Whats mining?

[Deleted member 26312]

Bitcoin is created thorough a process that is called mining. People that mine Bitcoin are called miners. All miners contribute to the computing power to maintain the network, confirm its transactions and keep them secure.

All mining starts with the blockchain. This is an online decentralized ledger that records transactions throughout a network. A group of approved transactions is called a “block.” These blocks are tied together to create a “chain,” hence, the term “blockchain.”

In the Bitcoin network, a miner’s goal is to add individual blocks to the blockchain by solving sophisticated mathematical problems. This requires enormous computational and electrical power. While many miners compete to add each block, the miner who solves the problem will actually add the block—along with its approved transactions—to the blockchain.

 

[Moni2402]

Bitcoin is created thorough a process that is called mining. People that mine Bitcoin are called miners. All miners contribute to the computing power to maintain the network, confirm its transactions and keep them secure.

All mining starts with the blockchain. This is an online decentralized ledger that records transactions throughout a network. A group of approved transactions is called a “block.” These blocks are tied together to create a “chain,” hence, the term “blockchain.”

In the Bitcoin network, a miner’s goal is to add individual blocks to the blockchain by solving sophisticated mathematical problems. This requires enormous computational and electrical power. While many miners compete to add each block, the miner who solves the problem will actually add the block—along with its approved transactions—to the blockchain.

The bitcoin mining process is always the same, where a miner is a node on the network that collects transactions and works to organize them into blocks. Each time transactions are performed, the mining nodes receive and verify the transactions, add them to the memory pool, and begin assembling them into a multi-transaction block.
Therefore it can be said that cryptocurrency mining is one of the key elements that allow cryptocurrencies to function as a decentralized peer-to-peer network without the need for a third-party central authority.