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Bitcoin mining is the basically a process in which the transaction within the Bitcoin network is validated and stored on the blockchain. A blockchain is the system of processing and confirmation of payments on the Bitcoin network.
What makes the validation process for Bitcoin way different from traditional electronic payment networks is that there is no need for a bank, merchant accounts or mandatory centralized money management such as credit card (Visa and MasterCard), holding on funds until they process transactions.
Bitcoin mining is a process that “anyone” can participate in by running a computer program in theory more on that later. In addition to running on traditional computers (which is not actually worthwhile for you be losing more money than gaining). Some companies have designed specialized Bitcoin mining hardware that can process transactions and build blocks much more quickly and efficiently than regular computers. The process of validating transactions and committing them to the blockchain involves solving a series of specialized math problems.
Each Bitcoin miner is competing with other miners on the network to be the first one to correctly solving those specialized math problems to validate the transactions. In exchange for validating the transactions and solving these problems, Bitcoin miners are rewarded for all of the transactions they process. They receive fees attached to all of the transactions that they successfully validate and include in a block. In addition to transaction fees, miners also receive an additional award for each block they mine.
Because the reward for mining blocks is so high, the competition to win that reward is also high. At any moment, hundreds of thousands of supercomputers all around the world are competing to mine the next block and win that reward. In fact, the total power of all the computers mining Bitcoin is over 1000 times more powerful than the world’s top 500 supercomputers combined. And the competition doesn’t stop—the Bitcoin network has gotten stronger and stronger over the past several years, growing by as much as 10 percent per month, all the users growing= more people mining. The strength of the Bitcoin network is very important for security because in order to hack the network, a hacker would need to have over half of the total computational power of the network. The more miners that are mining Bitcoin, the more difficult and expensive it becomes to perform this attack. It has become so expensive that no regular pc can mine anymore. There is a way to mine so regular people can do it and it is called cloud mining. More about in my next blog post. I will add a link to this when I post it! I coming to fully blog in June 2017. I planning to get HTTPS connection and a web hoster that allow me to edit for my mobile website,weebly kinda suck in mobile editing so yeah i need your help please donate.Donate through Paypal or My Bitcoins address: 1LGeyCZcHfhuY3AVr7n1uWzhrQz53bm9GD Or Donate though my ADZ coins address: 9LDx1aERXhPdYcVDNmkp7WSZMMRjDkzt1N