What is Bitcoin Mining?
Updated: Mar 27
Bitcoin mining is an integral part of the Bitcoin ecosystem. Bitcoin mining serves two purposes: 1) to secure the Bitcoin network through the review and validation of Bitcoin transactions and 2) to create more Bitcoin through solving complex puzzles that result in a block reward of Bitcoin.
Contrary to popular belief, Bitcoin miners are not actually people at all. They are very powerful computers that use energy to process millions of transactions a day. Data shows that the Bitcoin ecosystem can process more transactions than the Visa and Mastercard networks combined.