Post
Topic
Board Altcoin Discussion
Re: what is bitcoin mining actually doing ?
by
louie69
on 19/02/2018, 12:19:58 UTC
what is bitcoin mining actually doing ? Roll Eyes
Mining is a process to determine the canonical order in which transactions happen.  It is also a  way to introduce money  into the system since without central issuer  who  would  be  in charge of issuing money and how would they do  it  fairly?
In other words miners build block chains ,  they get a reward for  each  new valid block they  create.

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Bitcoin mining is a process of adding transaction records to bitcoin's public ledger of the past transaction or known as blockchain. This blockchain serves to approve transactions to the rest of the network as having taken place. This bitcoin nodes use the blockchain to distinguish legitimate bitcoin transactions from attempts to re spend coins that have already been spent elsewhere. Miners are then awarded with fees that is paid by the users sending transactions.