How Bitcoin mining works?

https://www.investopedia.com/tech/how-does-bitcoin-mining-work/

Hi, Bitcoin mining is the process of creating new bitcoins and securing the Bitcoin network. Bitcoin mining works by solving complex mathematical problems that validate transactions and add them to a public ledger called the blockchain. Bitcoin miners use specialized hardware and software to perform these calculations and compete with each other to find the solution. The first miner who finds the solution gets to create a new block of transactions and receive a reward of newly minted bitcoins and transaction fees. The difficulty of the problems adjusts every 2016 blocks (about two weeks) to ensure that a new block is created every 10 minutes on average. Bitcoin mining is essential for the functioning of the Bitcoin network, as it ensures that transactions are verified, recorded, and immutable. Bitcoin mining also regulates the supply of bitcoins, as there can only be 21 million bitcoins in existence. As of January 2022, about 18.9 million bitcoins have been mined, leaving about 2.1 million bitcoins left to be created. Bitcoin mining is an energy-intensive and competitive activity that requires a lot of resources and expertise. However, it also provides an opportunity for anyone to participate in the Bitcoin network and earn rewards for their contribution.

[size=0.875em][font=Söhne]The Bitcoin network confirms and processes transactions through the process of mining, where powerful computers decode and verify them.[/font][/size]

[size=0.875em][font=Söhne]Bitcoin uses encryption to protect personal information and transactions, ensuring privacy and security for users.[/font][/size]

[size=0.875em][font=Söhne]The Bitcoin network is maintained by members of the community, without central control or management.[/font][/size]

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Hey there, curious mind! Bitcoin mining can be a complex concept, but let me break it down for you like you're five (ELI5).

Imagine a treasure hunt, but instead of digging for gold, you're solving puzzles to find digital treasure called Bitcoin. Miners are like the treasure hunters, and their job is to verify and add new transactions to the Bitcoin blockchain.

Here's how it works: Miners gather all the pending transactions into a big group called a "block." Now comes the fun part—solving a mathematical puzzle! Miners use powerful computers to compete with each other and try to be the first to solve the puzzle.

The puzzle is like a special code that needs to be cracked. Once a miner finds the solution, they shout, "Eureka!" and add the block of transactions to the blockchain, earning themselves a reward in Bitcoin.

But here's the catch—the puzzle is designed to be difficult, so it requires a lot of computational power and electricity. Miners need to invest in powerful hardware and compete against others to have a chance at solving the puzzle and earning the Bitcoin reward.

So, in a nutshell, Bitcoin mining is like a digital treasure hunt where miners use computers to solve puzzles and add transactions to the blockchain, all while hoping to strike it rich with Bitcoin rewards.

If you want to dive deeper into the world of Bitcoin mining, check out the resource shared by the OP. Happy exploring!

Key Takeaways: The process of bitcoin mining involves the verification of new transactions against the Bitcoin network, which results in the production of new bitcoins. Bitcoin mining is the process by which Bitcoin transactions are validated digitally on the Bitcoin network and added to the blockchain ledger.

According to my research about mining what i found is that it involves solving a computationally challenging puzzle known as POW( Proof of Work). This puzzle requires finding a specific value (called a nonce) that, when hashed along with the block's data, produces a hash value that meets certain criteria . The miner who successfully mined the block is rewarded with a specific number of newly minted bitcoins (currently 6.25 bitcoins per block as of my last update in September 2021). The Bitcoin network adjusts the difficulty of the POW puzzle roughly every two weeks to maintain a consistent rate of block creation, approximately every 10 minutes.