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Learning Bitcoin by Richard Caetano

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Chapter 6. Understanding the Mining Process

 

"We have elected to put our money and faith in a mathematical framework that is free of politics and human error."

 
 --Tyler Winklevoss, Entrepreneur

The Bitcoin network distributes newly-minted bitcoin through a novel approach called Mining. By voluntarily supplying raw computing power, miners serve the network by validating and confirming Bitcoin transactions. In return, the miners are awarded bitcoins from a limited supply. Along with each award, they collect fees included with the transactions they choose to validate.

Bitcoin mining, an important aspect of the network, is highly competitive and involves many technical factors. In this chapter, we will explore the mining process in more detail. With ...

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