Bitcoin Mining

Bitcoin mining is the process by which new bitcoins are created and transactions are verified and added to the public ledger known as the blockchain. It involves solving complex mathematical problems using specialized computer hardware. Miners compete to solve these problems, and the first to solve one gets to add a block of transactions to the blockchain and is rewarded with newly minted bitcoins, as well as transaction fees from the transactions included in that block. This process is essential to the Bitcoin network as it ensures security, facilitates the issuance of new bitcoins, and maintains consensus among participants in the decentralized system. Mining requires significant computational power and energy, leading to discussions about its environmental impact.