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Bitcoin Mining
Manage episode 313676449 series 3280947
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Bitcoin Mining
The bitcoin system of trust is based on computation. Transactions are bundled into
blocks, which require an enormous amount of computation to prove, but only a small
amount of computation to verify as proven. The mining process serves two purposes
in bitcoin:
• Mining nodes validate all transactions by reference to bitcoin’s consensus rules.
Therefore, mining provides security for bitcoin transactions by rejecting invalid
or malformed transactions.
• Mining creates new bitcoin in each block, almost like a central bank printing new
money. The amount of bitcoin created per block is limited and diminishes with
time, following a fixed issuance schedule.
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