Bitcoin Whiteboard Tuesday – What is Bitcoin Mining?

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Every few weeks we’re going to send we a cold new video, only like this one, explaining some elementary concepts around Bitcoin. This approach we can learn about Bitcoin yourself or brazen these videos to friends or family members who have questions.

And for today’s topic: Bitcoin Mining. You have substantially listened that Bitcoins are “generated” regulating unequivocally absolute computers elucidate unequivocally difficult mathematical equations. You might also have listened that Bitcoin is a network of computers that say a “Blockchain”. Today we’re going to speak all about this and more. As usual, I’m going to keep it elementary and straightforward.

The Bitcoin Blockchain is a open bill that is kind of like “the story book of Bitcoin transactions”. Every Bitcoin transaction ever done given Bitcoin came into existence is created down and documented on it.

This story is unequivocally critical – given it shows accurately how many Bitcoins any “bitcoin account” or residence owns. Trusting this bill is what creates Bitcoin work. Now remember, Bitcoin doesn’t have a executive management that can approve of this story book, that means that anyone can write it.

So how can we have a arguable story book that anyone can write and nobody approves? This could lead

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