When you hear the phrase "bitcoin mining" you probably think; digging comes with dirt and symbols of the western world about wealth, you wouldn't be wrong.
Bitcoin mining is performed by high-powered computers that solve complex computational math problems. These math problems are so complex that they cannot be solved by hand and pose an extreme burden even for incredibly powerful computers.
You can get results from Bitcoin mining in two ways. First way; It is the production of new bitcoins as a result of computers solving complex math problems in the bitcoin network. This method is no different from extracting gold from a real life gold mine. In the second way, the security of the bitcoin payment network is ensured by solving some mathematical problems by verifying the transaction information of bitcoin miners.
When a person sends bitcoin anywhere, it is called a transaction. Transactions made in-store or online are documented by banks, point-of-sale systems and physical receipts. Bitcoin miners complete the same procedure by collecting transactions into "blocks" and adding them to a public record called a "block chain". Nodes keep track of these blocks for future proofing.
Part of the Bitcoin miners' job is; Whenever they add a new transaction block to the blockchain, it is to make sure that the correct transaction is made. In particular, Bitcoin miners try to avoid what can be described as a digital currency strangeness that has no physical counterpart, called "double spending". Forgery has always been a problem with printed currencies. However, when you spend $ 20 in a store, the bill is in the hands of the cashier. However, a completely different scenario occurs with digital currency:
Digital information can be reproduced relatively easily. Therefore; with bitcoin and other digital currencies, there is a risk that a spender will create a copy of their bitcoin and send the copy to another party while keeping the original.
- CandleFocus Editor
What is Bitcoin Mining?