Mining means digging for something. What is meant here is the work with which the Bitcoin network creates new blocks and confirms transactions. It sounds complicated but can be explained well with an image. The job of miners Every few minutes miners collect new transactions and pack them into a block. Before this block may be attached to the blockchain, the miner has to solve a computing puzzle. This is called proof of work. The puzzle: guessing with computers The puzzle is like a lottery ticket: the computer tries out billions of numbers at breakneck speed. Each attempt produces a hash, a …
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