It is possible that mining is the process of adding exchange records to the open record of Bitcoin, called the Blockchain. Every exchange is authenticated, and every client of the system has access to the current record. Additionally, it is used to distinguish genuine Bitcoin exchanges from attempts at repurchasing cash that has already been spent elsewhere.

Essentially, miners serve the Bitcoin community by confirming each exchange and ensuring that each is real. Every time another square is 'closed', a miner gets a prize. In October 2017, the abundance remained at 12.5 Bitcoins per square meter.

The rate at which new coins appear follows the rate at which gold is mined from the very beginning. Hence, the cycle is called mining.