Bitcoin Has Been Very Popular Lately. So Who Are The Bitcoin Miners And What Do They Do?

Bitcoin mining is meant to approve financial transactions made within the Bitcoin market, secure transfers, and generate new Bitcoins. Based on Blockchain, Bitcoin mining, which operates on a decentralized system, rewards the user who produces the fastest blocks and approves transactions. Each time new Bitcoin is produced, the difficulty levels of the blocks increase, and therefore mining requires computers with very powerful processors.

In other words, bitcoin mining is both adding transactions to the blockchain and releasing new Bitcoin. The mining process is about compiling recent operations into blocks and trying to solve a difficult puzzle in computing. The first participant to solve the puzzle places the next block on the blockchain and collects rewards. The rewards encourage mining and include both transaction fees (paid to the mine in the form of Bitcoin) and newly released Bitcoin. The maximum number of bitcoins available on the market is 21 million.

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