bitcoin

There are only so many ways to obtain bitcoins. You can buy bitcoins from someone else, you can mine bitcoins, you can earn bitcoins, or you can steal bitcoins (highly discouraged). This will talk about how to buy them. There are several options to buy (and hopefully not sell) Bitcoin.

UTXO Featured

What is a UTXO?

0:00 /1:39 1× A UTXO has to do with a unit of Bitcoin and is a fancy acronym for Unspent TX(transaction) Output. Bitcoin does not operate like a digital bank account, where transactions are added or subtracted from your total balance. It behaves more like cash in

Mining

What is an ASIC?

ASIC stands for "Application Specific Integrated Circuit". It is a circuit board that is designed for a specific purpose. It is unlike CPUs(Central Processing Units) and GPUs(Graphic Processing Units), which are what you would find in your average computer. These are designed to handle a variety

What is Bitcoin?

0:00 /1:18 1× Bitcoin is a digital currency software that was created in 2008. The whitepaper (document outlining what something is) describes Bitcoin as a "A Peer-to-Peer Electronic Cash System." It is the first widespread decentralized digital currency. "Decentralized" just means that no bank

Who is Satoshi Nakamoto?

Satoshi Nakamoto is the pseudonym used by the creator of Bitcoin. (Think Spiderman to Peter Parker) Except nobody knows for sure who the person is behind the Satoshi mask. It could be a group of people. We do know for sure it is not Craig Wright after recent legal ruling

UTXO

The Anatomy of a Bitcoin Transaction

This edition will cover some key basics of transacting on the Bitcoin network. Read on to get the rundown of how this impacts holders and miners alike. Bitcoin Transaction Overview A Bitcoin transaction involves a sender and a receiver. The sender needs a public address containing funds and a private

News

Insights by Simple Mining

Who is Simple Mining? Simple Mining is a Bitcoin mining company out of Cedar Falls, Iowa. We sell, host, and repair Bitcoin miners. Simple Mining has Bitmain Certified techs on-site and a separate dedicated repair facility. All miners purchased through Simple Mining come with 12 months of free repairs and