What is Bitcoin: How to Mine Bitcoin, Process, Tools and Risks
What is Bitcoin: How to Mine Bitcoin, Process, Tools and Risks
Apr 19, 2019
simplilearn.com
Bitcoin mining is how new Bitcoin is created and how transactions get verified on the network. Miners use specialized computers called ASICs to compete in solving complex math problems. The first miner to solve the puzzle adds a new block of transactions to the blockchain and earns BTC as a reward. This system is called proof of work. It keeps Bitcoin decentralized and secure because no single person or company controls it. The more miners join the network the harder the puzzles become making it
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