What is bitcoins mining? To answer that, let’s go back a little in time. The bitcoin was created as an alternative to decentralize the banking system. Through this, you can move funds from one account to another without the need for a central authority or broker. Thus, the money transfer is easy. But do you know what is bitcoins mining?
The mining system was created for the process to occur without fraud or corruption, since there is no official agent as a broker. The Crypto Economía channel on youtube explains how this process is done.
The mining aims to maintain the integrity and security of the financial transactions. It is through it that transactions are validated and registered in blockchain (public and decentralized ledger).
The mining process has miners, which are the computers, responsible for checking, transmitting and recording those transactions in blockchain.
However, for purposes of validating that entry, the participants need to solve calculations provided by the networks, like a puzzle. Once that puzzle is solved, a new transaction block is added to the blockchain.
The miners who participated in the process receive rewards in bitcoins in exchange for their effort. The higher the network mining power, the harder will be the calculus. Therefore, the mining process adjusts itself to the mining power. That is to say, the more miners are participants in a network, the more difficult it will be to solve the puzzle.