What is Bitcoin Mining

This is a Metaphor or analogy to gold mining. The idea is the miners are mining for a precious resource, yet instead of gold, they reward with bitcoin.

 

What the miners do is record a series transaction for example, when someone sends or receive bitcoin. These transactions are then put on a page like bookkeeping that is called a block.

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Bitcoin Cash (BCH)
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Monero (XMR)
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NEM (XEM)
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 Each book or the block that contain the record of the transaction is connected to the previous block creating a chain of memories. This is called a blockchain.  Creation of each book and recording of each transaction is done by the miners using very high efficient computers. Once a block is written down there will be a block reward which can be a peace of bitcoin. The block rewards vary from one coin to another and vary over time. For example, the more bitcoin that is out the last of the block reward the miner will get. Once the block is made it acceptable to the rest of the chain only if it is hash correctly or contains the correct string of number and letters that are unique to that particular block only, which involve a lot of math and time, and intense computing.

 

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Cryptocurrency List Widget:

Crypto Currency Price24H Changes
Bitcoin (BTC)
5347.10082951
0.56%
Ethereum (ETH)
173.69921294
-0.35%
XRP (XRP)
0.3293640656
-0.68%
Bitcoin Cash (BCH)
301.620629052
-2.03%
Litecoin (LTC)
81.2667144819
-1.41%
Cardano (ADA)
0.0771280176
-2.33%
Monero (XMR)
69.4239429456
-0.17%
Dash (DASH)
123.408133451
0.11%
IOTA (MIOTA)
0.3149280999
1.02%
NEM (XEM)
0.0654695933
2.62%

 

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