What Is Blockchain | Bitcoin Mining

The blockchain is the most important part of bitcoins, every information of bitcoin is stored in blockchains. So if you have interests in bitcoin or any other cryptocurrency then it is important for you to understand what is blockchain. And later we will know what is bitcoin mining and how bitcoin miners make money

What Is Blockchain?

Whenever someone does a transaction or any move on bitcoin, it creates a block of information where every information is stored about that transaction. I.e. A sends $5 to B then a new block this information is formed and then these blocks are connected together using keys which forms a virtual chain of blocks which is known as blockchain. Now bitcoin is opensource cryptocurrency and this means anyone can use it for free and join bitcoins for free, this generates a situation of mishappenings and hence it is really important to validate the information properly before adding into blocks, so here bitcoin miners play the important role of validating each transaction.

What is Bitcoin Mining

As bitcoin is an opensource cryptocurrency there is a huge need for people who help bitcoin to run and validate each transaction so that no one can cheat and the bitcoin remains fair for everyone. Hence the bitcoin miners share their computing resources which help bitcoin to do various calculations on those computers and validate each transaction and on solving any transaction the miners get a small reward this is how the bitcoin miners make money and this is what bitcoin mining is. Watch the video for more information.


Please enter your comment!
Please enter your name here