Post
Topic
Board Bitcoin Discussion
Re: What exactly are we mining?
by
oakpacific
on 06/06/2013, 10:23:27 UTC
You completely miss the point. Mining is what miners do to prove(albeit usually without their awareness) to the Bitcoin investors/users their commitment to maintain and secure the payment network,  the bitcoins you mined is the proof itself, every payment network requires substantial infrastructure investment, you can't build a Paypal/WU replacement with no solid hardware.






Bitcoin miner capable of handling the entire Bitcoin network workload

"maintain and secure"=protection against sabotage=beat any malicious third-party to it.