What is Bitcoin Mining?

The advent of blockchain technology and cryptocurrencies has created a spur amongst the technology enthusiasts. Opening the gates for creating highly diverse ecosystems, applications, and new earning opportunities, Bitcoin mining has always been in the spotlight of the crypto world.

By mining cryptocurrencies, we mean the computational power, time & effort that a miner invests to ‘Mine’ a particular coin. This computing/processing power is pooled by ‘miners’ (who are otherwise individuals operating powerful computers). These miners operate a single or multiple powerful processors (known as ‘mining rigs’) that work on the network to solve complex transactional problems.

Bitcoin Mining is the process of creating and originating the bitcoin currency to introduce more coins in the system. Transactions made in bitcoin are recorded publically by blockchain technology.

@blockminded Exactly👍 👍 👍

Yeah, to put it simple, people compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.

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