The actual Bitcoin mining process is primarily handled by the mining hardware. So, after successfully creating a Bitcoin block, the miners get rewarded with 25 newly generated Bitcoins. The process becomes as hard as finding a needle in a packed pile of hay.

Miners need to solve thousands of incorrect puzzles to find out the correct one. Miners only run the software to find out the key that can open the box.Īs soon as a computer in the node finds the key, the box or hash pops open and the transactions are verified.

A ledger network called Blockchain keeps all these transactions virtually locked after gathering them into boxes known as hashes. However, miners do not just verify one Bitcoin transaction they constantly try to verify many of them at the same time. In fact, miners need to set up a node (network) of high powered computers to simply find out the verification key of Bitcoin transactions. The process is very hard just like digging the ground to find gold. The Bitcoin Mining process signifies the discovery of new Bitcoins by solving complex mathematical problems. They can buy Bitcoins on a cryptocurrency exchange accept Bitcoins as payment for goods and services, and through mining new Bitcoins. Bitcoin enthusiasts around the world can obtain it in three primary ways.

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