What is Bitcoin Mining and How Does It Work – Explained With Infographics
One of the greatest features of bitcoin is its decentralization. However, there are no regulatory agencies, no controls or any central government regulating it. This causes a lot of people concern. There are many opponents of Bitcoin who say that the lack of regulatory oversight will cause problems. But the truth is, in a way, every person involved in the blockchain is a regulatory authority.
The people who work to validate each part of the blockchain are rewarded with bitcoin for their efforts in validating the transactions. These people are called miners. This article will provide an explanation of what mining is, how it works and will give a brief overview of the entire mining process and some of the technology that the system is based on.