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Do you know what is Bitcoin Mining? Many of you must be knowing that the rate of Bitcoin is increasing gradually day by day. If anyone has Bitcoin, then he has become rich.
Have you ever wondered where this bitcoin comes from and how it is circulated, if you know about it then it is a good thing and if you do not know then do not panic because, in today’s article, you will know all about Bitcoin Mining and how it works.
Bitcoin Mining does both things as it adds the new transaction to the blockchain and also releases the newly created Bitcoin. Bitcoin Mining mainly consists of compiling recent transactions and preparing blocks and solving computationally difficult puzzles.
Here the first participant who solves that puzzle gets an opportunity to place the next block in the blockchain and he can claim his prize. As a reward, he gets Bitcoin, which is nothing but Transaction Fees. It must be sounding simple right now, but it is not.
What Is Bitcoin Mining: A Quick Introduction
On hearing this word bitcoin mining, you must be thinking that it is like gold mining from where people used to dig gold. So let me tell you clearly that nothing like this happens here, but here Mining means something else, here it means that a process where Transaction is processed by using Computing Power, to the network. It is kept secure and everyone connected to it is synchronized in the same system.
It is like a Bitcoin Data Center but it is a Decentralized system that is controlled by Miners located all over the world, here no single person can control it. It is called Decentralized system because it cannot be controlled by any one individual. Here instead of gold mining, there is also a reward for processing the transaction.
Can You Do Bitcoin Mining?
Perhaps this thing must be bothering you that how this bitcoin mining works, I want to tell you that everyone who wants to become a bitcoin miner can become it, all he needs is a specialized hardware and a bitcoin mining machine. Software.
With Mining Software, we process the transaction of bitcoin and it is also confirmed. These miners work because if they complete this transaction, then they get Transaction Fees from the users for quick Transaction Processing.
For a new transaction to be confirmed, they have to be included in a block and a mathematical proof of work has to be given along with it. It is very difficult to generate this type of proof because there is only one way to generate it, in which your system takes Billions of Calculations per Second to confirm that transaction.
For this, the miners should do all these calculations before they are accepted by their block network so that they can be rewarded for their work at the right time. As more miners join the network to mine then the method of finding the valid block becomes even more difficult and it is done by none other than the network itself so that the average time of finding the block remains only 10 Mins.
For this reason, Bitcoin mining has become a competitive business where no one miner has control in his hands.
Bitcoin miners can never cheat by increasing their fees and rewards or by processing a fake transaction, this is because if someone wants to do this, then it will corrupt the Bitcoin Network, and Bitcoin Nodes rejects such a block that contains invalid data. . For this reason, the Bitcoin network is secure, even if the bitcoin miners get cheated in it.
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