Category: Finance

How does mining work in bitcoin?

When you are hearing about mining the bitcoin then you are visioning that the coins are being dug from the ground. But bitcoin is not a physical asset so why is it called bitcoin mining?

Similar to gold mining the bitcoin is existing in the protocol design similar to the gold that exists in the ground. But it has not been brought out in the light as the gold has not been dug up yet.

It is stipulated that a maximum of 21 million bitcoin will exist at some point. The miners are bringing them to light. When miners will finish mining these coins then more coins will not be rolled out unless the protocol of bitcoin will change for allowing the larger supply. Miners are paid for this transaction as they are creating the blocks of validated transactions which have been included in the blockchain.

How the mining of bitcoins work?

To understand the working of bitcoin mining, you need to know about nodes. A node is a computer that is powerful and runs the software of bitcoin and it validates the blocks and transactions fully. Since the network of bitcoins is decentralized the nodes handle the confirmation part of pending transactions.

Any person can run a node. You just need to download the completely free bitcoin software. But it needs a lot of storage space and energy because the network requires several hundred GB of data while writing transactions. The bitcoin transactions are spread across the network using nodes. There are special mining nodes which are termed as miners. they gather outstanding bitcoin transactions into blocks which are then added to the blockchain. This is done by solving a mathematical puzzle that is complex and a part of the bitcoin program.

For more information about the bitcoin price chart, visit the website https://freebitco.in/site/bitcoin/.

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