What is a bitcoin mining and How it works?
What is a bitcoin mining and How it works? Transactions : When someone sends bitcoins to someone else, the transaction needs to be verified by the network. These transactions are collected into a group called a "block." Hashing : Miners compete to solve a complex mathematical problem based on a cryptographic hash algorithm. This process is called "hashing." The first miner to solve the problem gets to add the next block of transactions to the blockchain and receives a reward in the form of newly minted bitcoins. Proof of Work : The mathematical problem that miners solve is difficult to find but easy to verify. This concept, known as "proof of work," ensures that miners have to expend computational power to find the solution, making it costly to cheat the system. Adding the Block : Once a miner finds the solution, they broadcast it to the network. Other nodes in the network then verify the solution, and if it's correct, the new block is added to the b
