Bitcoin mining process from "summary" of Digital Gold by Nathaniel Popper
The process of Bitcoin mining is the heart of the entire digital currency system. It is the means by which new Bitcoins are created and transactions are verified and added to the blockchain. Miners are essentially competing to solve a complex mathematical problem, with the first one to solve it being rewarded with new Bitcoins. This process is crucial for maintaining the integrity and security of the Bitcoin network. The mining process involves a significant amount of computational power, as miners need to continuously run their computers to solve the mathematical problem. This requires specialized hardware and software, as well as access to a reliable source of electricity. As more miners join the network, the difficulty of the mathematical problem increases, requiring even more computational power to solve it. In additi...
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