What is bitcoin mining? Back to list

Member SinceJul 08, 2021

Posts 892


May 12, 2023 at 22:19
Bitcoin mining is the process by which Bitcoin network participants achieve agreement on the next block of transactions to be added to the Bitcoin blockchain. For each new block, a group of users known as "miners" compete to solve a cryptographic challenge. The first miner to solve the problem gets to offer the fresh block of transactions to the entire network. The successful miner of the block receives newly minted bitcoin as a prize. As a result, mining is also the process by which new bitcoin are added to the system.

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