Mining and consensus mechanisms from "summary" of The Basics of Bitcoins and Blockchains by Antony Lewis
Mining is the process by which transactions are confirmed and added to the public ledger known as the blockchain. Miners compete to solve a complex mathematical problem, and the first one to solve it can add a new block of transactions to the blockchain. This process requires a lot of computational power and energy, as miners need to make numerous calculations in a short amount of time. The incentive for miners to participate in this process is the reward they receive in the form of new bitcoins. In addition to the newly created bitcoins, miners also receive transaction fees for the transactions they include in the block. This reward system is designed to encourage miners to continue securing the network and processing transactions. Consensus mechanisms are protocols that ensure all participants in a blockchain network agree on the val...
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