In short, Bitcoin mining is a computer working to verify transactions on the Bitcoin network, hash them into a block and search for and try and work out mathematic algorithm that ensures the block is added to the blockchain.
There are millions of mining hardware machines, and they all have the same Bitcoin Core protocol downloaded, and they all work together to verify transactions and secure the network. The software is free and anybody can mine Bitcoin if they invest in the right hardware.
Bitcoin is a decentralized layer of trust: an open ledger with every single transaction validated and immutable once added to the blockchain.
To confuse things a little, there are actually no such things as bitcoins. It’s just a term used to help us quantify the value of data associated with a private address.
A private address is a a string of letters and numbers that you need to access the value added to that account. And every time a transaction is sent to or from that address the miners are the ones who do the work.
The decentralized aspect of Bitcoin is a large part of Bitcoin’s security. A decentralized network is a distributed network that works together to validate every transaction in the network, and it’s the miners and nodes who do that work. Read More...