Whenever cryptocurrency mining is mentioned, what comes to most people's minds is the mining reward. We all agree that what makes mining attractive is the reward, but there is a whole lot that people do not know or understand.

In the next few days, I will be sharing extensive information about mining, and how you can start mining. Also information to help you in choosing the most profitable coins to mine. Very importantly, how you can be a part of the Goshen Mining Pool and/or Goshen Pool Network.

The purpose is to guide you in making informed decisions about mining, and help you profit from it.

As usual, I expect questions, contributions, feedback. I would however ask that you do not derail this thread.

ok, continue

Good am highly interested

A brief intro on bitcoin and the blockchain

A cryptocurrency is a digital or virtual currency that uses cryptography for security.

Cryptography is the conversion of data into a secret code for transmission over a public network.

A typical example, a message that is “encrypted”(ciphertext) using a specific algorithm (cipher, or rule-set) for encrypting the data, and a “key” that can be used to decode (“decipher”) the encrypted message into “plaintext”.

Figure 1 illustrates cryptographic message

Blockchain/Bitcoin

Blockchain - A blockchain is a public ledger of all Bitcoin transactions that have ever been executed. It is constantly growing as 'completed' blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order. It is the technology and which Bitcoin is based on.

Bitcoin is an innovative payment network and a new kind of money.

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.

Bitcoin is an application that runs on the Blockchain. Bitcoin is the most popular cryptocurrency, and actually the first to be successfully deployed on the blockchain.

Figure 2 shows a simple representation of a blockchain

How does one get to buy this GoshenCoin, and what's the ICO price?

Splinz:
How does one get to buy this GoshenCoin, and what's the ICO price?

ICO ended yesterday, current price is N50 for 1GXP (GoshenCoin Token). You can reach me from my signature and I'll give you details on who to buy from.

Understanding Mining

Cryptocurrencies are built on a technology known as blockchain. Where this 'blockchain' (distributed public ledger) runs on each node connected to the network.

A node is typically a computing device that is connected to a network. In the case of blockchain, GoshenCoin blockchain for instance, every node on the network has a running copy of the blockchain. The main purpose of these nodes is to maintain the network.

Nodes maintain a blockchain network by processing all users' transactions, validating them to ensure that they have enough balance in their wallets to carry out the transaction (avoiding the double spend problem), and record each transaction in a block, which is eventually added to the blockchain. These activities provide a great deal of security to the network, and this is called mining, and the nodes referred to as miners.

Miners receive rewards for performing this function, which makes mining an attractive investment. There are some terms associated with mining that will be covered next, so we can get a good understanding when considering how and what to mine