What is Bitcoin mining?
Bitcoin mining is the backbone of the Bitcoin network. Miners provide security and confirm Bitcoin transactions. Without Bitcoin miners, the network would be attacked and dysfunctional.
- Bitcoin mining is done by specialized computers.
- The role of miners is to secure the network and to process every Bitcoin transaction.
- Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin’s famous “blockchain”).
- For this service, miners are rewarded with newly-created Bitcoins and transaction fees.