What is Bitcoin Mining?

Bitcoin mining is the process of validating and confirming the transactions done on the distributed public ledger Bitcoin network. The process involves hash functions or algorithm equations that are solved on the specialized computers with mining hardware. Bitcoin is a decentralized peer-to-peer payment method that helps users to do transactions securely.

When miner successfully solve the mathematical equations then in turn miners get some Bitcoins and secure their earnings by confirming the transactions. In addition, miners also get rewarded with network fees whenever they harvest any new coin.

Bitcoin Mining is a peer-to-peer computer process used to secure and verify bitcoin transactions—payments from one user to another on a decentralized network. Mining involves adding bitcoin transaction data to Bitcoin's global public ledger of past transactions. Each group of transactions is called a block. Blocks are secured by Bitcoin miners and build on top of each other forming a chain. This ledger of past transactions is called the blockchain. The blockchain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the blockchain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.

Connect With Us

Recent Post

Join 100000 + IT pros on our updates