Bitcoin Mining: Explained
Understanding the Basics
What is Bitcoin Mining?
Bitcoin mining involves using specialized computers to solve complex mathematical equations, resulting in the creation of new blocks on the Bitcoin blockchain. These blocks contain a record of all Bitcoin transactions, which are verified and added to the immutable ledger.
How Does Bitcoin Mining Work?
To mine Bitcoin, individuals or mining pools use powerful computers equipped with specialized hardware, such as ASICs (Application-Specific Integrated Circuits). These computers work together to solve complex cryptographic puzzles, and the first miner to find the solution is rewarded with newly minted Bitcoins.
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