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Bitcoin Mining Demystified

November 25, 2020 @ 16:30 - 17:30

A KZN Chapter Event: Bitcoin Mining Demystified

Wednesday 25 November, 16h30 – 17h30

Bitcoin mining secures the bitcoin system and enables the emergence of a network wide consensus without a central authority. The creation of new coins is not the sole purpose of mining and is the primary reward mechanism for miners and implements the money supply mechanism. Mining has also received criticism for excessive usage of electricity and for not being environment friendly. In this presentation John Singh will explain the precise purpose of mining as a primary security mechanism and the technical details of this process. He will also discuss the criticisms against mining and reveal interesting and surprising statistics about mining profitability and the location of miners around the world.

Presenter John Singh is a Senior Systems Analyst at the Spar Group LTD and is also an IITPSA Board Member. John discovered an interest in Blockchain and Cryptocurrency about three years ago. He has invested in cryptocurrency and spent much of his spare time learning about the technology behind the blockchain. John writes articles for SA Crypto which is the largest blockchain community platform in South Africa and regularly attends Blockchain and Crypto events in Durban and Johannesburg. In 2019 he started an IITPSA Blockchain SIG in KZN because he is passionate about presenting Blockchain in a simple and understandable way so that individuals can make better decisions on how they wish to use the technology. To attend, please register at https://event.webinarjam.com/register/29/plp6khx5


November 25, 2020
16:30 - 17:30