What is bitcoin mining and how does it work? Cryptocurrency is becoming more and more interesting for investors to invest where in the beginning most of the people seem to be interested in investing in bitcoin. Before, there are many technical terms heard in bitcoin which investors often do not understand.
What is bitcoin mining?
bitcoin mining – Cryptocurrency itself is an important part. Often investors invest in bitcoin with half-incomplete knowledge in crypto currency and make their loss. Before investing in crypto like bitcoin, you need to know how it works. So today we will know what is bitcoin mining and how it works.
How does a cryptocurrency like bitcoin work and how is it circulated? Bitcoin mining (cryptocurrency mining) is a process where computer power is used to process transactions in bitcoins from one computer to another and this process is stored in the form of a code in the computer. It is located around the world. controlled by the minor
Crypto currency is a decentralized system, it is not controlled by any government and it cannot be controlled by any one individual, it is operated by different miners sitting around the world to process bitcoin transactions. But miners are rewarded, the faster and faster they work, the more reward they get.
In simple language, to do bitcoin mining, miners have to use spatial software on their computer hardware, with the help of this complex algorithmic process is completed, this difficult process is first done by the miners who make the block as a reward. get bitcoins
Due to which the information is present on every computer connected in the blockchain and the process becomes absolutely secure. Mining does two things, first completes the transaction and adds it to the blockchain and secondly prepares and releases the new bitcoin, but to do this such machines is employed to solve complex mathematical equations
Through the bitcoin mining process, bitcoin comes into circulation and new transactions are also confirmed in the network and state-of-the-art software is used to do this, in which a very complex computational math problem has to be solved whose complexity is increasing continuously. Proof-of-Work (PoW) consensus protocol has been developed for this.
PoW also protects the network from external attacks. Minors to solve pow. Advance machines are being used by the one who solves this, he gets an opportunity to place the next block in the blockchain and claim his reward, he is given bitcoin as a reward which is the transaction fees of the miners. Is.
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