Minar bitcoins is the process of investing computational capacity to process transactions
ensuring network security and ensure that all participants are synchronized. It could be
described as the data center Bitcoin, except that it has been designed to be completely
decentralized miners operating in all countries without anyone having absolute control
over the network. This process is called "mining" as an analogy to gold mining, as it is
also a temporary mechanism used to issue new bitcoins. However, unlike gold mining,
mining Bitcoin offers a reward for useful services that are necessary for the payment
network to operate safely. Bitcoin mining will remain necessary until the last bitcoin issued.
How bitcoin mining work?
Anyone can become Bitcoin miner using a specialized software and hardware. Mining
software is pending transactions are announced through a peer network and performs
appropriate to process and confirm tasks such transactions. Bitcoin miners do this work
for so can get fees paid by users who want their transactions to be processed faster
plus bitcoins created based on a fixed formula.
For new transactions are confirmed, it's necessary to be included in a block with a test
of mathematical work. These tests are very difficult to calculate because the only way
to pass them is trying to make billions of calculations per second. The miners must make
these calculations before their blocks are accepted by the network and before they are
rewarded. The more people begin to undermine, the difficulty of finding valid blocks is i
ncreased automatically by the network to ensure that the average time to find a block
is always 10 minutes. As a result, mining is a very competitive job where no mining
alone can control what is included in the chain of blocks.
The test work is also designed to depend on the previous block and force the
chronological order in the chain of blocks. Consequently, the difficulty of reversing
previous transactions grows exponentially because need recalculating testing
work subsequent blocks. When two blocks at the same time, the miners work in
the first block receiving and passing the longest chain as soon as they find a
new block. This allows the mining to ensure and maintain a global consensus
based on processing power.
Bitcoin miners can not cheat by increasing their own loot and process fraudulent
transactions that may corrupt the Bitcoin network nodes for all Bitcoin reject any
block containing invalid data, as specified by the rules of the Bitcoin protocol.
Consequently, the network remains secure even if not all Bitcoin miners are
trusted.