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Bitcoin mining is the process of adding new transactions to the Bitcoin blockchain. ItтАЩs a tough job. People who choose to mine Bitcoin use a process called proof of work, deploying computers in a race to solve mathematical puzzles that verify transactions.To entice miners to keep racing to solve the puzzles and support the overall system, the Bitcoin code rewards miners with new Bitcoins. тАЬThis is how new coins are createdтАЭ and new transactions are added to the blockchain, says Okoro.
What Is Bitcoin?
Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly, without an intermediary like a bank. BitcoinтАЩs creator, Satoshi Nakamoto, originally described the need for тАЬan electronic payment system based on cryptographic proof instead of trust.тАЭ Each and every Bitcoin transaction thatтАЩs ever been made exists on a public ledger accessible to everyone, making transactions hard to reverse and difficult to fake. ThatтАЩs by design: Core to their decentralized nature, Bitcoins arenтАЩt backed by the government or any issuing institution, and thereтАЩs nothing to guarantee their value besides the proof baked in the heart of the system. тАЬThe reason why itтАЩs worth money is simply because we, as people, decided it has valueтАФsame as gold,тАЭ says Anton Mozgovoy, co-founder & CEO of digital financial service company Holyheld.
