loading...

re: What exactly bitcoin miner does ? VIEW POST

FULL DISCUSSION
 

Miners in a blockchain compete to verify blocks. In the Bitcoin world, a block contains transactions ( from several hundreds to several thousands ). Miners compete to solve a complex mathematical problem based on a cryptographic hash algorithm. This solution to the problem is called the Proof-Of-Work. That proof is then added to the block's identity.

Miners validate new transactions and record them on the global ledger ( blockchain ). Mining is the invention that makes a decentralized security system.

In Bitcoin, miners who solve the mathematical are rewarded with bitcoins, either new bitcoins or taken from the transactions fees.

Hope it helps!

 

Hi Damien. Thanks for chipping in, but that Type 1 explanation ;)

code of conduct - report abuse