Post
Topic
Board Bitcoin Discussion
Re: What exactly are we mining?
by
Peter Lambert
on 05/06/2013, 02:38:54 UTC
It's pointless busywork designed to scale according to how many other people are doing the same pointless busywork.

It is not pointless, it serves to process the transactions in the bitcoin network so that everybody can say with certainty which order transactions were posted so anybody can verify their own transactions.

If you do not see why we need mining, it might be helpful to read the original bitcoin whitepaper by Satoshi.