What is mining?

What is mining?

Bitcoin mining primarily involves adding previous Bitcoin transaction records to the blockchain. The people involved are called miners; their job is to confirm the transactions to the network by solving mathematical problems using a software, as well as work towards using the blockchain to distinguish legitimate transactions and ensure that double spending does not occur. Double spending is when the same Bitcoin have been used twice.

The main goal of mining is to ensure security within the Bitcoin network. As a secondary goal, mining is also used to introduce Bitcoin into the system. As an incentive, miners get paid in Bitcoin for their services.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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