Author Topic: [Blockchain Classroom] Lesson 23:What is mining?  (Read 7 times)

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[Blockchain Classroom] Lesson 23:What is mining?
« on: January 14, 2020, 09:07:32 AM »
Mining is the process of confirming transactions in the Bitcoin system over a period of time, recording them on the blockchain and forming new blocks. The people who mine are called miners. Simply put, mining is the process of bookkeeping, miners are bookkeepers, and blockchain is the ledger.

How to motivate miners to mine? The bookkeeping power of the Bitcoin system is decentralized, meaning that every miner has the right to book. Miners who have successfully seized the right to keep accounts will be rewarded with new Bitcoin generated in the system. Therefore, mining is the process of producing Bitcoin.

When Satoshi Nakamoto originally designed Bitcoin, it was stipulated that for every 210,000 blocks generated, the Bitcoin reward will be halved until Bitcoin could not be subdivided. Because Bitcoin is as limited as gold, it is called digital gold, and Bitcoin production is also commonly known as mining.