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Author Topic: What is mining ?  (Read 4825 times)

Online Aanuoluwatofunmi

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Re: What is mining ?
« Reply #30 on: April 03, 2024, 01:57:07 PM »
Actually I am new at this platform .I heard this word (Bitcoin mining) many time but I don't understand what is mining.
I wanna know what is bitcoin mining and how it's worked ?

Since you don't know the meaning of what bitcoin mining is, you can as well start from reading about bitcoin from online materials, after that, know that the process of producing or minting new bitcoin is called mining, you can as well look for other definitions from the internet about what bitcoin mining is, you can also learn how the entire process works by proof or work as you may like to learn from it more.

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Re: What is mining ?
« Reply #30 on: April 03, 2024, 01:57:07 PM »

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Re: What is mining ?
« Reply #31 on: April 03, 2024, 02:46:15 PM »
For me miming is an process which is generated bitcoins by using computersto solve the bitcoin transaction

During Bitcoin mining, there are a lot of things that is happening in the Bitcoin blockchain and this Includes:
-Bitcoin transaction been added to the blockchain. The miners select a number of transactions they can add to the next block and collect the fees and in this process of adding transactions to the block, a reward is been given to them which is going to be halve this month.

-The miners also provide security for the Bitcoin Blockchain from any external security threats and anything can cause harm to Bitcoin transaction because Bitcoin transactions are arrange in blocks and nobody can tampered with them. They will remain like that forever.
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Re: What is mining ?
« Reply #32 on: April 03, 2024, 03:51:42 PM »
mining refers to the process where a global network of computers running the Bitcoin code work to ensure that transactions are legitimate and added correctly to the cryptocurrency's blockchain
Nodes validate tx's, what miners do is to confirm tx's, if a tx does not agree with the rules of the network, nodes will reject such tx's and they would not propagate it to other nodes. When a miner successfully mines a block, it is then added to the blockchain and is immutable.
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