“The mining, or transaction processing, is accomplished by incredibly expensive and powerful computers whose sole function is to run algorithms to solve the mathematical problem that allows their owner to win a Bitcoin block-and the revenue that comes with it,” says Richard Baker, CEO of miner and blockchain services provider TAAL Distributed Information Technologies. That’s around $147,000 at today’s prices. Miners are paid transaction fees and 6.25 BTC per block for their efforts (if they solve the block correctly). High-powered computers compete to be the first to validate a series of transactions called a block, and add the block to the blockchain. “Bitcoin mining is what makes the Bitcoin network secure,” says Stefan Ristić, owner of the educational website. Mining is also how new Bitcoin is entered into circulation. On 's Website What Is Bitcoin Mining?īitcoin mining refers to the process where a global network of computers running the Bitcoin code work to ensure that transactions are legitimate and added correctly to the cryptocurrency’s blockchain.
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