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.