You don’t have to venture too deep into the crypto market before you stumble upon the term Bitcoin miners. Understanding Bitcoin mining, what purposes it serves, and how to become one is an important part of familiarizing yourself with blockchain technology. Bitcoin miners are the core of the world’s largest blockchain. Here’s how they keep users safe and help promote further Bitcoin adoption.
To understand what a Bitcoin miner is, you need to first understand blockchain technology. A blockchain is a network of computers that all work together to update and verify a digital ledger. Unlike centralized systems like your bank, blockchain relies on a decentralized protocol to keep the ledger secure.
What are Bitcoin Miners?
In a traditional banking scenario, your centralized financial institution would receive your transaction request and then approve or deny it depending on how it suited their particular agenda. In Bitcoin’s network, the central bank is replaced by regular users. Regular users all work together to verify blocks of transactions simultaneously. These users are what are known as Bitcoin miners.
The term miner refers to the amount of time and resources required to successfully mint new Bitcoin. Just like mining for gold, there is an expenditure associated with the creation of the asset. In this way, each new Bitcoin is born with inherent value.
In Bitcoin’s blockchain, every miner