As many sources around the world will note, tinnitus is an audible sound that originates from the body itself. In most cases this tinnitus is subjective, meaning that only you can hear it. In few cases it can be heard by others listening closely, this is called objective tinnitus. Both types could be heard as any sound. Even in objective tinnitus high frequency continuous tones are a possibility.
In objective tinnitus there is no hearing damage directly involved with the sound, the sound is simply originating somewhere around the ear, like the whistling sound from blood running through a bendy vane. Subjective tinnitus however is not a sound caused by vibrations in the air, which are then sensed as sound in the ear. Rather subjective tinnitus is noise produced in the auditory nervous system directly without external stimuli.
Every one, and every system, has inherent noise. An electric guitar will produce noise, and the amplifier has an input filter which filters out this noise, leaving you with a clean sounding signal. In subjective tinnitus our human input filtering system has malfunctioned.
The human central nervous system filters noise using many methods. Two main ones are relevant here. Neurons wait for multiple signals on the same line before sending a signal through, a form of confirmation. And the central nervous system seems to wait for a certain proportion of signal before interpreting it as external sound instead of internal noise. The loss of proportionally many neurons that never fire by accident all at once may break the filtering. This could be due to the loss of many synaptic connections along the auditory system, because of acoustic trauma and the associated hearing loss, because of drugs that alter the signaling between neurons and/or permanently damage them, or because of a head injury.
The central nervous system filtering relies on a threshold, because of this tinnitus sufferers will often suddenly get tinnitus, instead of gradually. As the threshold volume of noise is reached you will suddenly start to hear the whole noise produced inside the system at that frequency.
Shown below is a map of the auditory pathway, from the cochlea to the Medial geniculate body an internal noise could be produced that may become audible. The graph shown indicates the pulse that travels through all systems, this data was acquired by means of a BERA (Brainstem Evoked Response Audiometry).
Subjective tinnitus can often be accompanied by other issues such as an over-sensitivity to sound, the experience of pain with or without certain sounds, a sensation of fullness in the ear, weird noises when swallowing, dizziness, etc. These afflictions and tinnitus will have the same cause, or will follow naturally at the advent of tinnitus because the body reacts to tinnitus as if it were an externally produced sound.
It is conventionally thought that a problem with the cochlea or dorsal cochlear nucleus is at the root of most subjective tinnitus in occurrence, simply because these parts are first in line for any damage from the outside world.
There is an extensive source about signal noise in this extended article:
http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2631351/
Two excellent book chapters to read, which help in the understanding of the whole system is:
Neuroanatomical Basis of Clinical Neurology 2ed [2014] Chapter 14 & 15
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