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Originally Posted by Agent 488
good point. has this ever been explained?
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The software is open source and can be reviewed by anyone. I don't know how to read code but there are lots of people that do and everything is out in the open.
They are mining in the same way that gold is mined (kinda). Every 10 minutes after the puzzle is figured out by the network. The network spits out 50 bitcoins to a random miner. These bitcoins are not coming from a central authority they are being generated by the network as a whole. After 21 milllion bitcoins are reached, there will be no more mining thats all there is. I think it will change the world honestly. They are also infinitely divisible which is also pretty dam cool. The mining aspect is just the way this new currency has to come into existence.
As far as putting that java code on sites (this has nothing to do with bitcoin but a 3rd party). I hear it isn't profitable. For one you wont mine that much and for 2 you will piss alot of your visitors off cause their processor gets dam hot and it takes up resources.
Also remember its P2P.