Bitcoin is a cryptocurrency that’s gained wide popularity due to its rising price and is created through a process known as “mining.” Bitcoin mining is how new bitcoins get introduced into circulation.

Bitcoin mining is the process of creating new bitcoins by solving extremely complicated math problems that verify transactions in the currency. When a bitcoin is successfully mined, the miner receives a predetermined amount of bitcoin.

Gold has miners because people want gold and it just so happens, unfortunately, that most gold is deep in the earth. Bitcoin has miners because people want bitcoins, but something here seems so silly: how did  a bunch of bitcoins, the tokens of a man-made invention, end up locked up in circumstances demanding mining?

The truth is, bitcoin “mining” is a misnomer. When gold is mined, nothing is achieved beyond the discovery of new gold. When bitcoins are mined, however, a valuable service is provided to the Bitcoin network: decentralized transaction recordation and validation.

To be continued.......