What is Mining?

Bitcoin Mining

Mining is the ongoing process by which miners across the network form the blockchain. In simple terms, mining is recording blockchain transactions in the ledger. This process generates rewards to encourage miners to continue mining and jointly operate the entire bitcoin network.

The rule of bitcoin is to generate a new block every 10 minutes. The new block records the transactions of each node in the past 10 minutes. The accounting rights are fairly distributed among nodes, and they need to compete through a certain mechanism to obtain mining rewards.

When a new block is added to the blockchain, the node that created it broadcasts it to the entire network. Other nodes verify the block for illegal transactions to ensure validity. Once a majority of nodes validate the new block, it is successfully added to the blockchain.