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• 𝙶𝚛𝚘𝚞𝚙 𝚒𝚗𝚒 𝚍𝚒 𝚌𝚒𝚙𝚝𝚊 𝚔𝚑𝚊𝚜 𝚞𝚗𝚝𝚞𝚔 𝚙𝚎𝚕𝚊𝚓𝚊𝚛 𝙿𝚃𝟹 𝟸𝟶𝟸𝟸 𝚝𝚎𝚛𝚖𝚊𝚜𝚞𝚔 𝚐𝚞𝚛𝚞 𝚓𝚞𝚐a
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The S&P 500 slumped 1.8% on Monday and Tuesday, thanks to China Evergrande, the Chinese property company that looks like it is ready to default on its more-than $300 billion in debt. Cries of the next Lehman Brothers—or maybe the next Silverado?—echoed through the canyons of Wall Street as investors prepared for the worst.
How Does Bitcoin Mining Work?
Bitcoin mining is the process of adding new transactions to the Bitcoin blockchain. It’s 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. “This is how new coins are created” and new transactions are added to the blockchain, says Okoro.
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