Altcoins Talks - Cryptocurrency Forum

Learning & News => For Beginners => Basic Questions about Cryptos => Topic started by: Cynthia Felix on April 19, 2022, 05:42:22 PM

Title: MINING
Post by: Cynthia Felix on April 19, 2022, 05:42:22 PM

Hi all,

Please can someone throw light on mining, I am finding it difficult to understand.

Title: Re: MINING
Post by: DannyD234 on January 21, 2024, 01:23:26 AM

Bitcoin mining is a very difficult process to understand but I will try to simplify it

Bitcoin is a cryptocurrency so unlike our normal paper money which is printed with ink and paper, Bitcoin is mined

So what is mining

mining is the process of figuring out riddles to verify and log transactions. A fresh batch of transactions is added to the blockchain by the first miner to solve these problems in competition. The victorious miner receives more bitcoins as payment. Through this procedure, Bitcoin becomes safe, decentralized, and progressively adds new bitcoins to the network.

This simply means using computer to solve puzzles or riddles using computer and the first miner that wins get Bitcoin as payment