What is crypto Mining?

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Joined: Sat Mar 16, 2019 1:33 pm

Sat Mar 16, 2019 2:04 pm

There are three ways to obtain bitcoins, namely: (1) by using one of the legally registered exchanges; (2) by mining new bitcoins; and (3) by the exchange of goods and services for bitcoins.

What is crypto mining

Mining, defined as the process of adding transaction records (new blocks), that have been verified, to Bitcoin’s public ledger of past transactions known as blockchain, is a concept unique to cryptography in which persons either alone or with other individuals located anywhere globally are encouraged to solve
computational (mathematical) problems for which a reward (a “block reward”) of newly minted bitcoins and transaction fees are given for the successful endeavor. The reward began at 50 BTC in 2009 which decreases by one-half (now 25 BTC) for every 210,000 blocks mined. The block rewards will end once a total of 21 million bitcoins has been released. The public ledger is important because it prevents forgery or counterfeiting and eliminates the need for a third party to oversee the transaction.
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