Bitcoin Mining

Bitcoin mining is the process of keeping records on the Bitcoin blockchain. The participants that take part in this process are called ‘miners’. These miners keep the blockchain ledger complete by grouping new transactions into a ‘block’ that is verified by nodes on the bitcoin network.

After the block is mined, the miner applies a mathematical formula of letters and numbers to the block which is commonly known as an “SHA-256 cryptographic hash” of the previous block.

Once the formula is solved, the new transactions are added to the blockchain as a block and formally circulated throughout the network for verification. After completing the whole process, the miner gets rewarded with 12.5 Bitcoins by the Bitcoin network.

What Is Bitcoin Miner?

The term Bitcoin miner refers to the node in the network (the computing system) that verifies newly broadcasted Bitcoin transactions and adds them to the distributed digital ledger that is the underlying Blockchain. Bitcoin miners ensure the authenticity of the transactions made on a blockchain by cracking the cryptographic code and they get incentivized for their service with bitcoins.

In order to verify the authenticity of transactions, miners are supposed to possess a hardware rig composed of ASIC miners, a strong internet connection, Bitcoin mining software, a Bitcoin wallet, and an effective cooling rig for the hardware.

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