What is bitcoin mining all about?

When it comes to bitcoin people are still trying to learn about it as much as they can. There tend to be several questions that people ask. Like what is bitcoin trading or how much is 1 btc to usd or any other currency.

 However, one question that quite imminent is, how is bitcoin currency maintained?

Bitcoin mining

Mining is the process that is explained to be comprised of various computational work that helps in authenticating the bitcoin transactions. Thus one can say that without bitcoin mining there will be no secured and synced bitcoin network.

Bitcoin miners are the ones who use high functioning computers that are capable of solving mathematical and computational problems. they tend to bring in the various transactional blocks to create a proper bitcoin blockchain network.

Also, the bitcoin miners can earn bitcoin and transaction fees by mining the bitcoins. Also one needs to keep in mind that these growing bitcoins will also somehow affect the 1 btc to usd value.

What is achieved?

Three things that are achieved by bitcoin mining are:

  • Confirming the transactions done in bitcoin
  • Create and issue new bitcoins
  • Secure the bitcoin network

Miners when using the computational power then only they can get rewarded with new bitcoins. Also, the bitcoins are created every ten minutes, but one thing that needs to be kept n mind is the fact that no miner cheat the system. Also, mining activity will help in adding the transactions into the network that the miner will be confirming. Mining also helps in making the network more secure so that it cannot be attacked or altered at any time. therefore one can say that mining is the crux of the bitcoin network and without it, the network cannot survive.

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