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Bitcoin mining

Bitcoin-mining

What is Bitcoin-mining?

The Mining is a process of use of resources of the computer for processing of transactions, safety of network, and synchronization of a condition of all users who are in system. The Mining can be perceived as data-processing center of Bitcoin except that he has been developed so that to be completely decentralized, at the same time its participants can be in any countries and any person has no control over network. This process called «mining» by analogy with gold mining because it is the temporary mechanism used for release of new bitcoins too. However, in difference from gold mining, the bitcoin-mining generates remuneration in exchange for the essential services necessary for safety of network of payments. The Mining will be all the same necessary, even after the last bitcoin will be released.

How does Bitcoin-mining work?

Any can become bitcoin-miner, having started the software on the specialized equipment. The equipment for a mining listens to air of transactions, through the decentralized peer network and carries out necessary tasks, for processing and confirmation of these transactions. Bitcoin-mining perform this work because they can earn the commissions from transactions which are paid by users for faster commission of transactions, and again created bitcoins which are issued according to an invariable formula.

That new transactions have been confirmed, they have to be included in the block, together with mathematical justification of the performed work. It is very difficult to create these proofs because there is no other way it to make, except as trying millions of calculations a second. Miner make these calculations until their block it is accepted by system and they will earn reward for him. When more people begin to be engaged in a mining, the complexity of finding of the new block automatically increases network to guarantee that the speed of finding of one block averages 10 minutes. As a result, a mining — very competitive business where any miner can’t control that joins in a chain of blocks.

The proof of the done work depends also on the previous block to provide a chronological order in a chain of blocks. It does exponential more difficult cancellation of the previous transactions because it will demand recalculation of the done work for all subsequent blocks. When two blocks appear at the same time, miner work on the first block which they have received, but switch to the longest chain of blocks as soon as the following block is found. It allows a mining to support and protect the global consensus based on computing power.

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