What is Bitcoin Mining?
Why Bitcoin Stack Exchange recommends it
Bitcoin Stack Exchange answerers point people to it as a quick, friendly starting point for understanding what mining is and why the network needs it.
Recommended by 2 people across 2 different months, 2013 to 2017.
What it is
A under-two-minute animated explainer from BitcoinMining.com that introduces how Bitcoin mining works and how new bitcoins are generated. It uses voiceover and motion graphics with no technical depth, aimed at complete beginners.
What people said
Recommends Steven Roose · 2013-04 · Bitcoin Stack Exchange · on “Why is mining necessary for the Bitcoin network/system?”
You should start here: [this video] As the video mentions, mining is needed to ensure fairness and for keeping th network stable, safe and secure. Now, let's see what that means. But first a very brief explanation of the principle of mining. Mining The Bitcoin network consists of nodes that all store a database with all transactions, called the block chain. This database consists of a long chain of blocks, each holding one or more transactions. What miners basically do is bundling all unconfirmed transaction into a block. The form of the block must satisfy certain conditions before the block is considered valid. This condition is called proof of work [LINK] and is not trivial to understand. When
Recommends Steven Roose · 2013-04 · Bitcoin Stack Exchange · on “How does the mining process support the currency?”
This answer is copied from my answer on a duplicate question of this one: [LINK] You should start here: [this video] As the video mentions, mining is needed to ensure fairness and for keeping th network stable, safe and secure. Now, let's see what that means. But first a very brief explanation of the principle of mining. Mining The Bitcoin network consists of nodes that all store a database with all transactions, called the block chain. This database consists of a long chain of blocks, each holding one or more transactions. What miners basically do is bundling all unconfirmed transaction into a block. The form of the block must satisfy certain conditions before the block is considered valid. This
Recommends Web Weave · 2017-05 · Bitcoin Stack Exchange · on “Is BitCoin Mining Basically a Game? Do the Solved Math Equations do Anything?”
Yes, its kinda like solving really hard math equations. Mostly done by specificaly made machines like this one: Antminer S9 [LINK] But this video explains it all [this video]
Cites John Adamson · 2016-05 · Bitcoin Stack Exchange · on “Where does the money I get from mining bitcoin come from?”
The Bitcoin is generated according to the protocol for the Proof of Work you provide to the network. The reward is comprised of a block reward and transaction fees from bitcoin transactions included in the block. No. Mined coins are new to circulation and not taken from anyone else. Transaction fees are not stolen. The sender of each transaction decides how much of a transaction fee to pay the miner. Higher fees are more likely to result in a fast confirmation time. Do not fear of getting robbed when making transactions. Instead fear getting robbed by those you trust to hold bitcoin on your behalf. Learn how to secure your own bitcoin and keep your private key safe and secure. Bitcoin is a p