Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Buenoscoin on July 04, 2018, 05:03:18 AM
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ARTICLE FOR BUENOS BLOGS AND FORUM
Mining Bitcoins means discovering new Bitcoins, since Bitcoins are not created, they are discovered. As we know historically in the currency market, governments are creating money as you need it, to create more money in the Bitcoin system you need to mine it, and discover it.
For this, there are many computers that from any part of the world constantly carry out mining activities to discover new bitcoins. In this way, all of them compete to bring to light new Bitcoins and get the rewards that are offered to achieve it. How does Bitcoin mining work?
To understand how a Bitcoin is mined it is necessary to know how the Blockchain works, which is the structure supporting the cryptocurrency. In this way, the computers of people who are dedicated to mining Bitcoins carry out large amounts of economic transactions in Bitcoins moving this currencies from one place to another. This creates a multitude of records of each transaction in the blockchain, which is the database where all operations in Bitcoin are pointed.
The Bitcoins are generated when the miners discover a new block. For this, there are mathematical algorithms that miners must solve. This algorithms are always the same but the variables used are different, so they can only be solved by randomly testing new combinations that allow you to find the result. This is a function of the miners, to try mathematical combinations to get the reward.
In a few words you can say that when you buy a machine to mine, you are renting it to the network to solve these problems and be rewarded for it.
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