bitcoin is decentralized meaning it's not directly managed by a single authority like physical currency such as the us dollar instead bitcoin miners confirm and verify transactions who are these miners though and what exactly do they do for more background on bitcoin and its relevance in the enterprise click the link above or in the description below to understand bitcoin mining you should first understand how cryptocurrency works cryptocurrency is not something physical but rather a complex
mathematical equation it's the miners job to confirm and verify transactions by solving or hashing these mathematical equations this proof of work is then added to the public ledger or blockchain as a sort of paper trail while keeping the transaction details anonymous miners are then rewarded in bitcoin in the early days of cryptocurrency bitcoin could be mined with a regular computer's cpu but as the currency grew the cryptographic algorithms became more and more complex requiring more and more computing resources to solve them nowadays bitcoin mining requires powerful computers and large amounts of electricity most miners use application specific integrated circuits or asics there are also mining pools and farms in which many miners combine computing resources to increase their odds of hashing a block the rewards are then distributed to the miners based on how many resources they provided being so resource intensive means a large environmental footprint it's estimated that a year's worth of bitcoin transactions is comparable to the power consumption of thailand because of this bitcoin mining operations usually take place where electricity is cheaper the us is now the top choice for mining operations accounting for 17 percent of global miners bitcoin mining ultimately accomplishes three tasks verifying bitcoin transactions issuing more currency and incentivizing more bitcoin mining
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by [Website Name], a property of [Business Name]. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website. Through this website you are able to link to other websites which are not under the control of [Business Name]. We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them. Every effort is made to keep the website up and running smoothly. However, [Business Name] takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.