Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: Raphael Dee on April 21, 2023, 09:24:12 PM
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Bitcoin mining is all about the process of digitally adding transactional records to the blockchain. Blockchain is actually a publicly distributed ledger that holds the history of every bitcoin transaction that has taken place.
It is a process that involves keeping a record that is executed through immense computing power. The Bitcoin mines from around the world contribute to a decentralized peer-to-peer network. This is to ensure that the payment network is secure and trustworthy.
How Does Bitcoin Mining Work?
Blockchain is the key to bitcoin mining. It is basically an online decentralized ledger whose aim is to record transactions throughout the network. Actually, the block of approved or valid transactions is called a block. Now when these blocks are tied together they form a chain. Hence the name Blockchain.
Blockchain
Coming back to the Bitcoin network, a miner adds individual blocks to the blockchain by solving sophisticated mathematical problems. This process demands computational and electrical power. It is not like that a single miner is being involved in this process, many miners compete to add each block. But the miner that is able to solve the problem earns a chance to add the block along with an approved transaction. The miner also receives a reward for the same. According to techb ullion url blocked due to seo spam, this reward is 12.5 bitcoins.....
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Mining of Bitcoin requires special hardware machine to carry out operations. The whole process involves solving of complex mathematical equations which then is rewarded with a particular amount of new coins. This whole process are broadcasted on the Blockchain for validation, increasing it's difficulty every time a new miner joins the network.